The retail industry has come full circle.
We once enjoyed the social aspect of shopping and dining on Main Street, only to watch the growth of regional malls in the 80s and power centers of the 90s.
But the dynamics have changed. Today’s consumers have returned to Main Street looking for unique shopping experiences. Similarly, specialty retailers, restaurants and services have found opportunity again on Main Street thanks to the ability to reach a broad base of consumers online.
For nearly 30 years our management and leasing teams have enjoyed a front-row seat to this retail evolution. As a result, we have watched our portfolio transition from a collection of malls and shopping centers, to a diverse array of retail property types.
Recent additions to our Real Estate Management portfolio, including 3615 Main Street in Riverside, showcase these trends.
3615 Main Street is positioned at the heart of downtown Riverside, a historically under-served market that has transformed into a travel destination and walkable downtown. This 26,490-square-foot retail and creative office building sits directly across from the historic Mission Inn Hotel & Spa. The area is lined with local retailers, restaurants and services, and surrounded by various new mixed-use developments and redevelopments.
Chapman Market, which Coreland began managing in 2016 on behalf of new ownership, is positioned at the heart of Los Angeles’ Koreatown. The historic property is a hot spot for Millennials and Boomers alike. The property recently kicked-off its first stage of enhancements to restore the structure and enhance its public space.
Our Leasing portfolio has witnessed similar transformation, expanding its Main Street and Mixed-Use listing assignments.
The team recently began a partnership with Alliance Residential to implement a retail leasing strategy for its Southern California mixed use developments. Broadstone Cavora, a 350-unit luxury-living community coming online in Laguna Niguel, will include 6,000-square-feet of retail to enhance its amenities and add to its Main Street appeal.
From Neighborhood Shopping Centers and Power Centers to Main Street, retail will always be a dynamic and ever-changing industry. We embrace the diversity of our management and leasing portfolios as each addition keeps us at the forefront of industry trends and enhances our expertise.