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Article: Merchants, shoppers returning to quaint Montrose retail area. (Montrose Shopping Park)(Special Report: Real Estate)
- Article from:
- Los Angeles Business Journal
- Article date:
- October 20, 1997
- Author:
CopyrightCOPYRIGHT 1997 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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A few years ago, Montrose Shopping Park looked like it might become a ghost town.
Stores - and shoppers - had started abandoning the three-block-long shopping area with quaint, tree-lined streets for the Glendale Galleria. which opened in the early 1980s.
By 1989. anchor store JC Penney pulled out. As the recession kicked in, store vacancy rates hit 12 percent, according to Robert Vafaie of Dilbeck Realtors-Robert Vafaie & Associates.
Properties remained vacant for months on end.
But a funny thing happened on the way to obsolescence: Montrose bounced back.
"I think that people just got tired of the crowds elsewhere," said Paula Pierim, ...