In June 2008, the nation was on a hard downhill run into deep recession, California’s real estate market was crumbling, and consumers were starting to hold on tight to their dollars.
It was hardly the best time to open an upscale shopping complex.
Yet that’s exactly what Sacramento-based Inter-Cal Real Estate Corp. did, launching Fountains at Roseville on the already busy corner of Roseville Parkway and Galleria Boulevard.
Three years later, numerous shopping centers in the Sacramento region are dotted with empty storefronts, contributing to double-digit vacancy rates. A regional mall sits half built and silent in Elk Grove.
Amid this misery, the Fountains enjoys a gaudy occupancy rate of 97 percent, boosted by three new leases announced last month.