CenterCal Properties outperforms, achieves 94% occupancy across mixed-use retail portfolio in Q1 2024

New store openings, compelling property activations drive traffic, results

EL SEGUNDO, Calif., April 30, 2024 /PRNewswire/ -- CenterCal Properties, a premier full-service commercial real estate company serving the western U.S., released first quarter 2024 results indicating 94% occupancy across its mixed-use retail portfolio. The forward-thinking company outperformed the retail sector as a whole, which had a 10.3% vacancy rate according to preliminary estimates from Moody's Analytics CRE. During the first quarter, CenterCal Properties celebrated more than 15 new store openings at various properties across its five-state footprint, delivering on its promise to create dynamic, community-driven gathering places.

"At CenterCal Properties, our philosophy centers around not just building spaces, but crafting communities where people can connect and thrive," said Founder and CEO, Jean Paul Wardy. "Every project we undertake is a testament to our dedication to high standards, creativity and integrity. Based on our most recent occupancy rate of 94%, it is clear that our approach resonates with consumers and retailers alike."

At its iconic destinations across California, Idaho, Oregon, Utah and Washington, CenterCal Properties takes a place-making approach that evolves with each community's needs. For Wardy and his team, that approach means constant assessment of current offerings, and consideration of new tenants and activations that will keep properties fresh and relevant. At 2^ND & PCH in Long Beach, Calif., this philosophy has contributed to a 17.4% increase in foot traffic, year over year. The increase is attributed, in part, to a combination of a well-curated assortment of retailers, now including EVEREVE and Vuori, and a host of experiences that appeal to diverse audiences. In the first quarter of 2024, the property coordinated a two-day fitness- and wellness-focused 'Long Beach Strong Beach' event that doubled as a fundraiser for Long Beach Century Club which supports amateur athletes in middle and high school programs. The center also held various spring-themed events, including kids' clubs, Makers Markets, Easter bunny photos and egg hunts.

Other properties throughout the CenterCal Properties portfolio have enhanced their offerings. The Veranda in Concord, Calif., welcomed Humphry Slocombe's innovative ice cream along with J.Crew Factory. Bay Street Emeryville in Emeryville, Calif. is adding more exciting premier restaurants such as the much-anticipated Mumu Hot Pot where diners will experience the enticing flavors of Asian cuisine in a relaxed dining environment and JARS by Fabio Viviani, a revolutionary new dessert concept from the celebrity chef know from his time on "Top Chef." JARS mixes nostalgic flavor combinations with wildly creative and instagrammable presentations.

From cultural celebrations, such as the commemoration of the Lunar New Year, to concerts on village greens and other gathering spaces, CenterCal Properties is providing more than a standard shopping experience. By offering an ever-changing collection of shopping, dining, entertainment and community experiences, the company is creating iconic, can't-miss destinations. These mixed-use developments are becoming well integrated with their neighborhoods and providing places where people can come together, connect and develop a sense of belonging — contributing to success for CenterCal Properties and its stakeholders.

About CenterCal Properties LLC
CenterCal Properties LLC, a premier full-service commercial real estate company founded in 2004, is redefining the landscape of the western U.S. With a focus on community-building, the company creates spaces that foster connection, enjoyment, and a sense of belonging. Under the visionary leadership of Founder and CEO Jean Paul Wardy, CenterCal Properties has become synonymous with excellence and innovation, boasting a portfolio of iconic destinations across California, Idaho, Oregon, Utah and Washington. Rooted in core values that include creative persistence, high standards, resourcefulness, delivering today and unwavering integrity, CenterCal Properties specializes in the investment, development, leasing and management of high-quality retail and mixed-use development from its headquarters in El Segundo, Calif. More information, including a full property portfolio, is available at www.centercal.com.

Media Contact: Kristen Sharkey
E: [email protected]; M: 203.644.899

SOURCE CenterCal Properties