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SREG Signs Deal with Round One Entertainment, 2nd Location in the USA

Wednesday, Jul 11, 2012

SREG completed a 43,700 SF lease on the second floor of Moreno Valley Mall, that was vacant since 2007. The space was very difficult to lease as it was located on the upper level of the mall, with no grade-level access or parking. Round One Entertainment is a family amusement and entertainment venue similar to Dave & Busters, featuring bowling, arcade games, billiards, karaoke, and much more.

Once SREG completed the deal, the space transformed to a state-of-the-art entertainment venue. This was an extremely difficult area in the mall to lease due to its lack of parking and ground-level access, however SREG remained optimistic of the potential of the space, and successfully negotiated a deal. 

Currently with multiple locations across the US and Japan, in 2012 Round One opened doors to its second USA-based location in central California.

PRESS RELEASE: MORENO VALLEY MALL SEES POSITIVE CHANGES

New Owner, New Leasing Strategy & New Stores

 

(Moreno Valley, CA) — In 2011 Moreno Valley Mall saw positive increases in sales and traffic and the shopping center, which as been a staple in the community since 1992, plans for an exciting 2012 with more new stores, as well as the addition Round 1, a bowling and amusement center.

Since the ownership of the mall has changed, customers are seeing positive changes.

Donna Farrell, General Manager at Moreno Valley Mall, says Our new ownership believes in the mall, the community and the city. They are making a large investment in us resulting in noticeable changes including re-doing monument and way-finding signs, and improvements to the interior of the food court as well as the landscaping. The mall is now cleaner, brighter and customer-friendly. The city of Moreno Valley has been a great partner with us in this positive direction.

In addition, Moreno Valley Mall’s new leasing team, Spinoso Real Estate Group, has leased more than 50,000 sq ft of space to new retailers in 2011 including Body Basics, Image, Dollar Book Fair and Alberto’s Mexican Food. Moreno Valley Mall trends were consistent with the national retail sales trends in 2011.

“We were brought in to develop a vision for the re-positioning of Moreno Valley Mall, to recruit new tenants and new uses with the goal of achieving long term success. Moreno Valley presents a great opportunity for us to attract a combination of retail, dining and entertainment venues including Round1, as well as hospitality providers,” said Carmen Spinoso, President and CEO, Spinoso Real Estate Group.

This summer the Japanese bowling and amusement company Round1 (43,700 sq ft) will open across from fye and Foot Locker. The new Moreno Valley Mall location (the original US location is at Puente Hills Mall) will feature a family-oriented bowling alley complete with lanes with screens showing sports broadcasts and music videos. Round1 will offer the latest arcade games and will be one of the biggest arcades in the area. Guests will also enjoy karaoke, billiards, darts and ping pong, and a great menu for food, drinks and desserts. Hideki Okada, Executive Vice President & CFO of Round1 says “The new Round1 location at Moreno Valley Mall is our second site – this center is a perfect fit for our company because of the great co-tenancy with the movie theatre.”

In the immediate future, Moreno Valley Mall will open rue21 (6,467 sq ft) in February 2012 on the Lower Level across from Zumiez. rue21 is a specialty retailer of young men and women’s trendy apparel and accessories. Using a competitive pricing strategy, rue21 makes a specific, unique statement by offering fashion at a value. The store is a favorite with almost anyone looking for fashion that is young, fresh and affordable.

Moreno Valley Mall’s partnership with the City of Moreno Valley has strengthened since
Cushman & Wakefield of California assumed management of the shopping center. Barry Foster, Community & Economic Development Director for Moreno Valley is optimistic about the City of Moreno Valley’s relationship with the mall’s new owner, “The mall is definitely going in a very positive direction. The addition of Round1 will be another opportunity to bring family entertainment to the community.”

Richard Steward, Mayor of Moreno Valley said “We are pleased with the increased communication from the new mall management staff. The mall is really making improvements, which will make the shopping center much better than it was over the past 10 years. The new team is making extensive efforts to attract a wider variety of retailers and position Moreno Valley Mall as an exciting place to shop.”

Round1 is Japan-based state-of-the-art entertainment, bowling and amusement center offering a variety of bowling, karaoke, video game arcade, billiards, darts, and ping pong while serving a variety of food and beverages.

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Article Topics: Leasing | Redevelopment | Round1

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