San Diego CA – San Diego’s iconic landmark, Grossmont Center, located 5500 Grossmont Center Drive in La Mesa, California has renewed leases with anchor tenants and small businesses alike for the mall since 1961. To date, 88% of tenants have been renewed or are in the process of renewing, showing the support for Grossmont Center as the 939,000 square foot destination for entertainment, dining, and shopping, all in one place.
Walmart, Target, Macy’s, CVS and Sports Authority have all executed leases, along with Reading Cinemas and Chuze Fitness to name a few. The property’s network of restaurants, banks, and retail shops look forward to the continual success of Grossmont Center; the future implementation of extensive marketing plans, new physical upgrades, increased community awareness and the reestablishment of management by Rainbow Investment Company.
“Having all of the major tenants committed to Grossmont Center beyond the ownership transition next year is a big win for all parties,” said Jon Bilger, Senior Vice President of Sales at CBRE. “We’re currently in lease negotiations with a number of other retail and medical office tenants and it is very reassuring to them, and to the community, to know that the mall will continue its successful operation.”
The San Diego-based Cushman family has owned the land upon which Grossmont Center is located for more than 100 years. The ground has been leased independently for the last 50 years however, with the expiration of the lease on January 11, 2015, the Cushman family of Rainbow Investment Company will implement a series of new initiatives to serve the mall’s tenants. In addition to Grossmont Center, Rainbow Investment Company will reclaim ownership of the Grossmont Medical Center, a 172,000 square foot medical complex adjoining Sharp Grossmont Hospital with four buildings dedicated to serving the local community.
“To-date in addition to the 88% of renewals at Grossmont Center, we have renewed approximately 42% of the tenants in Grossmont Medical Center, including Shea Convalescent Hospital and La Mesa Cardiac Center,” said Jeb Bakke, Senior Vice President of CBRE. “We’re very pleased with the progress so far and will be announcing more renewals soon.”
Through further integrating the Cushman family prepares for building a future for San Diegans by providing facilities, applying expert knowledge and launching new marketing plans, Rainbow Investment Company will be expanding on Grossmont Center’s 50 years of success.
“We are extremely pleased to be renewing our lease at Grossmont Center with Rainbow Investment Company” said Robert Smerling, President of Reading’s Domestic Theatres. “For the past five and a half years, Reading International has occupied approximately 53,000 square feet with 10 screens and is looking forward to a continued successful relationship with the Rainbow Investment Company.” Reading Theatres operates over 550 screens domestically and in Australia and New Zealand.
“Our plans are to make Grossmont Center a destination not only for great shopping, dining and entertainment, but also for fun,” said Stephen Cushman, President of Rainbow Investment Company. “We plan on doing this through a marketing plan that includes promotions, events and exciting family activities.”
For more information on the mall, please visit www.GrossmontCenter.com.