Turnover in Downtown Pleasant Hill
Dec 28, 2016 01:52PM
● By Jennifer Neys
Turnover in Downtown
There has been tenant movement of late in Downtown Pleasant Hill. With the closing of Golfsmith, abrupt closing of Pasta Pomodoro, the impending closing of Fleet Feet later this month, and even changes to Hallmark, the Focus reached out to Leasing Agent Joe Kuvetakis of John Cumbelich and Associates for a Crescent Drive update.
Golfsmith filed for bankruptcy last September and was subsequently acquired via bankruptcy by Dick’s Sporting Goods last October. Dick’s has a family of businesses that could possibly utilize the space “We are waiting to hear back on what Dick’s is going to decide to do with that site and whether or not we will be getting it back. They could potentially place a subsidiary (such as Golf Galaxy) into the Golfsmith space. It will either be backfilled or we have a number of candidates that are interested in that site,” said Kuvetakis.Pasta Pomodoro’s lease was up and the restaurant abruptly closed last November, but the space will not sit vacant for too long. “We are in lease with a very exciting local concept for that site. We saw an opportunity to support a more up and coming local fun concept that we think will be better for this center and the atmosphere in the end. It’s a Bay Area based company and completely different from anything we are doing there,” explained Kuvetakis.
While Hallmark is still under lease, the retailer is looking to downsize. Both Hallmark and the leasing agency are looking at other possibilities within the downtown, including moving into a smaller space or reducing the square footage within their current 6,500 square foot space. Fleet Feet will be moving out at the end of January, and although the center is not officially under lease with another retailer, they are in “active negotiations,” and the space will most likely remain empty for a few months before any renovations or new tenant movement begins.Kuvetakis pointed out that recently many of the Downtown leases and options periods are up, accounting for a lot of the turnover. “This ownership group (UBS Global Asset Management) that took over a few years ago has really placed an emphasis on replacing the existing tenants when they run out of term or go out of business with a much higher quality replacement and continue to improve the downtown. That’s what we’ve been focused on and, of course, that takes a little bit more time,” he said.