Jamboree Promenade Hits 99% Occupancy

IRVINE, CA-Occupancy has reached 99% at the Jamboree Promenade shopping and office center with the signing of four new leases valued at more than $1.4 million, and the property is now on the market for $20.6 million, according to the Coreland Cos. of Tustin.

The four new tenants at the 58,600-sf center at Dupont Drive and Jamboree Road are Melting Pot Restaurant, Caffe Latteria, International Creative Artists and Birth Choice Center. Taking the Jamboree Promenade to 99% occupancy was the final segment in a two-year renovation and re-leasing plan that began when Kensington Real Estate Group acquired the property in March 2001, according to Steve Hogberg, a vice president at Coreland, which manages the Jamboree center and is owned by an affiliate of Kensington.

Hogberg says Kensington spent approximately $1 million on the renovation and has now listed the property for sale with CB Richard Ellis. He tells GlobeSt.com that occupancy was just under 70% at the center when Kensington acquired it.

In the newly signed leases, the Melting Pot fondue restaurant expanded to 6,104 sf by adding 1,230 sf, with Matt Hammond and Tyler Parks of Coreland representing the tenant; Caffe Latteria signed a five-year lease for 1,194 sf, with Paul Gingrich of Daum Commercial Real Estate in Anaheim representing the tenant; International Creative Artists, an educational organization for aspiring actors and models, signed a five-year lease for 3,014 sf, with Alex Telson of Collins Commercial in Irvine representing the tenant; and Birth Choice Center, a pregnancy counseling center, signed a five-year lease for 1,200 sf, with Hammond and Parks representing the tenant. Hammond and Parks represented owner Kensington in all of the leases.

The Jamboree Promenade is part of $150 million of retail, office, and multi-tenant industrial property that Kensington Real Estate Group has acquired over the past four years. Kensington’s most recent acquisition was the $13.5-million purchase of Diamond Bar Village Center, a 103,000-sf retail and office project, in a joint venture with a private investment fund based in New York City. Kensington plans a repositioning of the 26-year-old Diamond Bar center.