A new ground up development underway; Matt Hammond comments on continued strength of grocers as key anchors.
By Richard Berger | August 27, 2024 | As published by CPE
Regency Centers has commenced construction of Oakley Shops at Laurel Fields, a new Safeway-anchored ground-up project in Oakley, Calif.—its first development in the Northern California market.
Oakley Shops will include approximately 79,000 square feet of retail space at the signalized arterial intersection of Laurel Road and O’Hara Avenue. It will address a void of limited high-quality retail and grocery destinations in the trade area.
Safeway will occupy approximately 56,000 square feet at Oakley Shops. An additional 23,000 square feet will host quality retail, restaurant and everyday needs space. Upcoming merchants are in various stages of lease negotiations and discussions, with more announcements expected soon.
Oakley is in Contra Costa County, within the nine-county San Francisco Bay Area. The population at the 2020 U.S. census was 43,357 residents. Oakley is the newest incorporated city in Contra Costa County.
Matt Hammond, principal, Coreland Cos., told Commercial Property Executive that well-positioned grocery stores continue to thrive despite facing headwinds.
“For each, the potential for growth and expansion remains, especially in developing or underserved areas,” Hammond said.
“Quality operators, like Safeway, provide the needed draw to attract complimentary neighborhood-serving restaurants, services and retailers. When a daily-needs grocer is incorporated into a well-designed shopping center with outdoor seating, landscaped pedestrian pathways and gathering places, it becomes a true focal point for communities.”
Click here to read complete article on www.commercialsearch.com/news/.