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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September 2017 | California Centers Magazine 43 CORPORATE ACTIONS nature Original Recipe chicken prod- ucts. Woodcraft Supply has reached its 20 year franchising anniversary, having grown to a chain of 76 stores operating in 36 states. Subway is rolling out its new Fresh Forward design involving new bright and playful décor incorporating bold colors, digital kiosks, curated music, comfortable seating and more. Shop interiors incorporate new imagery, packaging, uniforms and signage. The changes are intended to transform ev- ery aspect of the customer experience by presenting a distinctive and wel- coming atmosphere that conveys fresh- ness. The changes were tested at 12 pi- lot locations, and are now viewed as the next phase of Subway's evolution, with initial changes taking place throughout North America, then worldwide by the end of 2017. Papaya Clothing parent, Cornerstone Apparel, Inc. filed for Chapter 11 bank- ruptcy protection in the federal court system's Central California District in June. Increased construction and oper- ating costs, combined with flagging re- tail sales owing to a sector wide slow- down, have resulted in liquidity prob- lems for the women's fashion retailer. In an effort at shrinking its store count, the company asked to exit leases for eight stores (it had approx. 80 units at the time of filing) in addition to 22 that had already been shuĴered. EARNINGS & FINANCE Same-store sales at Planet Fitness re- portedly increased 11.1 percent in the first quarter of 2017. As of August, the chain has commiĴed to opening up 1,000 more locations, primarily target- ing intermiĴent gym users and those new to fitness. PSRS (Pacific Southwest Realty Ser- vices) Principal Kostas Kavayiotidis closed a $3,075,000 loan for a 3,900 sq. ft. two-tenant retail center in West- wood Village. The center is designated as a restaurant property, which holds a premium in comparison to regular retail, owing to its proximity to UCLA and a large local student population. Kavayiotidis arranged the ten-year re- financing with a long time correspon- dent life company. PSRS also closed $6 million in re- financing for Robertson Plaza, an 18-tenant strip retail property in Culver City. Mike Davis, of PSRS arranged the non-recourse 10-year loan, with a 30- year amortization schedule, through a life insurance company. The borrower was a private real estate investor. Marcus & Millichap Capital Corp. has arranged $4 million in debt to refi- nance a 4,600 sq. ft. mixed-use building in Palo Alto. Behzad Boroumad, with Marcus & Millichap, arranged the debt placement for an undisclosed borrow- er. The loan has a 10-year term, five- year fixed term, and 30-year amortiza- tion schedule. Sears CEO Eddie Lampert, through his hedge fund, ESL Investments, has agreed to give Sears a $200 million credit line, which will contribute to keeping the company operating suc- cessfully for the immediate future. Brentwood Associates announced that it has taken a significant, non-con- trolling investment in Blaze Fast-Fire'd Pizza. The deal gives the Los Ange- les-based private-equity group a piece of one of the fastest growing chains in the country (having burgeoned from a single unit in 2012 to 200+ open as of July). Jim Mizes, CEO, continues in his position at the Pasadena-based compa- ny. The company has also added three new board members: Bill Barnum, Ra- hul Aggarwal, and Greg Dollarhyde. HFF has arranged the $170 million re- financing of a portfolio of 33 triple-net- leased grocery properties in Northern California. The 1.73 million sq. ft. port- W H A T ' S B U G G I N ' Y O U ? Pest Control for Professionally Managed Properties OFFICE RETAIL INDUSTRIAL RESIDENTIAL Eco-Friendly Solutions | Serving Southern California Pest Control Pigeon Control Termite Control Rodent Control Bee Control Gopher Control 1.877.522.2377 | www.AccessExt.com

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