Shoppes at Fountain Valley was among a select group of Orange County properties recently recognized at the 7th annual SPIRE Awards ceremony held at the Samueli Theater in Costa Mesa. The awards program, hosted by the Orange County chapter of Commercial Real Estate Women (CREW), honors local commercial real estate leaders for Superior Performance In Real Estate.
Honored in the Superior Performance in Leasing category, Shoppes at Fountain Valley (17150 Brookhurst Street, Fountain Valley) is a 9,553-square-foot ground-up addition to an existing retail center. Coreland Companies Senior Vice President Matt Hammond and Senior Associate Tim Muller guided the execution of five notable leases bringing significant value to the existing 1.68-acre site and surrounding community.
Coreland began working with client AVG Partners on the site following the repurposing of a vacant former Orchard Supply Hardware into a 50,000-square-foot 24-Hour Fitness. The redevelopment left ownership with 16,000-square-feet of vacant space. However, rather than filling the vacant inline space with traditional retail, the team identified a stronger alternative.
The surrounding area was underserved in terms of quality quick service restaurants (QSRs), thus a new plan was put in place to rebuild a smaller 9,000-square-foot pad building better suited for QSRs that could also support higher rents. Best-in-class leases were secured for the site with an average lease rate of $4 per square foot. The development is scheduled to be completed in Spring 2018.
For a complete list of all nominees in the eight categories recognized, check out the Feb. 26 OCBJ SPIRE Awards Supplement or visit www.crew-oc.org.