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/711240
38 California Centers Magazine | August 2016 CORPORATE ACTIONS ACQUISITIONS & MERGERS In a transaction due to close in mid- 2016, an affiliate of Z Capital Partners has agreed to acquire restaurant brand Pink Taco for an undisclosed price. Z Capital Partners, the private equity management arm of Z Capital Group, intends to expand the Pink Taco brand via new locations and improvements to operations and marketing. Hard Rock Hotel will continue to own and operate the original Las Vegas location, while founder, Harry Morton, will continue to guide future marketing, design and growth of the chain. CST Brands Inc. and 7-Eleven Inc. have entered into a definitive agreement for CST to sell its store operations in the California and Wyoming markets to 7-Eleven Inc. and its wholly owned subsidiary SEI Fuel Services Inc. The transaction includes 76 stores in California and three in Wyoming. Pieology Pizzeria has acquired Project Pie. Rancho Santa Margarita-based Pieology received a strategic investment in January from the founders of Panda Restaurant Group. Terms of the Project Pie deal were not disclosed. Carlsbad- based Project Pie has 20 units in the U.S. APPOINTMENTS Cardiff Development Partners announced that 30-year veteran real estate executive Rick Chancellor has joined the firm as a partner. In this role, he will be responsible for identifying new retail development opportunities, overseeing project design and collaborating with broker representatives on tenant leasing. Chancellor's broad range of experience includes landlord representation, consulting on project conceptualization, and design, and tenant merchandising. Prior to joining Cardiff, Chancellor was Western Region VP for The McDevitt Company. Prior to that, he was president and CEO of Robek's Juice. Terrence Tallen has joined Gerrity Group LLC as principal, to provide strategic leadership in the redevelopment and repositioning of retail properties, as well as oversight and direction of portfolio leasing for all Gerrity properties. Tallen has 30 years of experience in retail real estate development and investment, and is one of the San Francisco Bay Areas leading retail investors and developers. Gerrity Group is a 20-year old fully- integrated, privately held retail property platform. Travis Fidel has joined SRS Real Estate Partners as an associate in its Newport Beach office. As a member of the National Net Lease Group, Fidel will focus on single-tenant net lease investment properties, 1031 exchange buyer tracking and fulfillment. Additionally, he will be responsible for cross-selling all NNLG listed inventory to buyer and broker requirements received by the platform. He was most recently with CBRE Inc. MOD pizza has appointed veteran finance chief Bob Barton as chief financial officer. Excel Trust has added Luke Petherbridge as president and CEO. Petherbridge was previously CFO and treasurer of DDR Corp., a power center REIT. At DDR, he oversaw the execution of $5 billion worth of real estate transactions. A fund managed by Blackstone Real Estate acquired Excel Trust in 2015. The company's portfolio consists of high-quality open-air shopping centers with concentrations in California, Texas, New York and Florida. SRS Real Estate Partners has added three new members to its Southern California Multi-Tenant Investment Sales team. Based in Newport Beach, the new team members are Chris Tramontano, John Redfield and Matt Hardke. The three will focus on multi-tenant investment transactions in Southern California and across the country, with an emphasis on anchored and shadow-anchored retail. SRS Real Estate Partners has also hired Adam Hanfield as an associate in its Newport Beach office. Handfield focuses on landlord/development representation and disposition. He was most recently an associate of Keller Williams Realty. JLL has hired Scott Kaplan as executive vice president and Erik Westedt as senior vice president to expand the firm's Southern California retail practice. The duo brings a combined 35-year track record in leasing, development and sales of retail properties, having completed transactions encompassing 25 million sq. ft. of retail space valued at more than $5 billion. Prior to joining JLL, Kaplan served as senior VP at a global commercial real estate firm and Westedt was a vice president at a global commercial real estate firm. Allison Klein has been appointed publicity and marketing director for M.Fredric, following the departure of Eliana Duffy, who has left after 13 years with the company to focus her energies on her growing family. CONTRACTS & AWARDS Vestar has been selected to manage several centers in California. UBS Asset Management selected the firm to manage Village Park in Pico Rivera. The 126,000 sq. ft. lifestyle center is owned by a value-add fund advised by UBS Asset Management. Vestar has also been selected to manage two retail properties in Placentia and San Diego. Vestar will manage Placentia Square in Placentia. In the second assignment, Clarion Partners selected Vestar to manage Courtyard at Carmel Mountain Ranch in San Diego. Vestar has been retained by a large institutional owner to be the property management firm for Clairemont Town Center in San Diego and for Anaheim Hills Festival in Anaheim. The company has also been selected by Stockbridge Capital Group to handle property management of Mira Mesa Marketplace in San Diego. The 487,807 sq. ft. center is anchored by The Home Depot and Ross Dress For Less.