Matthew J. Heslin, principal of Heslin Becker Properties, says that the new center will have a significant impact on the City of Pico Rivera by adding to the city's overall economy, cleaning up a blighted property and driving additional opportunities for redevelopment in the area. He adds that his firm was able to secure tenants and launch the project in a short period of time due to its longstanding relationships with many national retailers. In addition to Rite Aid, tenants at Pico Plaza include Starbucks and Subway.
Before the redevelopment, Pico Plaza was composed of two separate land parcels that featured a vacant, dilapidated Albertsons and a strip center that was 90% vacant strip. Heslin Becker acquired the smaller land parcel from a family trust. The owner of the larger parcel of land retained residual interest and joint ventured with Heslin Becker on the redevelopment of the property.
CB Richard Ellis is handling leasing for the additional 9,000 sf of retail that is available for lease at the center. The new shopping venue is part of a portfolio throughout the Western US that is owned by Heslin Becker, whose principals are Heslin and Brad Becker.
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