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News release

SAN DIEGO

Del Mar Plaza Repositioned Back to Iconic Stature

JLL successful in bringing retail specialty center on track to nearly 90 percent leased


SAN DIEGO, November 10, 2016 – JLL announced today that Del Mar Plaza is on track to an occupancy of 90 percent leased following a successful joint repositioning effort with owner, GLL Real Estate Partners.  Del Mar Plaza is a 74631-square-foot, three level, open-air center located at 1555 Camino Del Mar  in Del Mar, CA, one of Southern California's most affluent coastal towns.

At 60 percent occupancy two years ago, GLL Real Estate Partners and JLL embarked on an extensive repositioning effort that included investing in capital improvements, a renewed merchandising plan and a comprehensive marketing program.  JLL's brokerage team of Craig Killman and Corinna Gattasso are handling leasing at the center which is able to accommodate requirements ranging from approximately 600 to 5,300 square feet of space. 

Successes include:

  • Salon Republic signed a 15-year, 10,500-square-foot lease earlier this year.  They are taking space formerly occupied by the market, along with the adjacent nail salon and former ice cream shop.  The space plan calls for +/- 55 suites/stylist with an opening planned for the first quarter of 2017.
  • Union Bank signed a 2,500 square-foot lease and is expected to open later this year;
  • Del Mar Rendezvous, an award-winning restaurant, just signed a new 10-year lease for 2,000 square feet.
  • Momma's Medi Spa opened last month after signing a  1,300 square-foot lease. 
  • Del Mar Nails doubled its space at the Plaza after relocating into a 900-square-foot space
  • PS Platinum relocated their office within the Plaza.
  • Kitchell Development signed a new 1,400 square-foot lease for its local corporate office.
  • Fine Magazine renewed its lease for approximately 1,350 square feet.
  • Multiple note-worthy restaurateurs have expressed interest in the vacant restaurant space, and we expect a new operator to open by Summer 2017.

"We are excited to have Salon Republic as one of our anchor Tenants, they have achieved great success in other markets like Los Angeles," stated Gattasso.  Other than the salon, the tenants we have added are local businesses who chose to relocate and make the Plaza their home because it is an iconic destination landmark."

Located in the beautiful coastal village of Del Mar, California, the Del Mar Plaza is a shopping and entertainment destination that serves the affluent San Diego communities of Del Mar, Carmel Valley, Rancho Santa Fe, Fairbanks Ranch and Solana Beach. The center features a mix of unique retailers, ocean-view restaurants and top of the line services, drawing locals and tourists from all over the country and the world. With iron work and tiled fountains of an Italian piazza, cobblestone laid pathways of an English town, and seaside views of a Monaco promenade, Del Mar Plaza features an unrivaled atmosphere reminiscent of a European marketplace.

JLL is the largest third-party retail property manager in the United States with more than 1,000 centers, totaling 125 million square feet under management. The firm has more than 140 retail brokerage experts spanning more than 30 major markets, representing more than 900 retail clients. In 2015, JLL's retail experts completed transaction management and portfolio optimization on 1,500+ leases, negotiated 500+ leases for retailers and 1,000+ leases for landlords and completed more than $2.7 billion of investment sales, dispositions and financing for investors. For more news, videos and research from JLL's Retail Group please visit: www.jllretail.com.

About GLL Real Estate Partners:

GLL Real Estate Partners GmbH (GLL) is a Munich-based real estate fund management group with $7 Billion under management. Formed in 2000 as a joint venture between Lend Lease Corporation and Italian insurance giant Assicurazioni Generali, GLL is now majority owned by its management team.  GLL currently manages 15 funds employing varying property strategies and investing throughout Western Europe, Central Eastern Europe, South America and the United States. From offices in Munich, Luxembourg, Budapest, Santiago de Chile, Mexico City, Orlando, New York and San Francisco, GLL serves an investor group that includes pension funds, insurance companies and sovereign entities.

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: http://bit.ly/18P2tkv

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate.  JLL is a Fortune 500 company with, as of December 31, 2015, revenue of $6.0 billion and fee revenue of $5.2 billion, more than 280 corporate offices, operations in over 80 countries and a global workforce of more than 60,000.  On behalf of its clients, the company provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. As of September 30, 2016, its investment management business, LaSalle Investment Management, has $59.7 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.