Corporate Property Dispositions along with Morris & Campbell represented Home Depot in recent subleases to Chuze Fitness and 99 Cents Only in Chula Vista, CA

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FOR IMMEDIATE RELEASE

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Ken Stephens of Corporate Property Dispositions, Tampa, FL and Mike Morris of Morris & Campbell, Coronado, CA represented the Sublessor, Home Depot U.S.A, Inc. in recent subleases in Chula Vista, CA in the former Kmart building at 3rd Avenue and Moss Street. Chuze Fitness will be moving into a 32,000 SF space on the northern end of the new shopping destination with 99 Cents Only moving into a 20,000 SF space on the southern end.  Chuze Fitness was represented by Chad Iafrate of Cushman & Wakefield and 99 Cents Only was represented by Kevin Cassidy of Flocke & Avoyer.  The Home Depot, taking on the role of developer, is actively reconfiguring this shopping plaza, called “Third & Moss” with significant building and site upgrades, adding a breath of new life into the area and creating a real shopping destination.  There is still time to join these retailers as 66,000 SF remains available in-line with Chuze Fitness and 99 Cents Only, as well as a .5 acre outparcel which will join Rally’s on site.  The project is slated to be completed in the 2nd quarter of 2016.

 

Founded in 1983, Morris and Campbell is a commercial brokerage company specializing in the marketing of shopping centers and commercial land in San Diego and Riverside counties – and retail tenant representation in multiple western states.

 

Corporate Property Dispositions is a Commercial Real Estate Company with offices in Atlanta, Tampa and the Greater Los Angeles area.  As experts in real estate dispositions, retail, as well as all aspects of commercial real estate; CPD understands the complexity of the business and can apply the expertise they have gained with over a 100+ years of combined experience, for you.  You can reach us at our Corporate office at 678-718-1884 or check us out on the web at www.cpdispo.com

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One broker’s opinion on the State of the Disposition Market

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I had a chance to sit down with Keith Valentine this week and ask him about what he is currently seeing in the real estate industry within the dispositions arena.  Keith has been in the Real Estate industry for over 30 years and focusing on dispositions for the last 18 years.  He has seen the market in a number of different states and sheds some light for us on what he is currently experiencing.

Keith, what would you say is the overall feel of the real estate market for dispositions?

In order to answer this you have to look at Land and Building separately as well as look back to what the market was. For land during the recession no one needed outparcels because they needed a loan. So unless they were self-financed there wasn’t much movement. Now the market is broad and deep and we are getting a lot of calls on our inventory.  As for our buildings there was less demand due to corporate slow down during the recession. Now they are in demand, and due to their good locations, we are very busy.

Do you see any particular industries growing over others?

Everything seems to be growing and moving more than it has been and certainly more than in the Great Recession. For the outparcels, I have seen new fast food and fast casual concepts growing as well as the traditional fast food. In addition to those, cell companies, dental, automotive, dollar stores, and to a limited degree the banks and financial services.  For our buildings I think the question is more “Who’s back?” and I think that is the craft stores like Hobby Lobby & Michaels, sporting goods, and home decorating stores.  Shopping centers have just started building again in the last 24 months and they still want to be grocery anchored.  The specialty grocery industry is also launching their smaller cost-effective brands that are geared toward millennials.

In contrast have you seen any industries whose growth has slowed or stopped all together?

I would say that I’ve noticed industries that have had to re-vamp their approach due to the changing climate like those in the electronics, computer and office supply segments.

Final question, compared to this time last year what changes are you seeing?

Pricing of property and space have increased to the point that it makes you think “What Recession?” and activity has increased accordingly.

Thank you Keith for sharing your insight with us.  He wanted to leave us with one final thought, there is still going to be a greater demand for better sites.  Overall, it seems like the market is only getting better every day, things are adapting to the new consumer demands and marketplace but still moving and good product will always move.

 

By Keith Valentine and Amy Marrs

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