LOS ALAMITOS, Calif.--(BUSINESS WIRE)--The City of Los Alamitos Planning Commission has approved Village 605, a ground-up shopping center development that will be located at the northeast corner of I-605 and Katella Avenue. The freeway-adjacent shopping center, which will total approximately 113,880 square feet, is being developed by Lincoln Property Company and its partner Long Wharf Real Estate Partners LLC of Boston.
Under the approved plan, Lincoln will build a walkable, open-air shopping center with seven one-story buildings and a modern, Southern California feel.
Anchoring the property will be 365 by Whole Foods Market, a “value meets quality” version of the famed grocer known for its organic fare, which has received rave reviews from customers and reported strong sales performance for the new concept stores which have opened.
“We are very proud to have approval from the Los Alamitos Planning Commission, and greatly look forward to executing our vision,” said Parke Miller, Executive Vice President of Lincoln Property Company. “Village 605 will be a tremendous asset to this trade area and we have already seen strong leasing demand from the type of high quality retailers that we hope to bring in.”
The City of Los Alamitos considers Village 605 a long-term economic driver in the area, primarily due to its highly visible and strategic location. The property is immediately adjacent to the 605 freeway and Katella Avenue in the heart of Los Alamitos, with easy access to nearby affluent communities including Long Beach, Rossmoor, Cypress and Cerritos.
The project will feature a large community gathering area, outdoor seating, and landscaped walkways. A mix of restaurants and shops, both national and regional, will accompany the legendary organic grocer to fill out the development.
“We look forward to creating a beautiful, welcoming environment for consumers, and delivering a great mix of tenants,” said Justin Smith, Managing Director at Long Wharf Real Estate Partners LLC. “The area is supply constrained in terms of space for high quality retail, so we see a great opportunity to make this a central gathering area for local residents and neighboring communities.”
“We’re thrilled that 365 by Whole Foods has signed a lease to anchor the center and we anticipate making other tenant announcements in the coming months,” said Miller. “We always talk about the importance of ‘place-making’ and creating projects that serve a purpose, but also provide a special and unique experience to the customer. We look forward to creating that environment at Village 605.”
Construction is expected to begin in the first part of 2017 with an anticipated opening in the first part of 2018.
The project architect is KTGY Group, Inc. of Irvine. Strategic Retail Advisors of Newport Beach is handling project leasing. For more information, please visit www.village605.com.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 130 million square feet of commercial space and over 212,000 multifamily residential units. Lincoln Property Company is the second largest apartment manager in the United States. Access www.lpc.com for more information.
About Long Wharf Real Estate Partners LLC
Long Wharf Real Estate Partners is a Boston-based private equity real estate manager focused exclusively on value-added investments in the U.S. Investing on behalf of institutional clients including corporate and public pension funds, endowments, foundations, and family offices, Long Wharf utilizes a broad-based value-added strategy targeting opportunities in multiple property sectors and markets across the country. Including its experience prior to becoming an independent firm in 2011, Long Wharf has invested over $2.9 billion of equity in more than 200 properties across the U.S. since 1995. For further information, visit: www.lwrep.com.