New store openings, compelling property
activations drive traffic, results
EL
SEGUNDO, Calif., April 30,
2024 /PRNewswire/ -- CenterCal Properties, a premier
full-service commercial real estate company serving the western
U.S., released first quarter 2024 results indicating 94% occupancy
across its mixed-use retail portfolio. The forward-thinking company
outperformed the retail sector as a whole, which had a 10.3%
vacancy rate according to preliminary estimates from Moody's
Analytics CRE. During the first quarter, CenterCal Properties
celebrated more than 15 new store openings at various properties
across its five-state footprint, delivering on its promise to
create dynamic, community-driven gathering places.
"At CenterCal Properties, our philosophy centers around not just
building spaces, but crafting communities where people can connect
and thrive," said Founder and CEO, Jean
Paul Wardy. "Every project we undertake is a testament to
our dedication to high standards, creativity and integrity. Based
on our most recent occupancy rate of 94%, it is clear that our
approach resonates with consumers and retailers alike."
At its iconic destinations across California, Idaho, Oregon, Utah
and Washington, CenterCal
Properties takes a place-making approach that evolves with each
community's needs. For Wardy and his team, that approach means
constant assessment of current offerings, and consideration of new
tenants and activations that will keep properties fresh and
relevant. At 2ND & PCH in Long Beach, Calif., this philosophy has
contributed to a 17.4% increase in foot traffic, year over year.
The increase is attributed, in part, to a combination of a
well-curated assortment of retailers, now including EVEREVE and
Vuori, and a host of experiences that appeal to diverse audiences.
In the first quarter of 2024, the property coordinated a two-day
fitness- and wellness-focused 'Long Beach Strong Beach' event that
doubled as a fundraiser for Long Beach Century Club which supports
amateur athletes in middle and high school programs. The center
also held various spring-themed events, including kids' clubs,
Makers Markets, Easter bunny photos and egg hunts.
Other properties throughout the CenterCal Properties portfolio
have enhanced their offerings. The Veranda in Concord, Calif., welcomed Humphry Slocombe's innovative ice cream along
with J.Crew Factory. Bay Street Emeryville in Emeryville, Calif. is adding more exciting
premier restaurants such as the much-anticipated Mumu Hot Pot where
diners will experience the enticing flavors of Asian cuisine in a
relaxed dining environment and JARS by Fabio Viviani, a revolutionary new dessert
concept from the celebrity chef know from his time on "Top Chef."
JARS mixes nostalgic flavor combinations with wildly creative and
instagrammable presentations.
From cultural celebrations, such as the commemoration of the
Lunar New Year, to concerts on village greens and other gathering
spaces, CenterCal Properties is providing more than a standard
shopping experience. By offering an ever-changing collection of
shopping, dining, entertainment and community experiences, the
company is creating iconic, can't-miss destinations. These
mixed-use developments are becoming well integrated with their
neighborhoods and providing places where people can come together,
connect and develop a sense of belonging — contributing to success
for CenterCal Properties and its stakeholders.
About CenterCal Properties LLC
CenterCal Properties
LLC, a premier full-service commercial real estate company founded
in 2004, is redefining the landscape of the western U.S. With a
focus on community-building, the company creates spaces that foster
connection, enjoyment, and a sense of belonging. Under the
visionary leadership of Founder and CEO Jean Paul Wardy, CenterCal Properties has become
synonymous with excellence and innovation, boasting a portfolio of
iconic destinations across California, Idaho, Oregon, Utah
and Washington. Rooted in core
values that include creative persistence, high standards,
resourcefulness, delivering today and unwavering integrity,
CenterCal Properties specializes in the investment, development,
leasing and management of high-quality retail and mixed-use
development from its headquarters in El
Segundo, Calif. More information, including a full property
portfolio, is available at www.centercal.com.
Media Contact: Kristen Sharkey
E: Kristen.Sharkey@finnpartners.com; M: 203.644.899
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SOURCE CenterCal Properties