T hough the under-construction Maple Valley Town Square is attracting many new restaurants and businesses, several tenants plan to move from elsewhere in Four Corners, which could leave more empty storefronts in Maple Valley.
Maple Valley Commons — already having trouble retaining tenants — is losing two more to the new development: Pinnacle Physical Therapy and Desert Sun Tanning. Chase Bank is moving from the Four Corners (Safeway) Shopping Center to Town Square, and the BECU branch is leaving the inside of the Safeway store for a free-standing building in Town Square.
Pallis Properties owns and manages both Maple Valley Commons and the Four Corners Shopping Center, which are located on opposite sides of state Route 169 south of the Four Corners intersection.
Even with a few of their tenants about to jump ship, representatives from both Pallis and its leasing company, JSH Properties, say the new Town Square should be a good thing in the long term.
“It’s a great addition to the community from the standpoint that it will be fresh and new, while bringing new businesses and tax dollars to the city,” says Jennifer Otis, property manager for Bellevue-based Pallis.
The new development “creates more of a buzz,” says Rob Knowles, assistant leasing agent for JSH. “More business is good for everybody. You’re drawing in more people from other areas. It’s more traffic.”
The Town Square development, under construction in the northeast quadrant of Four Corners, will be anchored by a Fred Meyer store slated to open in May. The development includes a number of freestanding buildings that have been leased to restaurants, medical offices and other tenants. Read more HERE. Lauren Powell, director of leasing for Powell Development of Bellevue, did not comment on the fact that Powell’s Town Square is pulling some tenants out of nearby storefronts.
Knowles notes that more businesses have been inquiring recently about moving into Maple Valley Commons, which houses current tenants such as Thrive Fitness and the Hacienda Del Mar restaurant. He attributes the increased interest to the new construction at Town Square as well as an improving economy and housing market overall.
“It’ll filll back up eventually. It just takes time,” he says.
Pallis is working on deals with several prospective tenants for Maple Valley Commons, Otis says, but until leases have been signed, that information is confidential.
Except for the impending loss of Chase, the Four Corners Shopping Center is 100-percent leased, Otis says, with a frozen yogurt shop called Yum-E-Yogurt expected to open in the next few weeks in the space adjacent to the Maple Valley Animal Hospital.
Centers anchored by large stores such as Safeway and Fred Meyer are typically more attractive to tenants because the anchor stores drive more traffic, Knowles says, though they usually carry a higher rental price. Maple Valley Commons does not have an anchor store.
In one of the Maple Valley Commons’ four buildings, only Top Cuts may remain after Desert Sun moves to Town Square. A deli and a party store moved out within the past two years, leaving two other empty storefronts.
Otis says Pallis is disappointed to lose Pinnacle, Desert Sun and Chase.
“No owner/property management company is thrilled to have such a large center opening right next door that could potentially ‘harm’ your existing tenants,” Otis says. “We … just hope this newest addition to the city will have a stronger impact on everyone and not just the tenants of the Fred Meyer/Powell Development.”
What types of businesses would you like to see move into this space? Post a comment below.
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