by zapolski | Mar 23, 2015 | Uncategorized |
From the North Bay Business Journal By Garrick Brown DTZ’s preliminary statistics for the first quarter of 2015 indicate that North Bay shopping center vacancy fell over the first three months of the year and now stand at just 3.8 percent, compared with 4.2 percent at the close of 2014. And assuming that these numbers hold through the remainder of the quarter — it does not end until March 31 — it would mark the second consecutive quarter of falling vacancy levels in the North Bay. Our survey covers shopping centers in Marin, Napa and Sonoma counties, all of which continue to face significant imbalances between supply and demand. The average asking rent for retail space in the region is currently $22.73 per square foot (psf) on an annual triple-net basis. This number is up significantly from $19.20 psf a year ago. But we should note that because it covers all sizes and classes of availability, it is useful only as a benchmark. The average asking rate in the region of currently available small shop space (3,000 square feet or less) is $26.05 psf (up from $21.08 a year ago). But this number skyrockets for the rare class A listing that comes to market or for new construction, rental rates for both of which have routinely topped $60.00 psf. The great challenge facing the market as a whole is that there is not enough available space to sate retailer demand. We are tracking increased space requirements from most retail categories — from food users to hard-goods chains — that are looking to expand in the North Bay to capitalize...
by zapolski | Jan 10, 2015 | Uncategorized |
From the Napa Valley Register By Jennifer Huffman There’s now a video to help Napans — and prospective tenants — imagine how Napa Center intends to remake itself in the next two years. Using computerized artistry, the new owners of downtown’s open air mall take viewers on a simulated stroll past a dazzling array of new stores and restaurants clustered around a five-story Archer hotel. Napa Center from Trademark Property CO. on Vimeo. Locals will recognize some familiar landmarks in the video, such as a cork oak tree in the center of the mall, and a former fountain area outside of McCaulou’s. The walkways retain the configuration of today, but the rest of the mall is transformed into a bustling area with busy storefronts and pedestrian traffic. Clay Street, located behind the mall, is dotted with a row of food trucks. It’s all a significant change from the empty corridors of the mall of today. Trademark Property Co. created the video to promote leasing in the downtown mall, which will offer at least 40 new stores and food and beverage purveyors, along with the new Archer Hotel, said Tommy Miller, managing director and chief investment officer at Trademark Property Co. “We want to show how this place and a brand-new multi-story hotel will change the way First Street is going to look and feel,” said Miller. “Retailers and restaurant are really asking us to show them how this place is going to feel when it is open.” What kinds of national or international retailers would he like to see at Napa Center? Miller declined to give specific examples but...
by zapolski | Nov 8, 2014 | Uncategorized |
From the Napa Valley Register By Jennifer Huffman Business owner Thea Witsil had removed her inventory some weeks ago to make room for a new retail space next to the planned Archer hotel. That will essentially wrap around the corner of First and Coombs streets, almost encapsulating the historic Napa Valley Register building, recently occupied by Sushi Mambo and will remain in place. Developer Todd Zapolski said the former Wildcat space will be brought up to standards and leased in 2016. Lease rates “will be competitive and whatever the market allows for brand new space in that location,” he said. Next door, workers are conducting asbestos removal at the long-empty Merrill’s building where chain link fencing with a fabric-like covering has been strung along the block. The five-story, 183-room Archer hotel is being developed by Wichita, Kansas-based LodgeWorks Partners, L.P. The abatement process is expected to continue through mid-November on portions of the Merrill’s building. “This work is to appropriately remove minor asbestos-containing materials, a common requirement of buildings of similar age,” said Mike Daood, president of LodgeWorks. The asbestos was found in the floor tiles, he said. “We are continuing to closely interface with our colleagues at Napa Center and city building officials to advance toward demolition, required structural support of the historic Merrill’s facade and confirming seismic bracing of the neighboring structures,” he said. “The sequencing is critical to everyone’s success, and we are fortunate to have a great team of professionals and city officials collaborating on these details daily.” The Archer, planned as a four-diamond, boutique luxury hotel, should open in late 2016, said a...
by zapolski | Jun 10, 2014 | Uncategorized |
From the Napa Valley Register By Janelle Wetzstein Developers of the long-anticipated Archer Napa hotel in downtown Napa were pleased last week when the city’s Cultural Heritage Commission approved their request to begin construction on the site of the historic Merrill building. “We are very happy with the unanimous decision from the commission,” said Kevin Teague, representing the development team. “The building’s design was a result of listening to both historic architects and community voices on what’s best for featuring the Merrill’s building.” Last week’s hearing did not determine the design or project merits of the proposed five-story hotel development. Instead, its focus was to gain city approval to raze all but the the ornate terra-cotta First Street facade of the Merrill’s building in the 1200 block of First Street. Built in 1929 by Samuel P. Gordon, the structure was originally home to a Safeway, and later went through several retailers before Merrill’s Drug Store set up shop in the 1960s. Since Merrill’s Drug closed its doors in 1994, the building has remained largely vacant. The Merrill’s building is listed as a local landmark on the city’s Historical Resource Inventory and is eligible for the National Register of Historic Places, though it is not on the list. When hotel developer LodgeWorks submitted an application to build a luxury seven-story hotel last year on the Merrill’s site, community members voiced concern with the project’s height and scope. In response, LodgeWorks President Mike Daood later came back with a revised five-story hotel proposal with a larger footprint that would incorporate the Merrill’s building’s historic aspects into its design. The project is expected to...
by zapolski | May 16, 2014 | Uncategorized |
From the Napa Valley Register By Jennifer Huffman The Beckstoffer family, long-time Napa Valley landowners and grapegrowers, have purchased a historic downtown Napa building that is currently home to Sushi Mambo. The building, located at the northwest corner of First and Coombs streets, is the family’s first investment “in anything but vineyards,” said spokesperson Andy Beckstoffer. It will be placed in the Beckstoffer Family Trust, along with the famed To Kalon vineyard and other heritage vineyards owned by the family. As part of the trust, the building will never be sold or demolished, Beckstoffer said. “It’s that important,” he said. Neither the Beckstoffer family nor its business will occupy any of the space in the building, he said. Both the Roger Lewis Family Law firm and the Sushi Mambo restaurant have long-term leases that will be honored, he said in a phone interview. Beckstoffer said the family may rename it the Beckstoffer Building. The Lewis family was the seller. Beckstoffer would not say how much his family paid for the two-story building. The building was built in 1905 and was occupied by the Napa Valley Register until 1965, when it was converted to a downstairs restaurant with offices above. It was listed on the National Register of Historic Places in 1982. Attorneys Roger Lewis and Robert Blevans bought the property in July 1999. The property is located at a key location adjacent to Todd Zapolski’s redevelopment of the former Napa Town Center. Zapolski helped facilitate the purchase, said Beckstoffer. While there is no joint ownership, Beckstoffer plans to coordinate the building’s use with Zapolski’s development of Napa Center, formerly...
