NewMark Merrill Companies Redeveloping Baldwin Park, California Shopping CenterDecember 21, 2012
BALDWIN PARK, Calif. (Friday, December 21, 2012) - NewMark Merrill Companies and a New York-based real estate partner has started the $2.5 million redevelopment of Park Plaza on Maine, a 165,000-square-foot retail center located at 14503 Ramona Blvd. in Baldwin Park, Calif. Completion is scheduled for February 2013.
The shopping center is making room for more street-front retailers along Maine Avenue and Ramona Boulevard and will be updated with modern facades, new pylon and monument signage, outdoor seating and an eye-catching water feature.
Park Plaza on Maine is well positioned between the 605, 210 and 10 freeways at the intersection of Ramona Boulevard and Maine Avenue. An average of 44,000 vehicles drive by it daily. It also attracts customers from the adjacent City Hall complex and Cruz Baca Transit Center Metrolink Station. Park Plaza on Maine was developed in 1989 as part of an agreement with the City of Baldwin Park's Redevelopment Agency. The center's remodel dovetails nicely with the City's current efforts to revitalize the Civic Center area, which includes creating a more "main street" environment. Park Plaza on Maine is anchored by Superior Grocers and CVS/Pharmacy. Current tenants include Chase, Little Caesars, Check N' Go and O'Reilly Auto Parts - all of which have recently renewed their leases - Subway, El Pollo Loco, Allstate Insurance and many more. The center recently welcomed Menchie's Frozen Yogurt, Family Dollar and LA Eyebrow.
"These revitalization efforts will act as a catalyst in reenergizing business development in the central business district," stated Vijay Singhal, the City of Baldwin Park's Chief Executive Officer. "We are very thankful to NewMark Merrill for investing in the City of Baldwin Park."
"We are looking forward to this beautification project as it will continue to provide key shopping opportunities to our residents and our community, stated Melecio Picazo, Senior Redevelopment Project Coordinator, Community Development Department for the City of Baldwin Park "This project is a great example of Newmark Merrill Companies' efforts in revitalizing its shopping centers,".
The redevelopment of the 165,000-square-foot property comes on the heels of last year's opening of Superior Grocers, which is experiencing significant growth. Among the chain's 38 stores, its Park Plaza on Maine location ranks in the top five highest performing, said store manager Jose Luis Hernandez.
Luca Giovanardi, Director of Development & Construction for NewMark Merrill Companies, is overseeing the project.
All stores will remain open during the remodel. Shoppers are encouraged to visit www.parkplazaonmaine.com for special offers while the center is under construction.
"We are delighted to demonstrate our commitment to the community by bringing an improved shopping experience to the City of Baldwin Park," said Sandy Sigal, Chairman and Chief Executive Officer, NewMark Merrill Companies.
About NewMark Merrill Companies
With a portfolio of more than 75 shopping centers that the company owns or manages, NewMark Merrill Companies has the unique ability to draw from its over 25 years of experience to provide a higher level of property management, development and asset management services for its clients. NewMark Merrill Companies has ranked among the Top 10 Largest Property Management Firms and Top 10 Largest Commercial Real Estate Developers from 2007-2012 by the LA Business Journal. The Company was recently named the #1 Fastest Growing Private Company in the San Fernando Valley by the San Fernando Valley Business Journal. In addition to Woodland Hills, regional offices are located in Orange County, Ventura County, San Francisco, San Diego County, Colorado and Illinois. The company currently owns and/or operates over 75 shopping centers in three different states representing over ten million square feet and over $1 billion in value. For more information on NewMark Merrill Companies, visit www.newmarkmerrill.com.