Irvine Co. Takes Retail Business In-House
The Irvine Co.-which owns Fashion Island and the Irvine Spectrum Center, among other key Orange County retail properties— will assume management of all its retail real estate holdings beginning July 1.
The company is making the move to take advantage of growth and available expertise within its retail division, said Division President Keith Eyrich. Currently, real estate firms Madison Marquette and Donahue Schriber manage the leasing and marketing of The Irvine Co.’s 36 shopping centers. But Irvine Co. officials want to expand the company’s role as a land developer into a more vertical business, Eyrich said. The Irvine Co. already handles the leasing and management of its apartment communities.
Washington, D.C.–based Madison Marquette currently manages Fashion Island in Newport Beach, Calif., the Irvine Spectrum Center in Irvine, Calif., and a variety of neighborhood and community centers. Costa Mesa, Calif.–based Donahue Schriber manages The Market Place properties, located in Irvine and Tustin, Calif.
“Both [Madison Marquette and Donahue Schriber] have played a key role in the success of our centers,” Eyrich said.
The Irvine Co. recently added two apparel boutiques to its retail portfolio. Womenswear retailer Le Vogue opened last month at The Crossroads center in Irvine. The store carries apparel for women, teens and children and features lines including Picasso, Miss Me, Original, Pearl and Celine. Surf boutique Lilikoi opened last month at The Bluffs in Newport Beach. Featured lines include Hurley International, Paul Frank, Lucy Love, Joe’s Jeans, Salinas, Da-Nang, Ella Moss and Tarina Tarantino.
—Robert McAllister
