Burnham USA Renovates Retail Venue

MISSION VIEJO, CA-Burnham USA Equities Inc. of Newport Beach has kicked off a multimillion-dollar renovation and expansion of the Mission Viejo Town Center, a 58,000-sf retail venue on Marguerite Parkway along the San Diego Freeway that formerly was known as Campus Plaza. The company, which bought the property in 2004, also plans to break ground on its 14,000-sf Stadium Towers retail project in Anaheim this week.Stephen Thorp, VP at Burnham USA, tells GlobeSt.com that the Mission Viejo Town Center project includes a build-to-suit of 11,100 sf for existing tenant Pier I Imports and the razing of about 8,000 sf of space at the center. When all is done, the renovated property will comprise about 60,000 sf.The renovation, which is scheduled for completion in the spring of 2006, will include a complete exterior remodeling, enhanced parking, improved traffic circulation and new landscaping. In addition to Pier 1 Imports, tenants Active Ride and TD Waterhouse have signed leases and will occupy space at the renovated center.The existing Pier I space, which is approximately 9,200 sf, will continue to operate at the center during construction, after which all but 5,300 sf of it will be leased to the new tenants. Other tenants, including Cost Plus and the Bath Co., also will stay open during construction and will remain at the center following the renovation.Burnham USA's Anaheim project, the Stadium Towers retail development, will occupy a site on Katella Avenue adjacent to Anaheim Stadium. In addition to the two projects under development, Burnham is currently in escrow on an Orange County industrial property and has plans to acquire several additional properties in the next 18 to 24 months, mainly retail acquisitions.Burnham's development team at the Mission Viejo site includes the Newport Beach-based architectural firm of Bickel Underwood, general contractor Turner Construction of Irvine and civil engineering firm Hall & Foreman of Irvine.