Properties: Fullerton Promenade

FULLERTON PROMENADE
DOWNTOWN FULLERTON, FULLERTON, CA
MULTI-TENANT RETAIL & OFFICE BUILDING RENOVATION

Valuation $10,500,000
  
Status The project was completed below budget by approximately $1MM, as target lease rates were being achieved without exterior cosmetic upgrades to the building façade originally contemplated in the business plan, which enhanced return on equity to nearly 300% in 2 ½ years.
  
Description Four mixed-use retail-commercial office buildings totaling 52M sq. ft. (post-renovation).
  
Location Located in the urban core of Fullerton, a 1920’s era downtown with more than 70 historic buildings and in the early stages of revitalization. “Vintage” storefronts and “antique malls” coexisted with bank branches, new retailers (Starbucks, Wahoo’s) in new high-density, urban mixed-use retail and residential projects; all within walking distance to a transportation center linking Fullerton with South Orange County and Downtown Los Angeles via Amtrak, Metrolink, and OCTA.
  
Business Plan Advent provided in-house leasing, property management, asset management and project management services to achieve 95% re-tenanting of existing retail and office space and 321% increase in NOI over a 30 month holding period.

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