Stockton, CA (PRWEB) July 23, 2014
The March Lane & Pacific Ave. retail trade area is showing signs of economic recovery. The most recent example is the leasing and renovation College Square Shopping Center located on one of Stockton’s busiest intersections, March Lane and Pershing Avenue. Anchor tenants Hobby Lobby and Planet Fitness opened for business in the last year and now the center is undergoing a major renovation. The 37-year-old center was purchased by San Francisco/North Bay-based HLA Ventures who plans to breathe new life into the 126,004 SF aging shopping center by investing more than $2 Million in renovations including new paint scheme, parking lot resurfacing, upgraded modern lighting, extensive landscaping, and tenant improvements. The purchase and renovation by HLA Ventures shows a trend of increased interest by regional investors in the Central Valley commercial real estate market.
“We take a holistic approach to investing in a property by identifying ways we can spend money strategically so that the property reaches its full potential,” said Evan Lillevand of HLA Ventures.
In 2009, the center’s anchor, Mervyns, filed bankruptcy leaving behind 81,000 SF and increasing the center’s vacancy rate to 64 percent. The underperforming shopping center struggled to find major anchor tenants until 2012 when Hobby Lobby leased 55,000 SF and Planet Fitness opened their 26,000 SF gym in 2013. Today, College Square Shopping Center boasts a 90% occupancy rate, with notable tenants such as Outback Steakhouse, Quizno’s, and Wienerschnitzel.
“College Square Shopping Center represented an excellent investment opportunity: by making incremental improvements we can significantly increase the overall value of the property. This property suffered through the economic downtown but through our stewardship it will return to be a focal point of the local retail market,” said Jeff Leon of HLA Ventures.
“It feels good to know that one of the end-results in our business is to breathe new life into buildings that have fallen into distress from recent economic conditions,” said Joe Muratore, Principal of NAI Benchmark, the commercial real estate firm who handled the sale and management for the property.
About HLA Ventures
San Francisco / North Bay-based HLA Ventures is focused on the acquisition of value-added commercial real estate in major markets located in the coastal areas of the Western United States. The principals possess over 60 years of operating experience and over $5 Billion in commercial transactions. Importantly, the principals are intimately familiar with San Francisco real estate and currently own or have owned numerous projects in the City. The founders of HLA Ventures, Mike House and Jeff Leon, own more than 30 properties consisting of more than 3 Million square feet of office, retail, and industrial properties in San Francisco, Sonoma County, Contra Costa County, San Joaquin County, and Sacramento.
About NAI Benchmark
With offices in Modesto and Stockton, California, NAI Benchmark is the leading independent commercial real estate brokerage and property management firms in the Central Valley. NAI Benchmark manages a diverse portfolio of commercial property and has brokered over $109,000,000 in sale and lease transactions since its founding in 2009. We provide commercial real estate leasing and sales in industrial, investment, land, office and retail properties. We are driven, results-oriented and pride ourselves on our long term relationships with tenants, retailers, developers, and investors. NAI Benchmark has assembled a team of talented real estate specialists, each with skills in a specific market within the commercial real estate industry. We are dedicated professionals with expertise to meet your needs.
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