Renovation Proves Attractive for Tenants at Corona’s Temescal Village Plaza
Temescal Village is a 102,976-square-foot grocery anchored neighborhood shopping center in Corona, CA, owned by Passco Companies. Situated at one of the market’s busiest intersections, the 1983-built property has been modernized and is leasing up quickly. We asked Passco’s Vice President of Commercial Investments, Todd Siegel, and Nékter Juice Bar’s Co-Founder and Chief Executive, Steve Schulze (pictured above), to share their insights on what was behind the renovation and what makes the center attractive for tenants in our latest 3 CRE Q&A.
Q: Why did Passco buy this center in Corona, and what have you done to attract new tenants? A Todd Siegel: Temescal Village is our newest retail property that is a busy grocery-anchored center in Corona. It is anchored by leading grocer in Inland Empire, Stater Bros. When we acquired the center, it was the first time the property was on the market. The developer/owner who built it had held it for a long time. We purchased it as a value add opportunity. It had been untouched since it was developed in the 1980s. We completed a facelift and upgraded the tenant mix. We were successful in executing that strategy.
The upgrades included a facade renovation to give it a more modern appeal, and we balanced those improvements with a drought tolerant landscape that was more vibrant and up-to-date with seating areas. The result is a warm and relevant center that appeals to today’s shopper and tenants.
Q: What attracted Nékter to Temescal Village and the City of Corona? A Steve Schulze: For our brand, in general, we look for aspirational, education based markets with density. The Inland Empire has been a strong market for us. When we look at a center, we look to see how dynamic it is as well as co-tenancy. Landlords of older centers are making the right decision to revitalize the area and center to bring in more traffic. That’s the type of landlord we like, and the center we want to go in. A dated center will be dramatically impacted when a new center opens. Another sign we look for is to see if inline grocery, coffee or fitness users are leaving a center. That will drive profits down.
When a landlord updates a center, it becomes more relevant and enhances its presence in the community. Those are some positives we look for.
The most important aspect is to make a center relevant again. If a center was built in the 1970s or 1980s, it can get run down and not be attractive. It likely won’t have the right tenant mix to drive more traffic or neighborhood buzz. The product mix must drive people to the center. We look for a balance with grocers, pharmacies, a Starbucks or fitness brands, such as Orangetheory Fitness. If you put us by a health or daily needs user, we will do that lease instantaneously. We also like being an outlier in a fast casual center, where we can be known as the healthy option next to users not known as health brands. They all will attract traffic, and we’ll give consumers an outlier option, and that makes the center attractive for us.
Q: How important is it to find the right tenant mix? A Todd Siegel: In addition to Nékter, we are working with a nationally-branded coffee tenant and a build your own pizza tenant, as well as other food and retail tenants to enhance the tenant mix at Temescal Village Plaza. For consumers and tenants, a desirable and relevant merchandising mix is an essential ingredient to a successful center. Both consumers and tenants enjoy the synergy and co-tenancy of today’s relevant food and retail concepts.
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator.
Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.
Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.
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