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Long Work Hours Require Different Amenities

SAN DIEGO—Corporate employees spending lots of time at work in Sorrento Mesa are creating demand for a different mix of retail and amenities than typical suburban shoppers, Meridian's Seth Grossman tells GlobeSt.com in this EXCLUSIVE Q&A.

By Carrie Rossenfeld | Updated on September 01, 2015

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SAN DIEGO—Corporate employees spending lots of time at work in Sorrento Mesa are creating demand for a different mix of retail and amenities than typical suburban shoppers, Meridian Capital‘s managing director Seth Grossman tells GlobeSt.com. After the firm arranged a $21.1-million loan on behalf of the Festival Cos. for the acquisition of Sorrento Court Shopping Center here, we spoke exclusively with Grossman and Festival’s VP of investments Ryan Shea about the planned improvements for the property and trends in retail financing. Festival Development Corp. is an affiliate of the Festival Cos., a leading developer and operator of retail and mixed-use properties, and a full-service commercial real estate advisory firm. Headquartered in L.A., Festival is an innovator of urban infill shopping-center redevelopment and ground-up development projects. Since 1980, Festival and its founding principals have acquired, developed, redeveloped and operated more than 120 retail shopping center projects in a broad array of retail property types including regional malls, high-quality street retail projects, lifestyle center destinations, resort centers, community centers, neighborhood centers, urban retail and retail-driven mixed-use properties.

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