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Shopping Center Receives Permitting to Reposition Premises to Mixed-Use Community Destination
Merced, CA—Matthews Real Estate Investment Services™ , a commercial real estate investment services and technology firm, listed Central California shopping center Merced Mall as its redevelopment is given the green light. The mall, located at 851 West Olive Avenue, Merced, CA, is set to undergo a complete renovation with the option to reopen as a mixed-use and/or experiential-use center. The property is exclusively listed by First Vice President and Senior Director Matt LoPiccolo.
The Merced Mall features 44 tenants, including anchors J.C. Penny and Kohl’s, with a 67 percent occupancy rate. The property totals 27.32 acres. Current ownership has worked closely with city officials to fully permit the redevelopment of the center. The City of Merced will act as a partner in facilitating future development plans.
“The City of Merced and current owners have worked side by side for nearly 50 years. We intend to have the same working relationship with the new ownership,” stated Deputy City Manager and Economic Development Director Frank Quintero.
According to Quintero, the Merced Mall is situated on Merced’s Commercial Corridor, Olive Avenue, and is a desirable retail location. Merced County is one of California’s fastest-growing counties. Besides experiencing a development renaissance, the City of Merced was recently identified as one of the nation’s Coolest Small Cities in The U.S. by Thrillist Travel.
Merced Mall offers investors a unique value-add proposition. The potential site plans allow for residential or student housing to be added, along with revamped retail space. Merced Mall is easily accessible to single-family and multifamily residents and serves as a retail hub for Merced College and UC Merced. The city is set to grow to 102,950 people (about the seating capacity of the Los Angeles Memorial Coliseum) by 2030, rapidly increasing the need for retail and apartment space.
“Merced Mall is in a growing submarket and offers an investor exponential opportunity to increase profitability,” said LoPiccolo. “The city has fully backed the asset’s repositioning and will be a valuable partner in creating a community destination that offers consumers a full experiential retail experience.”
Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 500 agents and support staff in 15+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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