Turner Dale Associates (TDA) Investment Group

Description

Turner Dale Associates (TDA) is an institutional pension trust advisory and investment company. Their client, Construction Laborers Pension Trust of Southern California, a large labor pension fund, wanted to monetize value from vacant land holdings in a business park located in Riverside, California.  Samuels & Company was hired to act as the Owners Representative in the development of this property, a 15 acre power/community center named the Canyon Springs Marketplace in Riverside, CA, located in a newly developing market with significant competition.

Challenges

TDA  acquired the land as part of a loan work-out.   TDA held the property for a period of years and was unable to monetize this investment due to the regional economy in Riverside County. Two competing sites were under development, and there was a limited pool of interested credit retail tenants for this trade area.

Services Provided - Results

Samuels & Company was retained to determine the "highest and best" retail use for this non-performing vacant land.  Samuels & Company conducted a demand and supply analysis and concluded the market was underserved in certain retail product categories.  The Company further realized the property had certain strategic advantages over the competition. Samuels & Company provided full-service project conception, entitlement, leasing and project management. This project resulted in the completion of approximately 185,000 square feet with anchor tenants including Marshalls, Bed, Bath & Beyond, Old Navy, Cost Plus World Markets, Petco, and Jo-Ann Stores, as well as other retail (Lane Bryant, OshGosh/Carters) and restaurants (Starbucks, Rubio’s) and specialty stores (FedEx/Kinko’s, Union Bank).