Vintage Real Estate Acquires SouthBay Pavilion.
September 7, 2012 — Fred Sands, Chairman of Vintage Real Estate, announced today that the company has acquired four acres immediately adjacent to its Moulton La Paz Shopping Center from the City of Laguna Hills as part of its expansion and redevelopment plan. The center will be renovated and renamed The Village at Nellie Gail Ranch.
“We will be doing a major remodel of this center to give it a completely new contemporary look and transform it into an attractive destination with an array of quality shopping and dining options. The design includes new façades, storefronts, refreshed landscaping and attractive outdoor gathering spots. It is in a central location in the heart of a mature community with strong demographics that are attractive to a variety of retailers,” said Sands.
Located at the intersection of Moulton Parkway and La Paz Road in Laguna Hills, the center is surrounded by prominent residential communities, including the Nellie Gail Ranch area with its large estates. There are approximately 140,000 residents within a three-mile radius and the average family income is approximately $120,000 within a five-mile radius.
Moulton La Paz Shopping Center will be re-envisioned as The Village at Nellie Gail Ranch, with the style and ambience of a European market. The renovation and expansion plan calls for the addition of a gourmet supermarket and new tenants including stylish boutiques and casual dining restaurants. With the expansion the center will total approximately 100,000 square feet.
“Now is an opportune time to invest in expanding and repositioning the center. Grocery-anchored retail centers are performing well, making it possible to secure new tenants at strong rents. This type of community center also is attractive to real estate investors, which is propelling an increase in values,” noted Kenneth Hocker, executive vice president, development, Vintage Real Estate.
Construction will commence this fall with completion estimated for spring 2014.