California Centers

SEP 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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Page 22 of 56

20 California Centers Magazine | September 2017 C C property and became the 100 percent owner of Del Mar Highlands Town Center. "Now, under our ownership, we've taken some time to let the center mature and try to fully understand where our sales are coming from," says Donahue. With 25-year leases turning from the 1991-92 expansion, the timing is right for the center to begin its next phase. That includes the 120,000 square foot expansion known as The Collection at Del Mar Highlands Town Center that will add a new and improved Jimbo's…Naturally!; a food hall and beer garden, new retail, and plenty of parking. At the same time, Donahue Schriber is updating the entire center so that it will have a modern, cohesive look and contain amenities that today's consumers de- sire in a physical retail environment. "Beyond addressing the changing market, renovating the center will al- low us to address the changes in re- tail that are going on right now," says Donahue. Construction began at The Col- lection at Del Mar Highlands Town Center, along with renovations to the existing center, last year. The new parking structure is near completion and will add 800 additional stalls. KinderCare Learning Center is being relocated to the top of the parking structure, freeing up space to build a 50,000 square foot box that will house the new 25,000 square foot Jimbo's… Naturally! Natural Foods Grocer and The Skydeck. Donahue Schriber is designing this portion of the center to become a major attraction and anchor of the center. In its existing location, Jimbo's…Naturally! currently per- forms at well over $1,000 per square foot, according to Donahue Schriber. The new store will allow Jimbo's… Naturally! to be more competitive by offering a broader selection of mer- chandise. Between Ralphs Fresh Fare and Jimbo's…Naturally!, the center is generating about $1.5 million per week in grocery sales. Other retail- ers at the center include Mendocino Farms, Nékter Juice Bar, Bluemer- cury, Bank of America, Pappalecco, Pokewan, Drybar, Starbucks, AT&T, Papyrus, Panda Express, Grater Grilled Cheese, Club Pilates, Wells Fargo Bank, Geppetto's - A Child's Fantasy, and Snooze an A.M. Eatery. High-end restaurants like Searsuck- er, Urban Plates, Sammy's Woodfired Pizza & Grill, Davanti Enoteca, and Champagne Bakery also have a home at the center. Philz Coffee will open in the first quarter of 2018. "We have really specialized in a nice mix of local, regional, and na- tional tenants," says Donahue. With The Collection, the center will also expand its food offerings, as well as new fitness, health, and beauty of- ferings. When the expansion and ren- TYPE OF LOANS Bridge and Construction LOAN AMOUNTS $3,000,000 to $40,000,000 (Minimum in LA Only $2M) RATES START FROM 8.99% and 1 point LOAN TO COST Up to 75% LOAN TERM Up to 36 months LENDING AREAS CA, NV, AZ, TX, OR, WA, NM, CO, UT PROPERTY TYPES Multi-Family, Spec SFR, Mixed Use, Retail, Office, Industrial, and Entitled Land. WHO WE ARE Parkview Financial is a direct private lender founded by a former real estate developer and contractor. Parkview provides short-term bridge and construction loans secured by first trust deeds. A PRIVATE CONSTRUCTION LENDER WWW.PARKVIEWLOAN.COM PARKVIEW FINANCIAL | 12400 WILSHIRE BLVD, SUITE 350, LOS ANGELES, CA | 310.996.8999 PAUL@PARKVIEWLOAN.COM | WWW.PARKVIEWLOAN.COM

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