Three retailers have signed leasing agreements with Kilroy Realty Corporation for space at One Paseo, according to a release from a representative of Kilroy Realty. (See slideshow below.) The mixed-use development under construction in San Diego’s Carmel Valley submarket will feature 96,000 square feet of shops and restaurants, 608 residential units, and 285,000 square feet of class-A office space.
The new tenants at the center, which is set to open in spring 2019, include a first-ever brick-and-mortar shop from local jewelry designer Marrow Fine; a first-to-market opening of Faherty, a family-owned, beach-inspired men’s and women’s clothing brand; and Pigment, a gift, flora, and furniture shop, the release says.
Nelson Ackerly, SVP of Kilroy Realty, is quoted in the statement as saying, “Our collection of retail is like nothing else in San Diego, and we are delighted to welcome these three beloved brands to One Paseo. Our team has been working diligently to find retailers that locals and visitors will be surprised and delighted by, but feel like part of the community, while also finding new favorites to frequent.”
According to the statement, several retailers will open their doors in early March 2019 at One Paseo, including Marrow Fine, Whiskey x Leather, North Italia, and International Smoke. Also opening there will be a number of fitness studios such as SoulCycle, BodyROK, and Motion Stretch. The residential component will open in summer 2019, and the office spaces will be completed in 2020.
As SoCal Real Estate reported in July, according to CBRE’s research, the San Diego retail market had the highest asking rental rate on record in Q2 2018. After a steep decline in Q1, the average asking rate increased significantly in Q2, up $0.13 to $2.39 triple net.