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Retail Mixed Use Market Study Update 1 January 6, 2010 Grocery- Anchored Centers There are seven grocery- anchored neighborhood shopping centers that ring Hacienda's Primary Trade Area (see Table 12, pg 36). The Lucky's Center with Say on, Meadow Plaza anchored by Nob Hill Foods, Trader Joe's Plaza, Gene's Fine Foods center, Amador Center anchored by Safeway and Walgreen's, and Safeway Center in Dublin are all conventional grocery or grocery/pharmacy- anchored strip centers of less than 100,000 square feet. Rents range from $1.95 to $2.15 triple net, per square foot, and vacancy is 5 percent or less, with the exception of the Amador Center, which had a 10 percent vacancy rate in September, 2009. The other grocery- anchored center is newer, larger than most neighborhood centers and somewhat differently fonnatted: the Shops at Waterford Place. Waterford Place is a mixed use project with a 134,025 square foot neighborhood shopping center and 390 -unit luxury apartment complex over retail on one edge of the center. While the shopping center is anchored by Safeway, most in -line tenants are restaurants, cafes and services. Attesting to the center's popularity, rents are currently $3.25 to $3.50 full service per square foot with a 3 percent vacancy rate. The center's success is due largely to its location serving affluent Dougherty Valley residents and major new housing development in the East Dublin Specific Plan area. This project is discussed in more detail under Case Study Lessons Learned, on page 55. 35