California Centers

JAN 2018

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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January/February 2018 | California Centers Magazine 27 CORPORATE ACTIONS Dunkin' Brands Group Inc. president of International Bill Mitchell announced his intent to leave the company in March 2018. Following his departure, the company's international team will report to Dunkin' Brands CEO Nigel Travis. The chain had opened 41 net new Baskin Robbins and 18 new Dunkin' Donuts internationally from January through October 2017. Chipotle executive Steve Ells announced he would step down as CEO effective November 2017, ending his nearly 25-year history of helming the concept. Ells has been named executive chairman, and the company has yet to appoint a replacement CEO. Ells founded the chain in 1993, and the company went public in 2006 with an initial IPO. He will focus on innovation in food sourcing and preparation once a successor is appointed. Canter's Deli Co-owner Gary Canter has died at the age of 58 of an apparent heart attack. The family-owned restaurant is a Los Angeles landmark. Gary, as a third generation operator, was the grandson of the delicatessen concept's co-founder Ben Canter, who founded it in 1931 with his two brothers. EARNINGS & FINANCE Walker & Dunlop has secured $24 million in permanent financing for The Trading Post shopping center in Clovis. Jeff Hudson, Riley Manke and Andrew Westling, of Walker & Dunlop, secured the 10-year, fixed- rate loan on behalf of borrower Rich Development Enterprises LLC. PCCP has provided a 63.8 million senior loan to Hudson Cos. For the development of Vespaio, a mixed- use project underway in San Jose. The seven-story property features a mix of residential units and 39,042 square feet of retail and commercial uses. It is due to be completed in 2019. HFF secured a $15 million loan for the renovation and tenanting of The Baywood, a 26,157-square-foot mixed- use building in San Mateo, California. Chris Gandy, of HFF, arranged the three-year, floating-rate loan through a national bridge lender, on behalf of the borrower/developer, B Street Development, which intends to remodel the fa├žade and add a third floor of new leasable space. Meridian Capital Group has arranged $8.5 million in permanent financing for The Boardwalk in Cypress, California. Seth Grossman and Andy Strauss, of Meridian, arranged the 10-year, CMBS loan on behalf of the borrower, The Festival Cos. Barry Slat Mortgage Co. has arranged a $27 million loan to refinance Sunrise Plaza in San Jose, California. Behzad Thank you to Shea Properties & Regency Centers for thinking outside the box, hiring restaurant specialists to source & merchandise food and beverage for their San Diego projects!

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