California Centers

MAY 2017

California Centers Magazine serves retailers, developers, shopping center owners, investment sales brokers and tenant representation firms throughout the state of California.

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36 California Centers Magazine | May 2017 CORPORATE ACTIONS Grasslands Meat Market, Artists Republic Gallery, Billy Beez, Go VR Gaming and Mission Escape Games. The celebration included a ribbon cutting ceremony, laser light show, musical entertainment, a photo booth and appearances by Star Wars stormtroopers, and various art displays and art installation dedications throughout the center.. EARNINGS & FINANCE NewMark Merrill Cos. recently completed a $19.1 million recapitalization of Bristol Warner Village in Santa Ana. Sandy Sigal, Susan Rorison, James Patton and Sandra Kist worked in conjunction to secure the refinancing. Bristol Warner Village, an 80,865 sq. ft. property that was recently redeveloped, features tenants 99 Cents Only, T-Mobile, Starbucks, Chase, among others. NorthMarq Capital also recently arranged $38 million in refinancing for a 374,645 sq. ft. retail property in Chula Vista for an unnamed borrower. Mike Dobbins secured the 15-year loan, which features a 25-year amortization schedule. George Smith Partners has secured $30 million in refinancing for Plaza de Hacienda, a 156,000 sq. ft. grocery- anchored retail center on Hacienda Boulevard in La Puente. The financing was arranged by George Smith Partners Principal and Managing Director Shahin Yazdi. The sponsor, Optimus Properties, LLC, a privately held real estate investment firm, had requested a fixed-rate loan with a goal of refinancing its maturing loan for the regional retail center, the goal being to perform capital improvements and maintain the center as a cash-flowing asset. George Smith Partners secured the $30 million loan from a CMBS lender. The 10-year loan has a loan-to- value ratio of 65 percent, with a five year interest-only period, followed by amortization over 30 years. Pacific Southwest Realty Services has provided $15 million in refinancing for Courtyard Shopping Center in Pleasant Hill. The non-recourse loan features a fixed rate for a 25 year term. The loan features a small forward rate- lock and carries a fixed-rate in the mid fours. Seth Ludwick, of PSRS Santa Barbara, arranged the loan through a correspondent life insurance company lender, for the undisclosed owner, a family partnership. The 85,000 sq. ft. property features anchor tenants Smart & Final and Rite Aid. OPENINGS & CLOSINGS Mendocino Farms has lease commitments for units opening soon in the Bay Area. The company also intends to begin expanding its presence outside of California by the end of 2018, and is actively researching sites for future growth spanning from coast to coast. Beauty products retailer Ulta Beauty Inc. plans to open stores in urban centers in New York, Chicago and Santa Monica this year, along with about 100 new stores planned across the country. The concept has historically focused on suburban regions, but is strategizing that big cities will allow for a sales boost via higher-end locations that will also attract an international customer base that will support its e-commerce platforms. MOOYAH surpassed its 100 th store opening milestone in 2016, having entered several new states during the year. Its presence has primarily been expanded in California, Texas, Florida and New York. For 2017, the focus has also been on development in Virginia and Washington, D.C. TODAY'S IDEAS. TOMORROW'S REALITY. Civil Engineering | Surveying | Construction Management | Entitlement Services | 949.610.8997 | Newport Beach, CA Send us your news:

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