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
40 California Centers Magazine | August 2016 CORPORATE ACTIONS Sandy Sigal, president, founder and CEO of NewMark Merrill Cos., has received the EY Entrepreneur of the Year 2016 Award in the Services category for Greater Los Angeles. Progressive Real Estate Partners and Hanley Investment Group have been chosen to market the sale of Thomas Winery Plaza in Rancho Cucamonga. The listing price is $28.6 million. The property features a mix of 30+ national and regional retail tenants. Brad Umansky and Frank Vora, with Progressive Real Estate Partners, along with Bill Asher of Hanley Investment Group, are marketing the property on behalf of the seller, a private real estate partnership. CURRENT EVENTS Greg Dollarhyde stepped down as CEO of Veggie Grill in April, stating that his work is "substantially complete." Steve Heeley, the company COO, took Greg's place as of May. Dollarhyde, who became CEO in 2011, remains on the board of directors for the 29-unit Santa Monica-based chain, while Heeley has joined the board. Stated Dollarhyde, "It's been a great pleasure to lead the Veggie Grill team over the last five years, as we introduced sales-building and craveable food innovations that are continuing to drive positive comp sales and improving cash flow. We also built a new brand platform, a new look and design feel, a robust real estate development model and a strong operating team." Heeley is a former president and CEO of Earl of Sandwich. Jamba Juice Inc. plans to move its headquarters from Emeryville, Calif., to Frisco, Texas. The chain plans to move its headquarters for operations, business development, sales and marketing, finance, supply chain, technology, human resources and other corporate functions to Texas. It will then close the Emeryville offices after a six-month transition. CEO David Pace said the company is making the move to better position itself to support franchisees. Shake Shack Inc. says that its first California location has drawn such long lines and strong sales that the chain is increasing its expectations and bolstering its unit growth plans for the state. According to company CEO Randy Garutti, the West Hollywood store opening was "one of the strongest openings in our 12-year history." The chain now is planning to open four additional shops in Southern California through 2017, including sites in Glendale, Hollywood, Century City and downtown Los Angeles. The executives predict opening 16 locations in 2017 nationwide. Apple has unveiled a new look for its stores. The chain is overhauling its approximately 480 store locations worldwide, beginning with its San Francisco location. The brand's latest prototype features giant windows, spacious aisles, and a 42-foot sliding glass door that opens onto San Francisco's busy shopping district. Apple says its other existing stores will be converted in the next few years. EARNINGS & FINANCE NorthMarq Capital arranged $13.6 million in financing for Marshall's Plaza in Los Angeles. Ory Schwartz, with NorthMarq's Los Angeles office, secured the 10-year financing through a CMBS lender for the undisclosed borrower. CBRE Capital Markets Debt & Structured Finance dept. has arranged a $43 million loan for the refinance of Bressi Ranch Village Center in Carlsbad. Michael Riccio and Mark McGovern, with CBRE's office in San Diego, secured the long-term, fixed-rate loan for the borrower, Cornerstone Real Estate Advisors. Marcus & Millichap has arranged $7 million in refinancing for Ontario Village, a shopping center located in Ontario. The refinancing was structured with a five-year term, amortized over 25 years with an adjustable interest rate of 4.75 percent. Sharone Sabar, of Marcus & Millichap in Encino, secured the debt placement for an undisclosed borrower. Byer Properties Exceptional Advisory Service for Over 25 Years We are specialists in Market Entry, Expansion, Relocation, Acquisition and Disposition Keith Kleinman • Mark Esses 310.449.1989 www.californiarealtygroup.com ATTENTION RETAILERS & DEVELOPERS: Expanding or relocating throughout California? Partial list of Current and Past satisfied Clients