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TORRANCE, CA-Regency Centers has started construction of South Bay Village, a 109,293-square-foot neighborhood center anchored by Orchard Supply Hardware and HomeGoods. Located 19 miles south of downtown Los Angeles, the retail center is positioned within the primary retail corridor of South Bay on Hawthorne Boulevard with daily traffic counts of 78,000, according to a prepared statement.
Regency Centers tells GlobeSt.com that the total construction cost of the development is $30 million. Scheduled anchor openings begin in September 2012.
Built on the site of a former Kmart, South Bay Village will include a 49,687-square-foot Orchard Supply Hardware, 25,109-square-foot HomeGoods, a future 30,000-square-foot anchor and one outparcel. The existing building will be renovated and expanded with a new exterior facade, upgraded architectural components, new signage, lighting and parking lot improvements, according to a prepared statement.
According to John Mehigan, Regency Centers VP of investments, “We have received strong national retailer interest in South Bay Village due to its infill location among 242,000 people with average household incomes exceeding $90,000 within a three-mile radius.” He adds that “Regency saw the potential of this site back in 2004 when it funded a property loan with an option to purchase, which Regency exercised in January 2012.”
The center design was created by Architects Orange in Orange, CA, and construction is being handled by Moorefield Construction Inc. in Sacramento. The center is located at 19330 Hawthorne Blvd.
Regency Centers owns and manages 19 properties in the Los Angeles market totaling 2.4 million square feet. The company could not disclose an asking rate at the development at this time.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
