Project Profiles
WOODBURY TOWN CENTER
Location: Irvine, Calif. (SR 133 —the Laguna Freeway and the I-5 Santa AnaFreeway)
Size: 462,000 sq. ft.
Developer: Irvine Co. Retail Properties
Grocery anchors: Ralphs Fresh Fare, Trader Joe's
Key tenants: Home Depot, LA Fitness, Walgreens, Staples
Status: Open and operating since 2007
Anchored by a 55,000-sq.-ft. Ralphs Fresh Fare and a 12,000-sq.-ft. Trader Joe's, the center's dual grocery anchors provide diverse products that cater to a broad base of consumer demand.
Woodbury is located within the award-winning master-planned community, The Villages of Irvine, encompassing six established residential communities. Several thousand more surrounding homes and apartments are now in development.
A variety of food uses and dining options include The Counter, Panera Bread, a new Chipotle Mexican Grill and Garbanzo Mediterranean Grill. Casey's Cupcakes opened to rave reviews and offers a party room for special events.
Great Foundations Montessori school and day care is an added daytime traffic generator. With a trade area rich in families, Montessori had an enrollment waiting list soon after opening.
CRYSTAL TOWN CENTER
Location: Crystal, Minn. (Bass Lake Road and West Broadway)
Size: 55, 532 sq. ft.
Developer: Paster Enterprises
Grocery anchor: Aldi Food Market
Key tenants: Broadway Pizza, Chipotle, Liquor Barrel, Half Priced Books
Status: Completed in 2011
The shopping center was designed in 1997 to include an anchoring Office Depot. After chain consolidation prompted the store's closure, Aldi Food Market became the perfect replacement — a tenant that would add to the vibrancy and traffic of the center, meet community demands and mesh with the existing tenant mix.
The challenge was to integrate the prototypical Aldi storefront and floor plan into the original design of the center, further complicated by the need for the Aldi cart corral enclosure and storefront canopy. The storefront roadway was narrowed in order to move the sidewalk out from the building, allowing for the cart corral enclosure to be placed parallel to the building.
The store entrance was relocated from the center of the space to the right side to accommodate the interior layout. Matching the original masonry and EIFS cornice treatments integrated the new construction with the original building materials.
BONITA CENTRE
Location: Bonita, Calif. (San Diego County)
Size: 98,854 sq. ft.
Owner: Donahue Schriber
Grocery anchor: Vons
Key tenants: Rite Aid, McDonald's, Bank of America
Status: Originally built in 1978 and purchased by Donahue Schriber in July 2012, Bonita Centre has begun a $5 million center-wide renovation that will conclude on Nov. 22, 2013.
Bonita Centre is a well-established, high-performing Vons grocery-anchored center located at the intersection of Otay Lakes Road and Bonita Road in San Diego County. Daily traffic counts exceed 31,500 cars. A complementary mix of pad and shop tenants, such as Rite Aid, McDonald's, Subway, Baskin-Robbins, Supercuts and Bank of America, make the center a natural destination for consumers' daily needs.
In July, the center began a $5 million renovation, which includes new storefronts, landscaping, lighting and an updated signage program. The renovation will be completed prior to the holiday season and will maintain Bonita Centre's position as the dominant grocery/drug anchored center of choice in the local trade area.
KLEINWOOD CENTER
Location: Spring, Texas (Houston area)
Size: 148,963 sq. ft.
Owner: Acquired by Phillips Edison-ARC Shopping Center REIT in March 2013
Grocery anchor: H-E-B
Key tenants: Starbucks, Hallmark, Jimmy John's, The UPS Store, Little Caesars, Weight Watchers, TGF Hair Salon
Status: Open and operating
Kleinwood Center in Spring, Texas, a suburb of Houston, is the first H-E-B anchored center in the Phillips Edison portfolio. Acquired by Phillips Edison-ARC Shopping Center REIT in March 2013, the center features a solid mix of retailers, restaurants and services.
Its three-mile primary trade area in Houston's northwest suburbs is home to more than 86,200 residents with an average household income over $117,000 per year.
With the Houston market's No. 2 grocery chain and a strong lineup of national tenants, Kleinwood Center is an excellent example of the type of property Phillips Edison-ARC seeks to acquire.
MEMORIAL COMMONS
Location: Goldsboro, N.C. Size: 121,177 sq. ft.
Developers: Casto and 1st Carolina Properties
Grocery anchor: Harris Teeter
Key tenants: Office Depot, Subway, T-Mobile, Starbucks
Status: Completed and opened, summer 2013
Memorial Commons is a new neighborhood center ideally located at the gateway to Wayne Memorial Hospital, Wayne County Community College and the highest concentration of high-end housing in Goldsboro.
Anchored by Office Depot and a new 53,232-sq.-ft. Harris Teeter, Memorial Commons offers easy access, contemporary architecture, maximum signage, numerous amenities and convenient parking.
CROSSROADS AT SOMERSET
Location: Somerset, N.J. (Elizabeth Avenue [County Road 621] and Old New Brunswick Road, Franklin Township)
Size: 120,000 sq. ft.
Developer: Crossroads Cos.
Grocery anchor: ShopRite
Key tenants: Wells Fargo Bank, Go Wireless, Hair Cuttery, La Vida Salon, Frank's Pizza, Let's Yo, My Tokyo Restaurant, Robert Wood Johnson Hospital
Status: Three of four buildings are complete, including a 73,000-sq.-ft. ShopRite, 4,200-sq.-ft. freestanding Wells Fargo Bank and 17,000 sq. ft. of retail stores. Construction will commence on the remaining 25,700-sq.-ft. building in fall 2013.
The elegant design and anchor-tenant ShopRite attract more than 25,000 customers a week to Crossroads at Somerset. The location boasts excellent demographics. Within the three-mile radius, the population of 51,840 earns an average household income of $80,000. A population of 152,723 earns an average household income of $82,000 within the five-mile radius. There are 31,000 employed people within a three-mile radius, and 83,000 within a five-mile circle.