|
Faris Lee Brokers $2.9M Sale of Retail Property in Los Angeles’ Los Feliz Neighborhood
|
|
|
|
|
|
|
April 29, 2021 • Issue 305
|
|
|
|
Midwood Investment & Development to Open The Shops at Sportsmen’s Lodge in Studio City in June
|
 |
The Shops at Sportsmen’s Lodge in Studio City features 90,000 square feet of shopping, dining and wellness space.
|
|
STUDIO CITY, CALIF. — Midwood Investment & Development will open The Shops at Sportsmen’s Lodge, a 90,000-square-foot retail center in Studio City this June. The rolling opening will begin on June 10 with the debut of anchor tenant Erewhon, the Los Angeles-based market and café.
The location will be Erewhon’s seventh store and its first in the San Fernando Valley. Other tenants slated to open this summer include Civil Coffee, Free People Movement, Madison Reed, Myodetox, Roberta’s Pizza, SALT Optics, Tocaya, Tuesday’s Sweet Shoppe, Ushi Ushi, Van Leeuwen and Vuori. More than a dozen additional tenants will be announced at a later date.
Gensler and OLIN provided design and architectural services for the redevelopment the property, which replaces the former meeting and convention space. The development team worked closely with the city’s Cultural Heritage Commission to maintain the rustic spirit of the Lodge, the existing natural foliage and tree canopy.
|
|
|
|
|
|
|
|
Marcus & Millichap Brokers $8.9M Sale of Walgreens-Occupied Property in Reseda
|
 |
The buyer plan to redevelop the property, which is currently occupied by a Walgreens, into a multifamily community.
|
|
RESEDA, CALIF. — Marcus & Millichap has arranged the sale of a retail building located at 18430 Sherman Way in Los Angeles. A limited liability company sold the asset for $8.9 million. The buyer was an undisclosed limited liability company.
Walgreens occupies the 14,900-square-foot property under a lease agreement until 2023. The buyer plans to redevelop the property – most likely to multifamily – upon lease expiration. The property allows for the development of up to 223 residential units.
Brandon Michaels of Marcus & Millichap represented the seller and buyer in the deal.
|
|
|
|
|
|
JLL Arranges $197M Refinancing for 10-Property Portfolio of Shopping Centers
|
 |
The portfolio is approximately 97 percent leased overall and includes grocery and pharmacy neighborhood centers anchored by Trader Joe’s, Giant, Safeway, Ralph’s, Albertson’s, Mariano’s, Walgreens, CVS and Rite Aid.
|
|
ORLANDO, FLA. — JLL Capital Markets has arranged $197 million in senior debt for the refinancing of a 10-property retail portfolio totaling over 1 million square feet located in the Washington, D.C., Baltimore, Chicago, San Diego, Los Angeles, San Francisco and Seattle metros.
Tarik Bateh, Greg Brown, Bruce Ganong, Keith Largay, Chris Hew and Drew Heitstuman of JLL’s Orlando office arranged the financing on behalf of the borrower, a co-investment partnership managed by Jacksonville-based Regency Centers Corp. Hartford Investment Management Co. (HIMCO) provided the 10 interest-only loans, all of which featured 10-year terms and fixed interest rates.
The portfolio is approximately 97 percent leased overall and includes grocery and pharmacy neighborhood centers anchored by Trader Joe’s, Giant, Safeway, Ralph’s, Albertson’s, Mariano’s, Walgreens, CVS and Rite Aid.
|
|
|
|
|
|
|
|
Faris Lee Brokers $2.9M Sale of Retail Property in Los Angeles’ Los Feliz Neighborhood
|
 |
The freestanding retail property located at 1824 Hillhurst Ave. in Los Angeles’ Los Feliz neighborhood features a private parking lot and patio space.
|
|
LOS ANGELES — Faris Lee Investments has arranged the sale of a freestanding retail building located at 1824 Hillhurst Ave. in Los Feliz, a neighborhood in Los Angeles. The asset sold for $2.9 million. The names of the seller and buyer were not released.
Situated at the intersection of Hillhurst and Russell avenues, the property features a private parking lot and patio space.Tyler Strauss and Jeff Conover of Faris Lee Investments represented the seller in the deal. The property formerly house Ample Hills Creamery, which closed its doors in early 2020, according to Eater LA.
|
|
|
Chipotle Reports 133.9 Percent Digital Sales Growth for First-Quarter 2021
|
|
NEWPORT BEACH, CALIF. — Chipotle Mexican Grill (NYSE: CMG) has reported its financial results for the first quarter, ended March 31, 2021, with digital sales growing 133.9 percent year-over-year to $869.8 million. Digital sales accounted for 50.1 percent of overall sales for the Newport Beach-based fast-casual restaurant chain.
Chipotle’s revenue increased 23.4 percent to $1.7 billion compared to first-quarter 2020, with comparable restaurant sales increasing 17.2 percent. Additionally, the company reported opening 40 new restaurants and closing five restaurant locations, bringing the total restaurant count to 2,803, with 26 of the new locations offering a “Chipotlane” drive-thru option.
<Read more>
|
|
|
|
|
|
Have you read the March issue?
|
|
|
|
Charming Charlie
Accessories retailer Charming Charlie is making a comeback with new store set to open across California in 2021.
Seaport Village Looks Ahead
With a redevelopment and expansion a few years away, the iconic San Diego center has focused on strenghtening its tenant mix for local appeal.
The Great Conversion Strategy
California's over-retailed environment has led retail landlords to court industrial users and multifamily to absorb some of this surplus.
|
|
|
|
|
|
|
|
From our Sister Publications
|
|
|
|
For more information about our magazines, newsletters and websites, visit www.francemediainc.com.
Sign up for complimentary subscriptions to any of our newsletters here.
|
|
|
|
|
|
|
