News
Shore 'Nuff
August 3, 2011
| Yes, Virginia, there is a Jamestown—the real estate acquisition and management firm just launched a revitalization of Alameda Towne Centre, a 594k, open-air retail center on Alameda Island. In a nod to the past, the 47-acre property has been renamed Alameda South Shore Center. And in a nod to the very distant past, John Smith has been named CEO of Jamestown. (Kidding.) |
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| Jamestown managing director Michael Phillips (here, giving a speech from a filing cabinet, and possibly floating, we can't tell) tells us South Shore Center, as it was known until 2002, was one of the first big shopping centers in the Bay Area and very well known. Reclaiming its original name made sense for brand relevance to the greater Bay Area. The company acquired the property in January from Harsch Investment Properties for $181M—the largest retail center transaction in the continental US in the past year. Michael says Jamestown was attracted by the center’s more than 50-year history (it was built in 1958), the strong commitment shown to it by area residents, and “great fundamentals in terms of sales.” The property is 92% leased because it’s at the tail end of a seven-year rolling renovation. Jamestown bought it with an opportunity in mind to fill in the in-line space and add a couple of anchors. |
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| Alameda South Shore Center is anchored by Kohl’s, Safeway,Trader Joe’s, Old Navy, and Bed Bath & Beyond, among other stores and restaurants. The previous owners completed an $85M redevelopment program, and Jamestown plans to build on that. High on the list is developing more welcoming common areas: additional seating, improved lighting, a comprehensive wayfinding program, and unique storefront designs. As for the leasing program, Michael says the center will focus on fashion and lifestyle brands, local and regional retailers, and small boutiques that represent categories not in the center currently. The trade area has a healthy mix of economic demographics with annual household incomes ranging from $75k to $200k, including a strong working-class component. |
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| Michael with James Beard Foundation president Susan Ungaro and Bill Telepan, chef at NYC’s Telepan restaurant. Among other landmarks, Jamestown owns Chelsea Market and One Times Square (of New Year’s Eve ball drop fame). Alameda South Shore Center will celebrate the area’s rich history. Over the years, the island’s had a maritime culture, as the home of the former Naval Air Station Alameda (separately undergoing redevelopment) as well as an entertainment and beachfront culture—Neptune Beach, an amusement park, operated in the ’20s and ’30s. “It’s always been a congregation spot for the East Bay and Bay Area.” In addition, Michael says Alameda boasts the Bay Area’s largest concentration of Victorian homes. (Sadly, without a similar concentration of uncorseted tea gowns.) Jamestown’s not done yet—the company’s actively looking for office, residential, and adaptive-reuse projects in the Bay Area. |
