Gateway Courtyard LLC is the project developer. The LLC's project coordinator is Scott Sheldon of Premier Commercial Real Estate. Terranomics is marketing the property.
Phase One tenants include national retailers Barnes & Noble, Linens-N-Things and Aaron Brothers. The property has a capitalization rate of 8.5% and a 2002 pro forma NOI of $1.3 million. The 8.2-acre site offers access from the 80 freeway and has parking for 379 cars.
Despite a slowing in commercial market sectors during the last quarter of 2000, a general improvement is expected during the second half of this year, according to a quarterly report from the National Association of Realtors. LaSalle Investment Management forecasts that demand for retail space will continue to grow as tenants push into new markets.
A KPMG survey of 120 senior level real estate executives indicates that the experts believe retail will be least impacted over the next year by the slowdown in the economy. The executives expressed caution and indicated that property values are expected to decrease over the next year.
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