(For more retail coverage, click GlobeSt.com/RETAIL.)
HEMET, CA-The Garrett Group LLC of Temecula plans to develop a retail project totaling more than one million sf here and has named Jones Lang LaSalle as its consultant for developing and marketing the project. The plans call for a lifestyle center, traditional retail, freestanding big-box retailers, restaurants, office and housing on the 200-acre development site.
The $200-million-plus development is the beginning of a new business direction for Chicago-based Jones Lang LaSalle, which mainly leases and manages projects. In fact, the company hasn't done a ground-up development for six years, Greg Maloney, the CEO of the firm's retail group, told GlobeSt.com/Retail from the floor of the International Council of Shopping Centers' Spring Convention in Las Vegas.
"We would like to do at least two a year starting in 2008," Maloney says. "There's been a lot of interest."
The development site is at the northeast corner of Highway 74(Florida Avenue) and Warren Road. The Jones Lang LaSalle retail marketing and development team of Bill Huelsman, Ed Seikus and Carol Sullivan will have consultative responsibilities for Garrett Ranch. Jones Lang LaSalle is already conducting research, developing the site plan and developing marketing materials.
The project will be developed in several phases, with the groundbreaking planned for fall 2007. The Garrett Group, a land and real estate investment management company, notes that Hemet is in the heart of Riverside County, which is one of the fastest growing counties in the nation.
Garrett cites statistics showing that more than 3,000 homes are under construction with more than 27,000 others approved in the San Jacinto Valley where the Garrett Ranch is located. This growth means an estimated population jump of nearly 71% in a five-mile radius around the center.
Paul Goldring Garrett, founder of the Garrett Group, is active inranching, organic farming, community development and philanthropy in Southern California. He notes that the Garrett Group has been farming the property since 1960, believing that one day it would be a major part of the expanding Hemet and San Jacinto Valley communities.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
