CenterCal Expands Advisory Division

CenterCal Expands Advisory Division
Village at Totem Lake in Kirkland, Wash.

El Segundo-based developer CenterCal Properties has expanded its redevelopment and advisory services division, allowing the company to partner with real estate owners and investors as they revitalize existing retail centers.
Paul Kurzawa has been hired as chief operating officer to lead the division.
“The opportunity to come in and create value for all players is immense at this point in time,” Kurzawa said in a statement. “The psychology of consumers continues to evolve, especially since Covid – experience, convenience, safety, selection and price are more important than ever – and retail shopping center owners are under immense pressure to restore cash flow and valuations to their assets. To do this, they need to reimagine their real estate – and that’s where CenterCal truly excels.”
CenterCal has properties in five states. Its most recent project is The Village at Totem Lake in Kirkland, Wash. The project was a mall in the 1970s that CenterCal and partners updated into a mixed-use development.
CenterCal said that the real estate landscape is evolving, necessitating the need for companies to help reimagine spaces.
“CenterCal is a developer unlike any other,” Jean Paul Wardy, CenterCal’s chief executive and founder, said in a statement. “Each and every one (of) our projects are thoughtfully designed to deliver authentic, ‘home-grown’ experiences that strengthen the social fabric of the neighborhood for generations to come. This differentiated approach not only helps the community, but the bottom lines of our retailers and investors who reap the benefits of our success.”
And sometimes that means new asset types.
“Some owners would benefit from transitioning away from traditional retail uses to other asset classes such as residential, office or hospitality,” Kurzawa said in a statement.

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