REAL ESTATE INDUSTRY NEWS
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Alicia Towne Plaza gets a makeover
The $6 million renovations include the opening of a new LA Fitness club.
By Jessica BerriePublished: August 18, 2011 10:26 AM
Mission Viejo’s Alicia Towne Plaza celebrated the completion of $6 million worth of updates with a ribbon cutting ceremony on August 15. Spanning 19-months, the renovation project features design improvements to the center as well as the opening of a new LA Fitness.
Watt Commercial Properties, the company that owns the center, signed a 15-year lease with LA Fitness to take over the space once occupied by Mervyn’s. The two-story property was converted into a 62,000 square foot, full-service fitness facility, equipped with racquetball and basketball courts as well as a pool. The company anticipates that the opening of the LA Fitness will have a positive effect on the neighboring businesses.
“People go to the gym on a regular business, so we see that it is going to become part of their everyday activity to come in and out of the center,” said Allison Lynch, vice president of Asset Management for Watt Companies. “It also provides traffic for the other retailers because people who may not have been to the center before can notice some of the other businesses that are there. We have some great small businesses and restaurants, so it will be great for boosting the other tenants.”
This LA Fitness joins 10 other locations in Orange County. According to company reps, the Mervyn’s property was ideal for a health club site.
“As retail changes in Orange County, some great sites like this become available for other uses,” said Bill Horner, senior vice president and Chief Real Estate Officer of LA Fitness.
In addition to the new fitness facility, other improvements to the center showcased design updates throughout the building structure. Watt Companies, which currently operates four other centers in Orange County, plans to begin renovations on Edinger Plaza in Huntington Beach later this year.
“We are very pleased with the outcome of the renovations at Alicia Towne Plaza,” said Nadine Watt, president of Watt Companies. “The completion of this project and the opening of L.A. Fitness as the new anchor have been highly-anticipated by the surrounding Mission Viejo community. We appreciate the partnership with the City of Mission Viejo on this project as they played an integral role in its success.”
Related headlines
Mitsuwa Marketplace rolls into Heritage Plaza
Faris Lee tapped to market 13 Mervyns properties
Jack Spade unveils new store at Fashion Island
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Watt Commercial Properties, the company that owns the center, signed a 15-year lease with LA Fitness to take over the space once occupied by Mervyn’s. The two-story property was converted into a 62,000 square foot, full-service fitness facility, equipped with racquetball and basketball courts as well as a pool. The company anticipates that the opening of the LA Fitness will have a positive effect on the neighboring businesses. “People go to the gym on a regular business, so we see that it is going to become part of their everyday activity to come in and out of the center,” said Allison Lynch, vice president of Asset Management for Watt Companies. “It also provides traffic for the other retailers because people who may not have been to the center before can notice some of the other businesses that are there. We have some great small businesses and restaurants, so it will be great for boosting the other tenants.” This LA Fitness joins 10 other locations in Orange County. According to company reps, the Mervyn’s property was ideal for a health club site. “As retail changes in Orange County, some great sites like this become available for other uses,” said Bill Horner, senior vice president and Chief Real Estate Officer of LA Fitness. In addition to the new fitness facility, other improvements to the center showcased design updates throughout the building structure. Watt Companies, which currently operates four other centers in Orange County, plans to begin renovations on Edinger Plaza in Huntington Beach later this year. “We are very pleased with the outcome of the renovations at Alicia Towne Plaza,” said Nadine Watt, president of Watt Companies. “The completion of this project and the opening of L.A. Fitness as the new anchor have been highly-anticipated by the surrounding Mission Viejo community. We appreciate the partnership with the City of Mission Viejo on this project as they played an integral role in its success.” Related headlines Mitsuwa Marketplace rolls into Heritage Plaza Faris Lee tapped to market 13 Mervyns properties Jack Spade unveils new store at Fashion Island |
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