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Retail Mixed Use Market Study Update 1 January 6, 2010 Community- serving Centers There are seven community shopping centers outside of Hacienda that serve its Primary Trade Area and surrounding areas. In Pleasanton, Pleasanton Square and Rose Pavilion are large format centers located just outside Hacienda (see Table 13, pg 38). Pleasanton Square contains 205,000 square feet of big box and other destination retailers, with a few supporting quick service -type restaurants. Major tenants include Home Depot, Smart & Final, and Beverages & More. There is currently one large pad space available for $2.50 to $3.00 triple net. The Rose Pavilion, just east of the park, is a 293,000 square foot home furnishings- oriented center that is currently 16 percent vacant with asking rents of approximately $1.00 to $2.75, on a full service basis. High vacancy rates and accounts from brokers indicate Rose Pavilion has had difficulties retaining tenants; the age of the center and regional orientation of many of the tenants while lacking sufficient visibility and access from the I -580 may contribute lo this problem. In Dublin, Dublin Place Shopping Center, OSH Center and Grafton Station are all large format centers with conventional community big box anchors, including Target and Burlington Coat Factory (Dublin Place) and Ross and Marshalls (OSH), as well as major hardware supply stores: Orchard Supply Hardware (OSH) and Lowe's (Grafton Station). Dublin Place also has grocery and drugstore anchors: Ranch 99 and Long's Drugs. Rents and vacancies at these centers vary widely, largely by the age of the center. Dublin Place, built in 1981, has space available at $1.50 triple net per square foot and 8 percent vacancy, while Grafton Station, built in 2009, is asking $3.00 triple net per square foot and has 22 percent vacancy. Finally, Hacienda Crossings, located directly across 1 -580 from Hacienda, is a 270,000 square foot hybrid community/lifestyle center oriented around an Imax Theater. Tenants include major chains such as Pier I, Barnes and Noble, Bed, Bath and Beyond, Best Buy, as well as the higher end Any Mountain. On one side of the parking lot, a variety of chain and non -chain restaurants line a pedestrian- oriented plaza with outdoor seating and lead to the Imax Theater. Asking rent at Hacienda Crossings for an available 10,000 square foot space is currently $3.00 triple net, on par with current rents at the Pleasanton Square community center in Pleasanton. ' Also in Pleasanton is JC Penney Plaza, anchored by JC Penney department store. While the size of the center (164,283 square feet) and other tenants (Office Max and Cost Plus) are communityoriented, its adjacency to Stoneridge Mall and department store anchor make it more of an out- parcel extension of the mall. 37