ST. AUGUSTINE, FL—Seabridge Square is getting a new look—and a new collection of national tenants. Seabridge, the retail center's owner, is pushing a $10 million renovation that will pave the way for PetSmart, Ross Dress for Less, Staples, Ulta Beauty, and at least one full-service restaurant, to join the existing anchor, Marshalls.

“As part of the makeover, we also plan to convert a large parcel into a number of new retail spaces,” says Bonnie Dean, vice president and director of construction at Selig. The redevelopment, which includes a new facade for the entire shopping center, as well as updated landscaping and a repainted parking lot, should be complete by Feb. 2014.

“With a new look coming to this high-visibility plaza, we've had no trouble attracting new tenants and infusing new life into this retail hub,” says Stephanie McCullough, senior leasing advisor, The Shopping Center Group (TSCG), the exclusive leasing agent for the retail property. “We've already managed to increase Seabridge Square's occupancy from 35% to 78% in just 12 months, and we expect to have an additional 19,000 square feet leased by May bringing the occupancy to 90%.”

Continue Reading for Free

Register and gain access to:

  • 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
NOT FOR REPRINT

© 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.