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Alameda Towne Centre, Alameda Island, Calif.

BY CSA STAFF

Real estate acquisition and management firm Jamestown has announced a comprehensive rebranding and revitalization program for its recently acquired property, Alameda Towne Centre, a 594,000-sq.-ft. open-air retail center on Alameda Island, Calif.

Reflecting the firm’s vision for the property, the center will be renamed Alameda South Shore Center, highlighting its South Shore Drive address and paying tribute to the property’s history, including its original name. Located on 47 acres fronting the San Francisco Bay, the center opened in 1958 and was known as South Shore Center until 2002.

“Alameda has an engaged community base and it is clear that its citizens value the center’s unique beachfront location and rich history. We listened, we agreed, and we responded,” said Michael Phillips, managing director for Jamestown. “The renaming is just one aspect of a multifaceted effort to recast Alameda South Shore Center as more than a retail destination, and restore its distinguished history as a gathering place for local and regional patrons.”

Capitalizing on the $85 million redevelopment effort the center’s former owners initiated in 2002, Jamestown will continue to invest in the project’s image and infrastructure, with a primary focus on creating an enhanced customer experience for center guests. Initiatives include developing more welcoming common areas through additional seating and improved lighting; designing, in partnership with center tenants, unique storefront identities and merchandising programs to support an inviting shopping experience; and establishing a comprehensive wayfinding program that incorporates clear, user-friendly directional signs and graphics.

Additionally, in alignment with the firm’s portfolio-wide commitment to green buildings and energy efficiency, Jamestown will pioneer a number of sustainability initiatives onsite.

The restored name and new logo will be official July 4th weekend.

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REAL ESTATE

Whole Foods co-chief sets goal of 1,000 U.S. stores

BY Staff Writer

Austin — Whole Foods Market co-CEO Walter Robb told investors at a Jefferies Global Consumer Conference that the now-300-store chain is expected to grow to 1,000 stores in the United States.

The organic grocer sees opportunity in Canada as well, and Robb said it expects to grow its store count there from six to 35.

As reported by Reuters on Wednesday, Robb said the tumult in the commercial property market has created opportunities for companies looking to expand, and Whole Foods has identified locations where it "can put some bets down and take advantage of that," Robb said. However, he added, the chain has left itself flexibility room to exit leases should the economy significantly worsen.

"We have some contingency plans so that if we needed to, we could slow down," said Robb, who added that leases now include exit and buyout clauses.

Robb said Whole Foods would give more detail on growth plans on the company’s next quarterly earnings call.

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REAL ESTATE

Best Buy to sublet store space to smaller retailers

BY Katherine Boccaccio

Minneapolis — Elaborating on previously announced plans to downsize its brick-and-mortar footprint, Best Buy CEO Brian Dunn said this week that the electronics retailer is launching plans to wall off parts of its big-box stores and sublease the space to smaller retailers, such as grocers, beauty supply stores, home furnishing outlets and others.

According to a Thursday report in the Los Angeles Times, Dunn said at the company’s annual shareholder’s meeting that the chain can “reduce our overall square footage while actually increasing our presence. It’s an opportunity to capture cost savings and get ourselves ‘right size,’" he said.

According to the report, Best Buy hopes to lease out between 4,000 sq. ft. and 15,000 sq. ft. at its 46 stores in Southern California. Prospective tenants might include Trader Joe’s or Sephora, according to local brokers.

Click here to read the entire article.

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