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Essay Subject:
Considers the highest and best use for parcels in and adjacent to the Diamond ...... More...
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Paper Abstract:
Considers the highest and best use for parcels in and adjacent to the Diamond Hills Plaza. Includes photos and charts in appendix.
Paper Introduction:
Diamond Hills Plaza Analysis Introduction There is a common mantra of location location location in realestate and that phrase holds true whether considering residential propertyor commercial property While it is true that some businesses will beactively sought out by customers it is more common that customers will goto those vendors that area easy to find and easy to reach Thus it is thatbusinesses who cater to the same target demographics are located in thesame geographic area-one does not find Neiman Marcus stores
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Main Entrance of Super H During Grand Opening References27 7 S. Retrieved 8 March 2 9: .Available: Diamond Hills Plaza. Given the current economic conditions, and the fact that the padsgenerate no revenue while sitting empty, prospective tenants may be able tonegotiate favorable terms. Thus while family-run restaurants traditionally have a high failurerate, they are considered in the same category as Burger King and KFC thathave a national presence and brand awareness. This trend is seen within a five-mileradius, as well. At five miles,there is a similar proportion of those self-identifying as white (4 .38percent); this decreases to 33.81 percent at the three-mile mark and is at36.49 percent within one-mile of the center. There is also a large AAA office in the center. The Plaza itself has ample parking and is anchored by SuperH Mart at the southernmost end. Diamond Bar Blvd. The remaining two pads-636 square feet and 9 square feet-both are listed for $3.75/square foot/month. Bothlease for $1.8 /square foot/month, and neither can be sublet. Main Entrance to Plaza (Sugar Pine access) [pic] Figure 5. Professional services-medical providers or even legal services-can do wellin the extant 27 7 building, which also offers the advantage of low rentscompared to the newly-renovated Plaza. (2 9). Another Asian-themed restaurant might do well, but there are numerous restaurants thatprovide competition, including pizza. Still, a good restaurant couldbenefit from diners seeking to try "something new" and would add theneighborhood "feel" of the center. Diamond Bar is anaffluent suburban community dominated by single family homes, and this istrue for the area surrounding Diamond Hills Plaza. If they are not able to receive a lower squarefoot fee, they can perhaps arrange a rent holiday for the first six or 12months, or arrange to have a grace period in the event that business failsto materialize as they hope. That increases slightly-to 54.13 percent-at the three-mile radius anddecreases to 42.91 percent at the five-mile radius mark. (2 9). LoopNet.com. The northern anchor position may be the most difficult to fill. View from Diamond Bar Boulevard to KFC Drive-Through [pic] Figure 4. There is ampleparking for the businesses in the center. Within athree-mile radius, however, there has been a much larger increase with a7.35 percent increase in the number of households and 3.68 percent increasein population during the same period. Diamond Bar Boulevard between Fountain Springs andCold Spring Road; Sugar Pine ends at the Plaza. Thisbuilding is occupied primarily by service providers who benefit from theestimated 35, cars driving by, including those who frequent the adjacentPlaza ("27 7," 2 9). Recommendation The right tenants should be able to do well in these locations, butthe current economic climate requires that careful consideration be givento the lease terms as well as the types of business that might locate here. Retrieved 8 March 2 9: .Demographics: Diamond Hills Plaza, Retail (Other), Diamond Bar, CA. There are also several hair and nailstudios in the Plaza and 27 7 building, suggesting saturation. The center also contains a Rite Aid, HSBC bank and Radio Shackas well as smaller, local stores. (2 9). While it is true that some businesses will beactively sought out by customers, it is more common that customers will goto those vendors that area easy to find and easy to reach. There is also a hand carwash located at the southwest end of the Plaza, and a Union 76 station;neither of these is accessible from the Plaza itself. This is also a relatively affluent population. There is elevator accessin this building, but limited parking (as shown in the picture in theAppendix of this research). Nonetheless, the currenttenants of the Plaza would seem to reinforce the idea that localrestaurants-particularly those catering to Asian tastes-can do well in thisarea. The median householdincome was $8 ,1 7, $75,915 and $74,556 in a one-, three- and five-mileradius in 2 8, respectively, and the average household income was$1 2, 32, $98,33 and $93,637, respectively. The areaimmediately surrounding the center (within a one-mile radius) saw only a4.17 percent increase in the number of households from 2 to 2 8, andonly a 1.47 percent increase in population during the same time. A strong anchor would be a boon for the smaller storefronts, aswell, so the other tenants should be used where possible as resources forlocating the anchor. This research considers the area along DiamondBar Boulevard commonly known as Diamond Hills Plaza (27 7 to 2841 S.Diamond Bar Boulevard) in Diamond Bar, California, and the best use forparcels within that area. Physical Location Diamond Hills Plaza is located in a predominately residential area ofDiamond Bar within five miles of the 57 freeway. Aggregate sales in 2 8 within a one-mile radius were dominated byrestaurants, supermarkets and general merchandise stores, all of which arewell-represented within the Plaza. The adult median age is 44years, and there is a large number of families living in the area. Within the Plaza, there are already numerous restaurants ranging fromfast food and Starbucks to local family-style restaurants. SuperH Mart sells groceries but also small appliances and other housewares, andthe Korean store also includes a food court. Appendix [pic] Figure 1. There is also a drive-through Starbucks located in the parking lotin a building that also contains a Quizno's and a Chicken Day restaurant.Burger King and KFC also have drive-through stores located in the parkinglot. There is a 912 square foot space available on the secondfloor, and a 1365 square foot area available on the ground floor. It is more difficult to gauge the success of the serviceproviders-including dentists and chiropractors as well as the tutoringcenter. Sublets are notallowed in any of these spaces ("Available," 2 9). The landlord will be particularly hard pressed to find agood tenant for the northern anchor of the Plaza, but a strong anchor willhelp all of the tenants and thus could prove critical in maintaining valuesand returns for all over the long-term. When the radius is extended to fivemiles, there was a 9.81 percent and 5.19 percent increase in households andpopulation, respectively ("Demographics," 2 9). Conclusion The Diamond Hills Plaza neighborhood is a good location for specialtyretail, medical service providers and family restaurants, but these aredifficult economic times in which to relocate or open a small business.The landlords of the Plaza and 27 7 will need to be open to creative leasesthat may offer favorable terms to tenants in exchange for building long-term clientele. The 27 7 building is just over 7,5 square feet and currently has twoavailable spaces. This is particular important for businessesthat can take a little longer to build clientele, such as a new restaurantor specialty retail. These include a pizzeria, yogurt shop,tea shop, dry cleaners and pho noodle restaurant in the "strip" part of themall. Retrieved 8 March 2 9: . The northern anchor is currently empty andavailable. The 27 7 building, located at the corner of Diamond Bar Boulevard andFountain Springs, is a two-story building that houses a chiropracticoffice, dentists, tutoring center and nail salon. Average / Median Incomes for Neighborhood [pic] Figure 2. The 27 7 building isadjacent to the Plaza on the north end; it also does not have direct accessto the Plaza. The Plaza and adjacentoffice building front S. There is also not a breakdown between national chain fast-foodrestaurants and local providers, such as the pizza store ("Demographics,"2 9). Surrounding Area The Plaza is the dominant commercial development (155, square feet)within this immediate area, which is largely residential. Thus it is thatbusinesses who cater to the same target demographics are located in thesame geographic area-one does not find Neiman Marcus stores in the samecenters as 99 Cent stores. Diamond Hills Plaza Analysis Introduction There is a common mantra of "location, location, location" in realestate, and that phrase holds true whether considering residential propertyor commercial property. Thearea immediately surrounding the Plaza is Asian, with more than half (53.22percent) of those within a one-mile radius identifying themselves as Asian. Currently, there are four pads available ranging insize from 636 square feet to 23,428 square feet (the northern anchor).Asking rents range from $1.5 /square foot/month for the anchor spot to$4/square foot/month for a 6, square foot spot with a minimum divisiblearea of 12 square feet. Given these demographics, itis not surprising that the current commercial tenants include a largenumber of Asian restaurants and service providers ("Demographics," 2 9). 27 7 Building [pic] Figure 3. Economic Considerations Although originally built in 1989, the center was renovated within thepast several years. RiteAid addresses most othercommon "neighborhood" needs, including medicines and convenience items.The site might accommodate a small department store such as a Stein Mart,but for the most success, the anchor should be a store familiar to Asianconsumers in order to capitalize on the general target demographic of thecenter.
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