California Centers Magazine serves retailers, developers, shopping center owners, investment sales brokers and tenant representation firms throughout the state of California.
Issue link: https://californiacenters.epubxp.com/i/472297
30 California Centers Magazine | March 2015 C C Names in the News annually. About half of the new units in the future will be in smaller markets. Juice It Up!, a leading raw juice bar and smoothie franchise, reported having a banner year in 2014, owing to brand and operational updates it implemented recently. The company reported a fourth quarter same store sales increase of 16 percent, compared to the same quarter the year before. It thus intends to pursue new market strategies and area development opportunities in 2015, with a focus on innovative product development and strategic growth initiatives. A chain-wide menu re-freshening has been implemented in all of the chain's existing 80 stores. The company disclosed that same-store sales were up over 50 percent for the past 25 months, outpacing the competition. 2015 marks Juice It Up!'s 20 th anniversary year, as the chain continues to build on the momentum by seeking out passionate new franchisees across the nation, and is on track to add 20 additional stores to its roster by the end of 2015. The president and founder of Subway, Fred DeLuca is handing off some of his leadership responsibilities to his younger sister, Suzanne Greco. Though company sources confrm Fred remains at the helm, Suzanne is now taking a leadership role, with key departments increasingly reporting to her. A Subway spokesperson has remarked, "As a family business, Fred has now shared some of that responsibility with Senior VP Suzanne Greco." The move positions the company for growth following DeLuca's recent bout with leukemia. Having been employed by Subway since its founding by DeLuca, Greco has been an active member of the committee and led the company's research and development team for many years, as well as being on the board of directors and strategic planning committee. Subway reached a key milestone in 2014, with the opening of its 30,000 th North American store on the George Mason University campus. The chain presently boasts having 43,500 locations in operation, with plans to open an additional 2,500 globally in 2015. In January, CAM Services unveiled its redesigned logo and website, which better refect the company's growth and position as Southern and Central California's Number 1 property services company. "We started 28 years ago with one tiny offce, two trucks and six employees," said President David A. Herrera. "Today, we operate in 14 counties and some of the nation's biggest retail, corporate and institutional brands trust our team to keep over $7 billion in property assets in outstanding condition." Herrera noted that while CAM Services' look has changed, its commitment to exceptional workmanship, industry- leading innovation, and unparalleled customer service all remain the same. Founder and Managing Partner Tom Davies announced that Cardiff Realty Holdings has offcially changed its name to Cardiff Development Partners. The new name illustrates the company's increased focus and expertise in new retail development. According to Davies, "We wanted our name to more accurately refect our business today, which is a fully integrated 'retail-focused' company that specializes in the development of new retail properties throughout California." Having completed several new projects in California in the past 24 months, Cardiff is currently developing Trinity Plaza, a neighborhood center in Oxnard. In conjunction with the name change and update of its brand identity, the company has also launched a new fully responsive website (www. cardiffdp.com) that highlights Cardiff's experience and capabilities, as well as provides acquisition criteria for new projects. "We believe the new name and website will create better recognition of our capabilities and help generate new acquisition opportunities that are a good ft for our portfolio. The demand for new retail development in California is strong, and as a privately-held company, Cardiff is able to respond quickly to new opportunities," remarked Davies. EARNINGS & FINANCE Commercial real estate investment banking frm George Smith Partners has arranged $17.5 million in fnancing on behalf of its client, Highpoint Capital Group, LLC, for the acquisition and renovation of a three property retail portfolio totaling more than 280,000 sq. ft. in the Fresno-Clovis area of California. The fnancing includes $5.925 million for additional construction fnancing. The portfolio is comprised of Gallery Plaza, a 66,138 sq. ft. center at Shaw Ave. and Fresno Street; Manchester North Shopping Center, a 103,563 sq. ft. property at Blackstone and Dakota Avenues; and Rodeo Plaza, a 111,072 sq. ft. mixed-use center at Shaw and Minnewawa Avenues in Clovis, which is due to get a CVS corner pad tenant in the coming year. Remarked George Smith Partners' Principal and Managing Director Steve Bram, "We achieved the fnancing for this property based on the borrower's ability to renovate and lease-up these centers very quickly." Though well located, the centers were at 65 percent occupancy, far below the area average. Jeffrey Seltzer, president of High Point Capital Group, explained, "Despite the currently low occupancy rates, we knew we found diamonds in the rough with this portfolio." The frm has already begun several of the planned renovations, among which will be facelifts of the exteriors, new facades, installation of drought resistant landscaping and new irrigation systems. Donahue Schriber Realty Group (DSRG), a privately held REIT specializing in shopping centers, has received a $250 million equity investment from institutional investors advised by J.P. Morgan Asset Management and New York State Teachers' Restirement System