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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28 California Centers Magazine | January/February 2018 CORPORATE ACTIONS Boroumand arranged the 10-year, fixed-rate CMBS loan with full term, interest-only payments on behalf of the undisclosed borrower. OPENINGS & CLOSINGS Trader Joe's neighborhood grocery stores opened the last of its new stores developed in 2017. Units were opened in Michigan and New Jersey in October, bringing the company's total store count to 474. Among its more recent openings in California have been stores opened in San Francisco, West Hollywood, San Diego, Los Angeles, and San Juan Capistrano. For the past 10 years, the company has opened an average of 23 stores annually, with plans for 2018 already in the works. Trader Joes is based in Monrovia, California. Bob's Discount Furniture, based in Manchester, Connecticut, has announced the opening of six new stores in the Los Angeles market, its first on the West Coast. The furniture retailer has planned simultaneous ribbon cuttings on Feb. 15 th at locations in Baldwin Park, Huntington Beach, Los Angeles (mid-town), Long Beach, West Hills and Valencia in California (in addition to stores in Pennsylvania and Virginia). The company has 89 stores in 15 states across the East Coast, Mid-Atlantic and Mid-West regions, and added over a dozen new stores in the past year, to bring its total store count to 98 opened nationwide. Walgreens Boots Alliance expects to close approximately 600 stores in 2018 as a result of its purchase of 1,932 stores from Rite Aid. The closings will occur over the coming 18 months, with most operating under the Rite Aid banner. Most shuttered locations are within a mile of another existing Walgreens or Rite Aid operation. Walgreens won regulatory approval in September to buy 1,932 Rite Aid stores and three distribution centers for $4.38 billion. Complete transfer and ownership of all the units is expected to be complete in spring 2018. From March 2016 to October 2017, Aldi opened approximately 40 new stores in Southern California. Its projections through December 2017 called for another 14 to be opened, with 20-25 more planned for the region in 2018. The Germany-based company has a U.S. headquarters in Illinois, and is planning to add some 800 new stores throughout the U.S. in the coming five years. Nekter Juice Bar projects opening an additional 75 restaurants in 2018, on its path toward a goal of 425 locations overall. ZIPS Dry Cleaners, which recently opened two new locations in Cost Mesa and Santa Fe Springs, California, announced plans to add 110 Southland locations over the next 15 years. Famous Dave's of America, Inc. closed more than 13 locations from July to December of 2017, in a plan to shift focus to a franchise-only model. Company executives also indicated they would get more aggressive in 2018 about unit closures, depending on continued intensity of sales and profit pressure. The plan also involves selling off the majority of its remaining company-owned units to franchisees. Zoe's Kitchen Inc. is slowing its unit-growth plans for 2018. Stated CEO Kevin Miles, "Looking beyond 2017, we have adjusted our 2018 new restaurant plans down to 25." For fiscal 2017 ended in December, the company was on target to complete the addition of 38 to 40 new company-owned restaurants. In 2018, it intends to focus on better cash flow management, sales driving initiatives, and exploring new ways to strengthen the business over the long term. The Habit plans to open approximately 30 new company-owned restaurants in 2018, and approximately eight franchised locations. PetSmart opened its 1,600 th store, marking a milestone for the chain as it now has a presence in all 50 of the U.S. Shake Shack announced that it plans to open 32 to 35 new domestic company-operated restaurants and 16 to 18 licensed units in 2018. Vallarta Supermarkets announced the opening of the chain's 50 th store in Pasadena, California, in November. Panda Express celebrated the milestone opening of the chain's 2,000th restaurant worldwide in December 2017 in New York City, with the opening of a 1,500-square-foot location in Manhattan. Dollar General announced it plans to build/add 900 new stores to its portfolio in 2018, relocate 100 existing units, and remodel 1,000 stores. Jerome's Furniture has opened two additional Dream Shop stores in Mission Valley and Solana Beach, California following the success of its first such location in the state opened in San Diego. In the coming years, the chain anticipates growing its presence to serve Los Angeles, Orange, Riverside and San Bernardino Counties. RELOCATIONS & NAME CHANGES Walmart Stores Inc. has legally changed its name to Walmart Inc., effective as of February 2018, to better reflect and emphasis shift to encompass its e-commerce operations. David A. Herrera, President of CAM Services, is pleased to announce the property service company has moved its Inland Empire branch office to Scheu Business Center, at 9155 Archibald Ave., Suite 902, Rancho Cucamonga, CA 91730.

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