Highland Development Plans New 84,500 SF Retail/Office Project in Bakersfield, Calif.
Highland Development Company, a subsidiary of The Marcus & Millichap Company and a dynamic retail and retail-driven mixed-use development company, announced that the company is developing an 84,500 sq. ft. retail/office project in Bakersfield, CA, one of the fastest growing cities in the U.S. at the southwest corner of Panama Lane and Wible Road. The new project, which will be anchored by an existing Walgreens, is expected to break ground in the summer 2007 and be completed by late 2007.
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January 30, 2007 (FPRC) -- PASADENA, CA – Highland Development Company, a subsidiary of The Marcus & Millichap Company and a dynamic retail and retail-driven mixed-use development company, announced that the company is developing an 84,500-square-foot mixed-use retail/office project in Bakersfield, CA, one of the fastest growing cities in the U.S.
Southwest Bakersfield, west of Highway 99, where the project is located at the southwest corner of Panama Lane and Wible Road, is one of the fastest growing areas of Bakersfield, with active housing and retail development. Highland’s new development project, which will be anchored by an existing Walgreens, is expected to break ground in the summer 2007 and be completed by late 2007.
Located in what is known as the Panama Lane Retail Corridor, a main artery of the City, the new project will consist of a total of 13 new buildings including nearly 40,000 square feet of proposed restaurant and shop space and an estimated 44,500 square feet of premium office space.
“This is a great location in an underserved market for both retail and office,” says Highland’s Director of Development Michael J. Singelyn. “It offers convenient access, great demographics and impressive traffic counts, high profile visibility and retail synergy along the Panama Lane Corridor, with more residents continuing to move into the trade area. We are very excited about this project and have received a great response from the retail and office communities.”
Neighboring tenants include Costco, Lowe’s, Rite Aid, Albertsons, fast-food restaurants and a proposed Wal-mart Supercenter and Office Depot. The project is also situated one block from the 99 Freeway and less than one mile from the 75-acre Bakersfield Auto Mall. Average household income in the trade area is $48,421.
An average of nearly 45,000 cars pass by on a daily basis and more than 7,000 new homes are in development within the trade area of the project. According to a CB Richard Ellis (CBRE) Market Report, owner occupied units are projected to increase more than 17% from 2005 to 2010, up to 73.9% of total housing units within the three-mile radius of the project.
CBRE in Bakersfield is handling the marketing and leasing of both the retail and office components. CBRE’s Alex Bendlin and Shannon Williams are the leasing agents for the retail component. Office leasing and sales will be handled by Patrick Thompson. KKE Architects of Pasadena, Calif. is the project designer.
Highland Development Company is a developer of retail and retail-driven mixed-use projects throughout the Western United States. The company’s development strategy includes both ground-up shopping center development and acquisition of existing properties with value-add and/or parcelization opportunities. As a subsidiary of The Marcus & Millichap Company (TMMC), Highland can expand its project types by partnering with TMMC subsidiaries SummerHill Homes and Urban Housing Group for the development of mixed-use projects incorporating single-family residents and apartment homes. Currently, Highland has more than one million square feet in various stages of development or redevelopment in California and Arizona. For more information, visit www.highlanddevco.com or call (626) 696-2000.
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Send an email to Anne Monaghan of Monaghan Communications
949-722-2933
Keywords:
Highland Development, Bakersfield, retail office
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