NewMark Merrill cos. opened Rialto Village, a 10-building, 96,000 square foot shopping center in Rialto, California. 18 companies have already pre-released 97% of the retail space.
NewMark Merrill works alongside CBRE to market the remaining space – a boutique suite with 2,700 square feet available. NewMark Merrill Vice President Greg Giacopuzzi and CBRE Senior Vice President Walter Pagel and Vice President Brian McDonald are leading the leasing efforts.
Rialto Village is NewMark Merrill’s second retail venture in the area, following the 2017 development of an adjacent mall anchored by Walmart.
When completed, Rialto Village will be anchored by Sprouts, Burlington, Ulta and Five Below. Other tenants will include Cold Stone Creamery, Coffee Bean & Tea Leaf and West Coast Dental. The shopping complex is adjacent to historic Route 66, as well as less than 8 km from downtown San Bernardino, 16 km from the Greater Inland Empire and 80 km from Los Angeles.
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NewMark’s pre-letting of space takes place as developers, faced with an ever-changing commercial landscape, both market and position the spaces of their future properties as pre-furnished and ready to move into, available or ready to be used as soon as possible after construction. Additionally, developers and owners are beginning to see their buildings as more than just stores, seeing them as larger parts of the communities in which they sit.
In light of this new vision for the retail space, NewMark CEO Sandy Sigal said commercial real estate director“Rialto Village is a great example of the new retail dynamic – a hub where Sprouts, Burlington and 5 Below co-exist – where the mix includes services like a dentist, fast food and daily necessities. in a community where healthy grocery choices don’t exist at all in the shopping area Nearly 100% rented during COVID, with increased speed during what appears to be a tough time in the economy, “This development demonstrates the strong need for retail in areas traditionally considered low-income areas. Demand in these areas remains strong compared to declining retail users in other markets.”
The Inland Empire’s retail revival
Overall, the Inland Empire’s retail sector is on a steady rise, with vacancy rates falling to an average of 6% in the second quarter of 2022, marking an annual decline of 16.7% , according to a recent report by Kidder Mathews. The market also had 1.7 million square feet of retail space under construction in the second quarter, an annual increase of 80%. Additionally, the area’s average rent rose to $20.23 per square foot, with the sale price reaching $256.84, according to the report.