SANTA BARBARA, CALIF. Investec Real Estate Companies, specializing in the acquisition, development, management and leasing of retail properties in California, announces its entrance into the Coachella Valley with plans to break ground on Gene Autry Plaza, a new 60,000 sq. ft. shopping center in Palm Springs, Calif. The groundbreaking ceremony will be held on Tuesday, November 25, 2008, and will include Mrs. Jackie Autry (the wife of the late Gene Autry, the broadcasting and media pioneer and legendary singer widely known for popularizing the American Western musical and bringing professional baseball in the Spring to Palm Springs).
The new ground-up $17.5 million development, which is located at the southeast corner of Ramon and Gene Autry Trail (Highway 111), will feature Smart & Final and Staples, 11,500 sq. ft. of shop space, and a bronze statue of Gene Autry. Completion is expected in April 2009. The addition of Gene Autry Plaza to Investecs retail portfolio brings the companys total to more than 2,000,000 square feet of retail space in California, valued at over $600 million.
Gene Autry Plaza is part of a 60-acre retail development that includes Wal-Mart Supercenter, Office Depot, PetSmart and Lowes Home Improvement Warehouse. The new development project began as an alliance between Palm Desert-based real estate developer, The Nicholas Group, and Native American Michael Prieto of the Agua Caliente tribe. Investec is the current owner of the leasehold interest.
"This is a great signalized intersection with outstanding critical mass of regional retail anchors," said Jim Slaught, Vice President of Investec Commercial, Inc., the commercial development and leasing entity for Investec Real Estate Companies. "Gene Autry Plaza is located adjacent to the Palm Springs International Airport at one of the Coachella Valleys busiest intersections."
"With more than 42,000 cars per day passing by the center, Gene Autry Plaza provides an excellent opportunity for retailers to thrive while serving customers in the Palm Springs and Cathedral City marketplace," Slaught added.
KKE Architects of Pasadena, Calif. is the project architect and the general contractor is GHA Companies of Cathedral City, Calif.
"The development of the Palm Springs property further strengthens our portfolio and meets our criteria of owning and managing shopping centers with quality retailers at strategic locations in thriving markets in California," Slaught said. This is Investecs first Smart & Final lease and fifth lease with Staples.
According to Slaught, Investecs primary strategy includes ground-up shopping center development and acquisition of existing centers throughout California.
In 2006, Investec purchased Downey Landing in Downey, Calif., a 376,000 sq. ft. community centered anchored by Best Buy, Marshalls, Bed Bath & Beyond, Michaels, Staples, Ross, DSW, PetSmart, Longs and Bally Fitness, for $110,000,000. Also in 2006, the company sold two shopping centers in California totaling $78,250,000: SLO Promenade in San Luis Obispo, a 243,000 sq. ft. shopping center anchored by Gottschalks, Staples and Bed Bath & Beyond; and Carwood Center in Lakewood, a 106,000 sq. ft. shopping center anchored by Vons.
A year earlier Investec acquired a key 57-acre land parcel in Loveland, Colorado, which is planned for a mixed-use project consisting of 550,000 square feet of retail, office and industrial uses. Several other projects in the entitlement phase in California should reach approvals in 2009 including a 25-acre mixed-use project in Carpinteria, a 76-acre office and industrial development in Ventura, and another mixed-use site of 5 acres in Santa Barbara. Other current construction projects include: the addition of 35,000 sq. ft of new buildings as the final phase of the Five Cities Center in Arroyo Grande anchored by Wal-Mart, Alberstons/Sav-On, Marshalls, OfficeMax and Trader Joes; and the complete facelift and remodel of the Mesa Center in Santa Barbara anchored by Albertsons and Rite Aid.
For information about Investecs acquisition criteria, please contact Jim Slaught or Grant Harris of Investec Real Estate at 805-962-8989, or e-mail Jim at jims@investecre.com, or Grant at grant@investecre.com.
ABOUT INVESTEC REAL ESTATE COMPANIES Since its inception in 1983, Investec Real Estate has handled more than one billion dollars in real estate transactions. Investecs current portfolio includes more than three million square feet of commercial properties under management in California including shopping centers, office buildings and self-storage facilities. Investec also has a residential division that acquires, develops and manages housing subdivisions, apartment complexes and the residential portions of mixed-use projects. Having thrived in one of the nations most competitive real estate markets for more than two decades, Investec remains ideally positioned for continued growth in this dynamic and challenging industry during turbulent economic times. Visit www.investecre.com for more information.
Investec Real Estate Companies 200 East Carrillo Street, Suite 200 Santa Barbara, CA 93101 805-962-8989 phone 805-884-9219 fax www.investecre.com
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