Marinita Launches $42M Grocery-Anchored Center
By Bob Howard
NEWPORT BEACH, CA-Marinita Development Co. has launched construction of a new $42-million, 94,000-sf retail center called the Shops at Sycamore Creek that will be the first center in its trade area to be anchored by grocery and drug stores. The locally based developer's new project will front Interstate 15 in Corona at the southwest corner of Indian Truck Trail and the interstate. The center, which is nearly 80% preleased, will occupy a site of nearly 12 acres and is expected to be completed in the fall.
The Shops at Sycamore Creek will be anchored by Vons “Lifestyle” supermarket, Vons’ Fuel Station and CVS/Pharmacy. Other tenants will include Wells Fargo, Happy Nails & Spa, UPS Store, Fantastic Sams, Kelleher Cleaners, Subway and a dental office.
According to J. Scott Fawcett, president of Marinita Development Co., there is probably not another drug store visible for 20 miles along the I-15 corridor and not another grocery store within 6.5 miles of the Shops at Sycamore Creek. The new Marinita project is located in the heart of the new master-planned community of Sycamore Creek, a rapidly growing residential community that has nearly doubled in population since 2000 and is projected to double again within the next 10 years. The new shopping center is also situated near other Temescal Canyon residential communities, which are expected to have approximately 15,000 homes upon build out. The average household income within a five-mile radius of the new center is $93,417.
The project will include a total of six buildings ranging in size from 4,000 sf to 48,000 sf. Fawcett says that some in-line spaces remain, ranging from 1,320 sf to 3,744 sf. The project architect for the Shops at Sycamore Creek is KKE Architects of Pasadena, with RG Snyder Group Inc. of Anaheim Hills as the general contractor. Leasing agents are the Grubb & Ellis team of Mark Baziak, Terrison Quinn and Jonathan Quinn from the company's Newport Beach office. Locally based Buchanan Street Partners structured and negotiated financing for 95% of the total project costs through a single capital source.
Marinita Development currently has eight projects in various planning stages with a total of three retail projects under construction in Southern California, among them the Shops at Sycamore Creek. The company's other projects under construction are located in the Shadow Hills area of Indio and in Riverside’s Orangecrest area.
Marinita is 85% preleased on the Riverside project, a 26,400-sf retail convenience center called Orangewood Centre that is under way at the northeast corner of Van Buren Boulevard and Dauchy Avenue in the Orangecrest master plan area. The Orangewood center, situated on 2.7 acres, is expected to open in the summer and will consist of four new buildings ranging from 6,000 sf to 8,100 sf. Tenants will include Firestone Tire, Kragen Auto Parts, 7-Eleven, Subway, Sip’s Coffee, a dry cleaner and a nail salon.