Located at the intersection of Saratoga Avenue, Campbell Avenue and Quito Road, El Paseo de Saratoga is anchored by a 62,190-sf Lucky supermarket, a 45,000-sf REI and a 14-screen AMC theatre, as well as Petco and Office Max. The company did not immediately respond to a request for the current occupancy and lease rates.
"El Paseo is a high-quality center in a strong trade area with a solid track record of sales growth, high occupancy and increasing market rents," said Terramar President and CEO Steve Bowers in a prepared statement.
The recent efforts to redevelop the property date back to 2004, when Penny Pritzker and Jeffery M. Gault announced the formation Helios Partners LP, which would be primarily focused on redevelopment and restructuring underperforming assets. One of its first two projects was El Paseo de Saratoga.
The joint venture completed the repositioning in late 1997, adding a Lucky/Sav-On Supermarket, Noah's Bagels, Crown Books, Peet's Coffee, The Jungle and REI to anchors OfficeMax and AMC Theaters. Dan Wald of NAI BT Commercial in San Francisco represented the JV in its sale of the property to Terramar.
Terramar currently owns and operates 3.7 million sf in 20 neighborhood, community, specialty and power centers in Oregon Washington and California, including the Target-, Lowe's- and Kohl's-anchored Plaza at Golden Valley now under development in Santa Clarita, CA. Bowers says the company is actively expanding its portfolio through acquisitions, new development and redevelopments of retail centers on the West Coast, including Mexico.
"El Paseo is just the first acquisition of a major growth initiative for Terramar," Bowers said. "Our strategy is to pursue properties that will provide a long-term, high-quality, stable cash flow to the company. We are very well capitalized and can close on transactions without financing, which is beneficial in this economic environment."
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