Principals in Shamrock Group were among the original developers of The Shops at Las Americas, which opened in November 2001 and is currently owned by Indiana-based Simon Property Group, the nation’s largest mall operator.
Shamrock now owns parcels on both the east and west sides of Las Americas. According to CoStar Group, the property that Shamrock acquired in February, for $4.55 million, has local-government-approved plans for an outlet shopping center of up to 133,200 square feet.
Outlets at the Border
Shamrock plans to start construction in the first half of 2012 on the new center, to be called Outlets at the Border, and is in talks with potential tenants.
“Nobody really knew 10 years ago whether this kind of retail setting in that location would work,” said Duncan Budinger, a partner and director of retail development at Shamrock Group. “It’s more than proven itself since then.”
Budinger noted that the 560,000-square-foot Las Americas, since opening just two months after the events of 9/11, has weathered a series of national and regional economic setbacks, and retained its popularity among frugal shoppers during the latest Great Recession.
Shamrock Group estimates the Simon-owned center registers annual sales of approximately $500 per square foot, considered high within the retail industry for the current climate.
Budinger said the existing outlet mall at San Ysidro has traditionally attracted a wide majority of its customers from Mexico, as consumers seek out higher quality goods at low cost, while avoiding the violence that has recently plagued some cities south of the border.
The overall mix of shoppers has been steadily shifting in recent years, however, and it currently attracts about 65 percent of customers from Mexico and around 35 percent from the U.S.
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