Intersection Property Named Best Retail Project at San Diego Business Journal Commercial Real Estate Awards
03/10/2020 | 01:01pm EDT
SAN DIEGO, Calif., March 10, 2020 (GLOBE NEWSWIRE) -- The San Diego Business Journal honored commercial real estate management and investment advisory firm Intersection with the annual Best Retail Project of the Year Award Feb. 26 during a ceremony at Bali Hai Restaurant on Shelter Island. The presentation was made during the Journal’s Commercial Real Estate Awards recognizing Intersection’s efforts in creating a destination retail site at Old Poway Village in Poway, Calif.
“We are very excited about earning the award,” said Intersection Managing Director Mark Hoekstra, who grew up in Poway across from the property. “This is a very unique project. We knew that we could create an experiential retail center unlike anything Poway has ever seen. Our tenants are local and provide the community with an internet-resistant environment. We made Old Poway Village fun. A place where people want to be, where they can have a good experience and enjoy the Old Poway Village environment with the entire community.”
The 35,191 square foot retail center boasts an enticing and complimentary mix of businesses offering a variety of goods and services including food, wine, exercise, and a tap room with 20 rotating San Diego craft beers. Hoekstra highlighted that all of the businesses are local to the Poway community, with some coming from Poway’s Saturday Farmers Market and opening a brick-and-mortar location for the very first time.
While some of the businesses might be new to working out of a commercial retail space, many are already settling in and making a name for themselves like Smokin’ J’s BBQ, which was featured in the San Diego Eater and Pacific Magazine.
Other businesses at Old Poway Village, which is now fully leased, include The Hop Stop, Mission Cellars, Poway Pilates, SD Music Academy, Poway Chamber of Commerce, Sam’s Old Poway Barber Shop, Filhart Beef, and FITT University, among others.
“By bringing a variety of artisan and specialty use businesses together, we created a sense of place that local residents and regional customers will embrace and seek out,” said Intersection Senior Director Dan McCarthy, who’s brokerage team marketed and leased the project. “This increase in foot traffic helps all of the tenants and adds to the image of the center.”
McCarthy and his team put a lot of thoughtful work into orchestrating the right mix of businesses at Old Poway Village. After purchasing the property for $6.9 million in May of 2017, Intersection canvassed visitors and residents across the community to identify what Poway was missing, in addition to meeting with the mayor’s office to get an idea for what the city saw as complimenting its future vision.
“Poway already has a lot to offer San Diegan’s and visitors who are looking to get outdoors,” said Poway Mayor Steven Vaus. “Old Poway Village has evolved into a destination where people can come together to relax and have a good time. It also fuels the city’s economy helping local Poway businesses thrive. Old Poway Village is central to our vision to enrich our community and quality of life through an exceptional blend of recreation, arts, leisure, and cultural programs, in addition to providing parks, facilities and open space for all.”
Collaborating with the community was very important according to Hoekstra. That collaboration led to Intersection investing approximately $1.2 million to add 6,000 rentable square feet to the property and enhancing features that would make it attractive to customers.
Hoekstra said, “We really tried to create this destination in the community that is tied into activities that are happening in Poway.”
Old Poway Village is adjacent to the Poway-Midland Railroad, Veterans Park, and Old Poway Park where an average of 70 weddings are hosted each year.
“I think that when visions align, good things happen,” said McCarthy, who is a resident of Poway. “The city had a desire and we had a vision with a plan. Combined we were able to make good things happen.”
Intersection is a full-service commercial real estate management and investment advisory firm offering solution-driven strategies for owners, occupiers and investors in commercial real estate. The team leases and manages approximately 2.9 million square feet in California, Utah, and Colorado. For more information on Intersection, visit https://www.intersectioncre.com