Southlake, Texas — March 26, 2013 – N3 Real Estate of Southlake, TX is pleased to announce a partnership with Rich Development Enterprises and Gryphon Capital on the closing and start of a $60 million development of a Target-anchored shopping center in Fresno, CA.
Marketplace at El Paseo in Fresno California will be a total of approximately 398,000 square feet. The tenants will include Ross Dress for Less, Petco, Burlington Coat Factory, Marshall’s, and Old Navy. The center is anticipated to open in March 2014. “Development activity in this area is attracting national retailers looking to expand with all the anchor and junior anchor spaces already pre-leased. The Marketplace at El Paseo project is a unique opportunity to develop an institutional quality asset at an attractive yield. The anchor tenants have remained committed to the project throughout the entitlement process and we look to lease the few remaining spaces prior to completing construction.” noted Biff McGuire, N3 Real Estate’s CEO.
According to McGuire, the development will take 18 months to fully build out. N3 was able to quickly underwrite the opportunity and move forward with Rich Development in order to not delay the project timelines.
Rich Development Enterprises, LLC specializes in power-centers and grocery-anchored retail developments. The company has developed well over 100 retail properties, primarily in California, Arizona and Texas. Rich Development has built for Target, Ralph’s Grocery, Best Buy, Home Depot, McDonalds, Walgreens, Walmart, Bed Bath & Beyond, Petco, Petsmart, Pier 1 Imports, and many other national retail tenants. Rich Development owns and self-manages over 1,500,000 square feet of retail centers currently and has built and sold an additional 2,000,000 square feet.
Gryphon Capital is a privately-held real estate company that specializes in the acquisition and development of shopping centers and mixed-use projects throughout the Western U.S. The primary goal of the company is to create high quality shopping destinations that provide long term benefits for the surrounding communities, cities and tenants while maximizing value and investment return for the company and its partners. Gryphon has partnered on over 2,000,000 square feet of retail and mixed use projects since its inception in 2003.
“The partnership with Rich Development and Gryphon Capital for the development of Marketplace at El Paseo allows N3 to meet its goals of national expansion through development for credit retail tenants. N3 is targeting placing $200 million of equity investments over the next 24 months through partnerships with proven developers such as Rich Development and Gryphon Capital.” McGuire commented.
N3 Real Estate is a fully integrated retail real estate investment development firm. Founded in 2004, N3 has developed more than 200 single and multi-tenant retail projects for national and local retailers across the United States. Today, N3 owns and manages more than $200 million of retail projects for its investors.
Direct media contact / interview:
Brenna Wadleigh, CEO