California Centers

AUG 2016

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

Contents of this Issue

Navigation

Page 49 of 57

42 California Centers Magazine | August 2016 CORPORATE ACTIONS Institutional Property Advisors Capital Markets has arranged for $12 million in financing for a loan against land under a 13-acre auto shopping center in San Jose. Anita Paryani and Jake Roberts, with IPA Capital Markets, arranged the debt placement. Costco's co-founder and former CEO, Jim Sinegal, and CFO Richard Galanti are investing in a planned restaurant chain founded by former Costco executives Erica Welton and Dennis Hoover. The Organic Coup presently has two locations in the San Francisco Bay Area. The concept is the first fast-food restaurant to qualify as certified organic under U.S. Dept. of Agriculture rules. The restaurants serve sandwiches, wraps and bowls, as well as caramel popcorn drizzled with chocolate. The Organic Coup raised $7 million in its first round of financing, with Sinegal as the primary investor. Hoover said the plan calls for opening 10 locations in 2017, then deciding how many to open in 2018. Cohen Financial secured $5 million for the acquisition of a Shopko occupied retail property in Redding. Paul Schroeder, with Cohen Financial, secured the fixed-rate, non-recourse loan with Wells Fargo for the undisclosed borrower. Square Mile Capital Management has originated a $30 million mezzanine loan for California Market Center in downtown Los Angeles. The borrower is an affiliate of Jamison Services. Some funds will be used to complete renovations to ground floor common areas and retail space, and to fund leasing costs for future tenants. The property is comprised of 1.8 million sq. ft. in three interconnected, 13-story buildings featuring mixed-use retail, office and showroom space. Quantum Capital Partners has secured $16.9 million in long-term debt to refinance Hawthorne Xchange, a neighborhood center in Hawthorne. The 10-year loan features a 30-year amortization schedule and 4 percent fixed rate. The sponsor is a local investor operating as Howard Building LLC. Mike Yim and Jonathan Hakakha, with Quantum Capital, arranged the financing. NorthMarq Capital has arranged the $6 million refinance of Skyline Center, a 36,900 sq. ft. retail property located in Thousand Oaks. The 10- year non-recourse loan features a 30-year amortization schedule and a seven-year fixed rate that will switch to floating for the last three years. Joe Giordani, in NorthMarq's Los Angeles office, secured the financing for the undisclosed borrower. Sprouts Farmers Markets posted a 16 percent net sales increase of $993.2 million during the 2016 first quarter. The chain opened 11 new stores in the quarter, resulting in a total of more than 231 units opened in 13 states as of June. Fast-casual restaurant Lemonade has garnered significant equity investment from Butterfly, a Los Angeles-based firm. Terms of the latest investment were not disclosed. The Los Angeles-based chain is moving into the San Francisco Bay Area, with six new units planned in former La Boulange locations (which was acquired by Starbucks Corp. in 2012 and subsequently closed). Founded in 2008, the concept operates 22 restaurants serving mostly Southern California. OPENINGS & CLOSINGS Dunkin' Donuts has signed multi- unit store development agreements with four franchise groups for a total commitment of 29 new restaurants due to open in California in the coming several years. Among the plans: 12 new restaurants to be opened in the San Francisco Bay Area beginning in late 2016; 10 new units planned for Chico, Redding, Yreka and Eureka, with the first due in 2017; two to be newly developed in Upper Lakes and Ukiah; and five to be newly developed in Santa Barbara and San Luis Obispo Counties, beginning in 2017. Dairy Queen has announced plans to open several sites in California over the coming few years. This will include 15 to 20 new shops in the Sacramento metropolitan region being developed by a franchise operator. The new stores will have a DQ Grill & Chill format, which allows for the incorporation of artisan sandwiches and snack melts to the menu offerings. The company desires to occupy freestanding sites of about 2,500 sq. ft., with patio. Dairy Queen is also recruiting additional multi-unit operators for its planned growth. Grocery Outlet Bargain Market is expanding its presence in the Los Angeles market region, with 10 stores having recently been opened there, and another 12 to 15 planned for 2017. Juice It Up! has entered a multi- unit area development agreement with BMB Foods Inc. involving new locations planned to open in Southern California. A Beaumont location is due to open mid-2016, with additional site selections underway. Pizza Factory announced that its growth strategy for 2017 will target key markets along the West Coast. Currently operating in six states, the chain's plan calls for 10 new openings annually. Smart & Final has opened 33 Smart & Final Extra! Grocery store locations in California. The sites were acquired in December of 2015 and were previously operated under the Haggen banner. Cotton On has announced plans to increase its number of stores in California by more than 50 percent in the coming three years. The chain had 40 stores opened in California (out of its total roster of more than 1,400 units opened in 18 countries) as of June. Send us your news. Email releases to: info@californiacenters.com

Articles in this issue

Links on this page

Archives of this issue

view archives of California Centers - AUG 2016