California

CIM Group Agrees to Acquire Baldwin Hills Crenshaw Plaza Mall in Los Angeles for Over $100M, Plans Office Expansion

by Alex Tostado April 30, 2020

Los Angeles — CIM Group has agreed to purchase Baldwin Hills Crenshaw Plaza, an 869,000-square-foot mall in the Crenshaw/Baldwin Hills submarket of Los Angeles. The Los Angeles Times reports the sales price at over $100 million. The seller is Chicago-based Capri Urban Investors, which took control of the property in 2019 from Capri Capital Advisors, the Times also reports. The mall is situated on 40 acres at 3650 W. Martin Luther King Blvd., eight miles west of downtown Los Angeles. The Walmart and Sears stores shuttered prior to the COVID-19 outbreak, leaving over …

April 30, 2020

California Development Grocery-anchored News Retailers

Organic Roots Grocery Store Opens at McKinley Crossroads in Corona, California

by Alex Tostado April 27, 2020

Corona, Calif. — Organic Roots, a family-owned organic and natural food store, has opened a its location at McKinley Crossroads. ShopOne Centers REIT owns the property, located in Corona. This is the retailer’s second store, joining its existing location in Temecula. Organic Roots offers local, organic products, all-natural foods, health and body care products, and supplements. Additionally, the store features a wide selection of foods for specialized diets, including vegan, vegetarian, gluten free, low sugar, paleo and keto. Organic Roots will be open to seven days a week from 9 …

April 27, 2020

California Investment sales News Retailers

Passman Group Arranges Sale of Three-Parcel Land Site in Los Angeles

by Alex Tostado April 27, 2020

Los Angeles — The Passman Group has brokered the sale of a three-parcel land assemblage, located at 2107-2121 Westwood Blvd. in Los Angeles. A private investor acquired the asset for an undisclosed price. The property consists of multiple buildings across three parcels that are approximately 27,000 square feet. With close to 200 feet of frontage, the property was previously home to the iconic Wally’s Wine & Spirits for more than 30 years. David Passman, Michael Navi and Marc Pakravan of The Passman Group represented the undisclosed seller in the transaction. …

April 27, 2020

California Company news Georgia News Restaurants

Roark Capital Invests $200 Million in The Cheesecake Factory Amid Pandemic-Related Closures

by Alex Tostado April 21, 2020

Atlanta and Calabasas Hills, Calif. — Roark Capital Group, a private equity firm based in Atlanta, has invested $200 million in The Cheesecake Factory Inc., owner and operator of the chain of restaurants of the same name. The Calabasas Hills-based company also owns and operates the North Italia chain, as well as a collection of restaurants within the Fox Restaurant Concepts subsidiary. The funds will be used to immediately help The Cheesecake Factory navigate the COVID-19 pandemic, in which its dine-in service has been closed. The company, which has been …

April 21, 2020

California Company news Retailers

Irvine Co. Defers Rent for Retail Merchants Affected by Coronavirus

by Alex Tostado April 16, 2020

Newport Beach, Calif. — Irvine Co. will defer three months of rent for retailers in need due to COVID-19. The Newport Beach-based company said the deferment is interest- and penalty free. Retailers that do defer will have 12 months to become current, Irvine said. Irvine’s retail portfolio includes Irvine Spectrum Center, Fashion Island and The Market Place. Click here to read more about Irvine’s COVID-19 response.

April 16, 2020

California Company news News Retailers

Jean Retailer True Religion Files for Chapter 11 Bankruptcy Amid Pandemic-Related Retail Closures

by Alex Tostado April 15, 2020

Manhattan Beach, Calif. — True Religion, a premium jeans retailer based in Manhattan Beach, filed papers in Delaware bankruptcy court Monday, April 13. In its filing, the company stated that pandemic-related closure of all its retail location and all the stores of its wholesale buyers had accelerated “existing liquidity constraints.” Due to these factors, True Religion furloughed all nonessential employees and reentered Chapter 11, which it previously entered in July 2017. “While the debtors would have preferred to wait out the current instabilities of the financial markets and retail industry …

April 15, 2020

California Content Partners Faris Lee Investments Finance News Retailers

Faris Lee Arranges $39.6 Million Refinancing for Packing House Square Mixed-Use Center in Yorba Linda, California

by Alex Tostado April 8, 2020

Yorba Linda, Calif. — Faris Lee Investments has arranged $39.6 million in financing for Packing House Square, a mixed-use center located at 18180-18389 Yorba Linda Blvd. in Yorba Linda. The borrower is an undisclosed private investment company. Loan proceeds will be used to reposition the asset as a medical arts plaza with a medical anchor tenant; renovate the existing retail plaza by adding an additional 11,450-square-foot corner retail wing; and re-tenant the vacant units. Jay Quinn and Kirt Boultinghouse of Faris Lee sourced the three-year bridge loan with Los Angeles-based …

April 8, 2020

California Investment sales News Retailers

SunCoast Properties Sells Ground Lease of Chase Bank-Occupied Asset in Anaheim for $5.1 Million

by Alex Tostado April 2, 2020

Anaheim, Calif. — SunCoast Properties has completed the disposition of the ground lease of a newly constructed, freestanding retail building located at 545 N. Euclid St. in Anaheim. A Los Angeles-based private investor acquired the asset for $5.1 million. Chase Bank occupies the 3,988-square-foot, single-tenant property with a corporate-guaranteed, triple-net, 20-year lease. SunCoast developed the property, which opened earlier this year. Pat Kent, Patrick Luther, Matthew Mousavi and Parker Walter of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Bill Asher and Jeff Lefko of Hanley …

April 2, 2020

California Company news New York News Retailers Wisconsin

Gap, Macy’s, Kohl’s to Furlough Most Employees as Stores Remain Closed During COVID-19 Pandemic

by Alex Tostado March 31, 2020

San Francisco, New York City and Menomonee Falls, Wis. — Prominent retailers Gap Inc., Macy’s Inc. and Kohl’s have announced separately that they’re planning to furlough a majority of employees at their stores and some distribution centers beginning this week in response to the COVID-19 outbreak. Combined, the total number of affected employees is nearly 290,000, according to the Los Angeles Times. The three retailers have extended their temporary store closures indefinitely to stop the spread of the novel coronavirus. The Centers for Disease Control and Prevention (CDC) reported that the …

March 31, 2020

California Content Partners Faris Lee Investments Investment sales News Restaurants

Faris Lee Negotiates $9.5 Million Sale of Property Within Restaurant Row in Southern California

by Alex Tostado March 31, 2020

Victorville, Calif. — Faris Lee Investments has negotiated the $9.5 million sale of a six-tenant, 11,300-square-foot building within Restaurant Row in Victorville. The property is fully leased to leased to Which Wich, Starbucks, Nekter Juice Bar, Pieology, Ono Hawaiian BBQ and Cafe Rio. The asset, which was built in 2017, is situated at 11604 Amargosa Road, seven miles south of downtown Victorville. Restaurant Row is a mile-long stretch of Amargosa Road that features 19 eateries, sit-down options and quick-service restaurants. Jeff Conover and Chris DePierro of Faris Lee represented the …

March 31, 2020

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