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CaliforniaCompany newsNewsRestaurants

Chipotle Plans to Open First Digital Restaurant; Online Sales Tripled in Third Quarter

by Alex Tostado

Newport Beach, Calif. — Chipotle Mexican Grill plans to launch a digital restaurant concept dubbed Chipotle Digital Kitchen. Customers will be required to order in advance via the Chipotle app, website or third-party delivery service; there will not be a dining area or line to order food. The Newport Beach-based restaurant chain says the footprint is designed for urban areas but will open its first location near West Point Academy in Highland Falls, New York, on Saturday, Nov. 14. The announcement of the restaurant opening comes on the heels of …

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CaliforniaInvestment salesNews

SRS Brokers $6.3 Million Acquisition of Retail Property in Santa Rosa

by Katie Sloan

Santa Rosa, Calif. — SRS Real Estate Partners has arranged the purchase of a retail building located within Santa Rosa Southside Shopping Center in Santa Rosa. DiLorenzo Santa Rosa Real Estate acquired the asset from an undisclosed seller for $6.3 million. Planet Fitness will occupy between 18,000 square feet to 22,000 square feet of the 38,000-square-foot facility. Scott Landgraf, Amber Edwards and Sarah Edwards of SRS Real Estate Partners represented the buyer, while CBRE and Meridian Commercial represented the seller in the transaction.

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CaliforniaCompany newsNews

Donahue Schriber Realty Group Hires Michael Glimcher as CEO, President

by Alex Tostado

Costa Mesa, Calif. — Donahue Schriber Realty Group has hired Michael Glimcher as its new CEO and president effective Monday, Nov. 2. Costa Mesa-based Donahue Schriber also hired Kevin Halleran as executive vice president and chief financial officer. Glimcher and Halleran were both previously with Chicago-based Starwood Retail Partners. Glimcher served as CEO of Glimcher Realty Trust from 2005 to 2017. He has been CEO of Starwood since June 2017. Glimcher and Halleran will fill the roles of Patrick Donahue, chairman and CEO; and Lawrence Casey, president and COO. Both …

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CaliforniaDevelopmentFinanceNewsRetailers

Buchanan Street Funds $25 Million Construction Loan for Whittier Retail Center in California

by Alex Tostado

Whittier, Calif. — Buchanan Mortgage Holdings has provided a $25 million construction loan for the development of Whittier Retail Center, a family-oriented shopping center at the entrance of The Groves residential community in Whittier. The 16-acre retail site will feature a Stater Bros. Markets, In-N-Out Burger, Raising Cane’s Chicken Fingers, Chipotle Mexican Grill, EOS Fitness and a public food market.

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CaliforniaDevelopmentNewsRetailers

Primestor Completes 114,431-Square-Foot Retail Element of Jordan Downs in South-Central Los Angeles

by Alex Tostado

Los Angeles — Primestor Development, along with Nadel Architecture + Planning as architect, has completed the development of Freedom Plaza, the retail component of the Jordan Downs mixed-use community in Los Angeles’ Watts neighborhood. Located at 9901 S. Alameda St., Freedom Plaza features 114,431 square feet of retail space for stores and restaurants, as well as landscaped promenades and community gathering spaces. Tenants at the plaza include Smart & Final Extra!, Blink Fitness, Nike, Ross Dress for Less, Starbucks Coffee and The Habit. The property also features an architectural fountain …

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CaliforniaInvestment salesNewsRetailers

Madison Partners Arranges $18.7 Million Sale of Retail, Creative Office Property in Santa Monica

by Alex Tostado

Santa Monica, Calif. — Madison Partners has arranged the sale of 1334 Third Street Promenade, a retail and creative office building in Santa Monica. Third Street Limited sold the asset to Vista Investment Group for $18.7 million, or $847 per square foot. At the time of sale, the 22,131-square-foot property was 64 percent occupied to tenants including Sunglass Hut, SuperDry and Mobile Deluxe. Bob Safai, Matt Case, Brad Schlaak and Randy Starr of Madison Partners represented the seller in the transaction.

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CaliforniaCompany newsNewsRestaurants

Chipotle Reports $1.6 Billion in Third-Quarter Revenue as Digital Sales Triple

by Alex Tostado

Newport Beach, Calif. — Year-over-year revenue for Chipotle Mexican Grill increased 14.1 percent to $1.6 billion for third-quarter 2020. Digital sales soared 202.5 percent to $776.4 million, accounting for 48.8 percent of sales for the period. The company’s net income was $80.2 million. Despite the sales increase, the net income is a decrease from $98.6 million in third-quarter 2019 as expenses increased during the COVID-19 pandemic. In addition to increased revenue, the Newport Beach-based fast-casual chain opened 44 new restaurants and closed three locations during the third quarter, bringing the …

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CaliforniaCompany newsNewsRetailers

Marcus & Millichap Hires Daniel Taub as National Director of Retail Division

by Alex Tostado

Calabasas, Calif. — Marcus & Millichap has hired Daniel Taub as a senior vice president and national director of its retail division, the Calabasas brokerage firm announced. Taub has more than 25 years of experience and joins Marcus & Millichap after previously serving as managing director for DMT CRE Advisors in New York. Taub has also held positions as president and chief operating officer of DLC Management Corp., a shopping center owner, operator and manager. “I am excited to join Marcus & Millichap, especially during this time of change in …

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CaliforniaInvestment salesNewsRetailers

Marcus & Millichap Arranges $6.2 Million Sale of Multi-Tenant Retail Center in Simi Valley

by Alex Tostado

Simi Valley, Calif. — Marcus & Millichap has brokered the sale of a multi-tenant retail center located at 1030 E. Los Angeles Ave. in Simi Valley. A local private investor sold the asset to an undisclosed buyer for $6.2 million at a 5.6 percent capitalization rate. James DeBuiser and Gary Cohen Marcus & Millichap’s Cohen | DeBuiser Team represented the seller in the deal. At the time of sale, the property was fully leased.

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CaliforniaCompany newsNews

Design Firm RDC Opens San Diego Office, Names Sean Slater as Principal-in-Charge

by Alex Tostado

San Diego — Design firm RDC has opened an office in downtown San Diego. Long Beach, California-based RDC has named Sean Slater as principal-in-charge at the new office, which is located at 101 W. Broadway. “We are enthusiastic about San Diego, with its natural assets, human capital, and disposition toward continuing to evolve as a world leader in livable cities,” says Slater. “Currently, our firm’s San Diego portfolio would rank the new RDC office as among the largest design firms in the city.” RDC’s San Diego-area portfolio includes Horton, a …

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