Reza Delves Into Urban Retail Properties
California retailing is taking on an urban flavor, with a number of mixed-use properties being developed in downtown areas from San Francisco to San Diego. That’s why Irvine, Calif.–based real estate firm Reza Investment Group launched RIG Urban, a new company that will focus solely on marketing and providing consultant services for mixeduse properties.
Following the lead of firms such as Hollywood- based CIM Group Inc., which is developing a number of mixed-use projects around Southern California, RIG will provide brokerage and consultant services for mixeduse residential/commercial centers catering to a new breed of urban dweller. The company appointed former Marcus & Millichap Real Estate Investment Brokerage Co. executive Carlos J. Lopez as senior vice president and director.
Lopez and other RIG executives said mixed-use retail makes sense today because aging baby boomers want to live close to shopping centers and public transportation. Other factors include the growth of “cafeacute; culture,” popularized by retailers such as Starbucks Corp. Facing a decreasing amount of available suburban land and a growing number of anti-sprawl ordinances, more real estate developers are taking over properties downtown and near transit stations as part of the “new urbanism” movement.
“New-urbanism assets require special expertise to understand the true value and vision of a property,” Lopez said. “By focusing on this specialty, we can better advise our clients on how to unlock the value in these more-than-meets-the-eye investment opportunities.”
— Robert McAllister
