Valley North Center sells, CII named Manager

We are pleased to announce that, conclusive to a recent sale, Center Investments, Inc. has once again been selected to manage and lease the Valley North Center shopping center in Wenatchee.  This very well located, highly successful, 270,000 sf shopping center is the largest in Wenatchee featuring Target, JC Penney, Old Navy, Rite Aid, Pier 1, Red Robin, Applebees and several others.   

CII previously managed and leased this center in the late 90’s and early 2000’s when owned by Center Oak Properties. We participated in converting what was a small, struggling enclosed mall to what it is today – the most desired non-mall venue in the region. After it was redeveloped the center sold to a California investor – that was some 10 years ago. It has just now sold again to an owner [Valley North Center, LLC] headquartered in San Diego, CA.

The Valley North Center is currently 99% occupied and 100% leased – which has been the case since it was redeveloped 12 years ago. We met the new purchaser of this property 6 months ago, we have been working and waiting in anticipation of the sale closing and are very excited to now be returning as manager of this very successful center.

- Dan

Cafe Rio – The best Mexican Restaurant in America?

When we learned that Café Rio, a 50 + restaurant chain based in Salt Lake City, Utah, was interested in Wenatchee we outlined some 16 different potential locations. We ended up matching Café Rio to a property that was not on the market but in fact was owned by an operator we knew to be interested in changing directions.   That property was the operating Wenatchee Arby’s at 1121 N Mission owned by Bryan Noyd. We then represented Bryan in the transaction which will totally transform the building.  For those Mexican Restaurant fans like us Café Rio is the definition of Fresh-Mex, it prepares everything from scratch, everything is extremely fresh, it employs staff full of energy and has been ranked #1 as the best Mexican Restaurant in America the past 2 years according to Sandelman Associates.

Headlines from Wenatchee World

The recent article in the Wenatchee World, written by Mike Irwin, covers the general lanscape of local commercial real estate. I was glad to see some additional mention of one of our primary leasing and re-development projects, Eastpoint Plaza, in the articles' web follow up. I thought Mike's article was a well written and accomplished the intent of the piece accurately. Thank you Mike for the opportunity to discuss some of the stuff that we have going on right now but the core subject of the article as published was Big Lots! for which I was merely filling in for Dan Barr while he was out fishing for King Salmon and so, you're welcome Dan.

While Mike was conducting the interview I was also able to show and discuss what we're doing at Eastpoint Plaza where you will see some transformations and upgrading over the next couple months. At this property we are making some great improvements and the ownership, Cascade Property Group, is taking an active role in exploring and implementing positive changes in the appearance of the property. This type of "cosmetic" enhancement can have a tremendous impact on the performance of the tenants in a retail center. So keep watch for the changes to this center as summer progresses.     

- Chaun

Confirming rumors, new deals & off to Vegas

Big Lots!

We received a phone call the other day from the Wenatchee Business Journal looking to confirm rumors we had found a tenant for the large space next to Gateway Cinemas.  Not being our place to announce a tenant we referred them on to the owner, Wenatchee Productions, who confirmed that it had indeed been leased to BigLots!

We worked with Big Lots off and on for 5 years first introducing them to the Wenatchee market and then informing them of various opportunities.  This time the timing was right for us both when we were able to solve a challenging, deep space (part of an old K-Mart building) and other obstacles to get the deal done with Big lots for the owner.

In Late summer of 2012 Big Lots will open in a 39,780 sf store in the western portion of the building.  Together with the Gateway Cinemas this formerly dead K-Mart will be over 95% occupied further helping to re-energize this center.

This deal fulfils a large part of a long term strategy used by Wenatchee Productions which we have been a part for the past several years.

Peoples Bank/Town Nissan

We represented Tom Barros in the sale of his Town Nissan property at 9^th and Mission which closed the end of April.  We introduced Peoples Bank to the site and structured a sale with a short term leaseback to allow Town Nissan time to orchestrate a move.

Peoples Bank had opened in Wenatchee a number of years ago and had purchased a site kitty corner from the Nissan property for an anticipated bank branch and loan offices.  Their decision to purchase Town Nissan makes us expect we will see shortly plans from Peoples Bank for a much larger presence in the Wenatchee Market than we first thought.

Liquor Barn will keep the liquor store!

What a ride in the Washington State Liquor store saga.  We represented the Landlord and followed the “Absolutely Crazy” auction process. The East Wenatchee auction price doubled on Tuesday, again on Wednesday, Thursday and during the last hour of Friday the East Wenatchee store fetched some $200,100.  Subsequent to the auction stores still traded hands until ultimately we signed a long term lease last week with the Liquor Barn, LLC. for continued operations of what has been the only liquor store in East Wenatchee for the past 30 years.

Off to Vegas

We are off to Vegas and our annual get together of the ICSC RECON, a collection of some 40,000 – 50,000 retail real estate people from all over the world.  This will be my 26^th consecutive year of going to this convention and selling North Central Washington to national retailers.  This is always a great opportunity to see old friends and make new ones.  We have an exciting new leasing opportunity in front of us (more on that later) which we are eager to work.   Hopefully what happens in Vegas doesn’t stay in Vegas but means new and exciting retailers coming to the markets we serve.

- Dan

Great start to Spring 2012 for Leasing

SPRING BUSINESS - We have completed some exciting deals with local retail businesses this spring; Blue Spoon Yogurt (for a second location in East Wenatchee), Glaze, a local bakery & eatery, is going to land at Eastpoint Plaza and last month Bella Vita Salon opened up at 521 S Chelan. As well as finalizing a lease agreement with a major national retailer (that took more than 6 months to complete) for the remaining portion of the former K Mart building next to the Gateway Cinema. Additionally we were also able to locate several small office tenants into spaces around town and we have listed several new properties for sale & lease. It all adds up to be the most active Spring for us over the last 3-5 years.  

-Chaun