IRVINE, Calif.--(BUSINESS WIRE)--Lincoln Property Company and Alcion Ventures have signed leases with eight chef-driven tenants for Trade Food Hall, slated to open this fall following $5 million in renovations.
Lincoln and Alcion purchased Trade Marketplace, a 32,600 square foot property, in 2014 and have since transformed its dated food court into what will be a premier dining experience, complete with crafted cuisine from around the world, a full-service bar, and indoor/outdoor communal dining. The food hall portion of Trade spans over 9,000 square feet.
Famed Chef Andrew Gruel of Slapfish will curate two of the eight food concepts. Two Birds will offer Gruel’s take on classic grilled and fried chicken, while Butterleaf, a plant-based concept, will be a celebration of vegetables with a menu that includes kimchi, flash-seared vegetables, and sweet-potato-mushroom burgers.
Chef Hop Phan, known for his food trucks, will also curate two fusion concepts. Phan’s Dos Chinos will offer Vietnamese and Mexican fusion, and Megadon will serve a fusion of Latin, Asian, Mexican, and Hawaiian. Other concepts featured at Trade include artisan sandwiches by The Sandwich Society, fresh seafood by Portside, dessert by Sweet Comforts, and Mediterranean fare by the popular Gyro King.
Anchor tenants include the beloved Ootoro Sushi, a local favorite that has opened its second location at Trade, and KRISP Fresh Living, which will offer organic juices, bowls, and illy coffee. In addition, Trade will feature a distinctive mix of service-oriented and soft goods retailers.
“This property has been known as a lunch spot to thousands of nearby office tenants in the past, and we saw the opportunity to make it a premier food destination not only for lunch, but for nights and weekends as well,” said Parke Miller, Executive Vice President of Lincoln Property Company. “Trade offers Orange County’s most talented chefs under one roof, and it will draw people seven days a week. Trade will be the only experience of its kind in Irvine, and we’re excited to see our vision materialize this fall.”
Lincoln and Alcion invested more than $5 million in the property to make the food hall come to life. The roof was torn off the building to create an open-air, Southern California dining experience. The building now offers indoor-outdoor seating in a communal dining area, which includes a fire pit and an abundance of natural light. The exterior of the building was renovated to have a sleek, coastal design. The renovated property also features new landscaping, including succulents and irrigated “green walls” covered in vertical plants.
“When we acquired this property, we saw an opportunity to revitalize and transform an underperforming retail center in an A+ location into a culinary-focused and experience-rich marketplace that will serve the needs and wants of the hundreds of thousands of workers and residents in the area,” said Mark Potter, Co-Founding Partner of Alcion Ventures. “Retail today is all about food and experience, and we cannot wait to open Trade to the market.”
Trade is the first major project of the partnership between Lincoln and Alcion in Orange County, and the sixth major project nationally. FLIGHT, which will be the first purpose-built ground-up creative office campus in Orange County is a Lincoln-Alcion venture slated to break ground in early 2017, and will be located at Tustin Legacy in the heart of Orange County.
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 Alcion Ventures
Alcion Ventures is a Boston-based real estate private equity firm that seeks to create value through the acquisition, repositioning, redevelopment or development of real estate assets and by forming strategic relationships with experienced operating partners. Most recently, Alcion closed its third fund with more than $540 million of equity commitments from a diversified investor base, including major United States and Canadian pension funds, endowments, foundations, and family offices.