WATT COMPANIES BREAKS GROUND ON $6 MILLION UPGRADE OF ALICIA TOWNE PLAZA IN MISSION VIEJO
1/5/2011
FOR IMMEDIATE RELEASE Media Contact: Emily Heidt
310-689-7537
WATT COMPANIES BREAKS GROUND ON $6 MILLION UPGRADE OF
ALICIA TOWNE PLAZA IN MISSION VIEJO
L.A. Fitness to fill space vacated by Mervyns Department Store
SANTA MONICA, Calif. (January 4, 2010)—Continuing a series of retail center upgrades across Southern California, Watt Commercial Properties is investing over $6 million for a complete renovation of the Alicia Towne Plaza in Mission Viejo, California. Plans for the phased redevelopment include converting an existing Mervyns building into a smaller retail space for L.A. Fitness and updating the façade treatment for the remainder of the 150,000 square-foot property.
After the Mervyns department store chain declared bankruptcy in 2008, Watt Commercial signed a new 15-year lease with L.A. Fitness for the anchor position in the neighborhood center. As part of the redevelopment, the two-level, 83,857 square-foot former department store will be updated to a state-of-the art, full-service fitness facility for the privately owned health club chain. L.A. Fitness will be located primarily on the lower floor and is expected to open its doors in May 2011. Wilson Commercial Real Estate (WCRE), the largest landlord representative retail leasing firm in the Southern California marketplace, represented Watt in the lease deal.
Beyond upgrading the L.A. Fitness facility, Watt will make corresponding improvements to the center façade, update landscaping throughout the 10 acre site and replace signage along Alicia Parkway. To bring new life to the façade structure, Architects Orange took inspiration from building design in the Andalucian region of southern Spain, which includes elements of “Moorish” architecture. Some of the design improvements at Alicia Towne Plaza include new support pillars with banding details, refinished window and door frames, new trellis canopies and sconce light fixtures, as well as wrought iron cross bar details throughout the building façade.
“We are proud to be making improvements to Alicia Towne Plaza at a time when few are moving forward with these value-add investments,” said Jim Maginn, CEO of Watt Companies. “We are also pleased to continue our relationship with L.A. Fitness, who will also be opening their doors in another Watt center in Harbor City by the end of the month. L.A. Fitness will be a solid anchor tenant for Alicia Towne Plaza and I am confident they will be well-received by the surrounding Mission Viejo community.”
This announcement comes on the heels of a $14 million upgrade to the Palo Woods Shopping Center in Harbor City, California, another neighborhood retail center in Watt’s portfolio. The redevelopment included converting an existing Kmart building into two separate retail spaces and creating two new pads to front Sepulveda Boulevard. In late 2011, Watt is also expected to break ground on Edinger Plaza in Huntington Beach, which will undergo a phased redevelopment over the period of a year.
S.D. Deacon will serve as General Contractor for the Alicia Towne Plaza redevelopment project. All 22 retailers, including Dollar Tree, Subway and Wells Fargo, will remain open during construction. Alicia Towne Plaza is located at 24391-24491 Alicia Parkway, at the intersection of Alicia Parkway and I-5 in Mission Viejo. For more information, visit: http://www.wattcompanies.com/properties/alicia-towne-plaza.htm
About Watt Commercial Properties
With over two million square feet of core retail space in 39 shopping centers located largely in Southern California, Watt Commercial is a leader in developing, redeveloping and managing neighborhood and community shopping centers in urban markets. Most of Watt’s centers are grocery and drug store-anchored and include a strong mix of independent, regional and national chain retailers. Watt Commercial is a division of Watt Companies, a diversified real estate company that, over the past 60 years, has developed over eight million square feet of industrial and office space, and built more than 50 shopping centers, homes for over 100,000 families, three first class hotels and six major master-planned communities.
Watt Commercial is aggressively pursuing additional acquisitions within its core product type of neighborhood and community shopping centers. For submittals and more information regarding our existing portfolio, please call Stacy Aguirre at (310) 314-2579.
# # #
Download a PDF version of this press release.
FUZE