California Centers

MAR 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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CORPORATE ACTIONS 20 California Centers Magazine | March 2018 CAM Services welcomes Melissa Torrez as Business Development Manager at its Inland Empire branch. CAM President, David Herrera stated, "Melissa joins CAM Services with strong customer service and experience from her previous position at Generation Construction. We look forward to her working with our commercial property management clients in the retail, industrial and office space." CONTRACTS & AWARDS NewMark Merrill Companies is handling the leasing of 4,000 sq. ft. of divisible space at Park Plaza on Maine (at Ramona Blvd. and Maine Ave.) in Baldwin Park. The space is positioned between a Superior Grocers and CVS. The site features excellent foot traffic and exposure on a main thoroughfare. NewMark Merrill Companies' Woodland Hills office also has the leasing contract for up to 16,250 sq. ft. of junior anchor space available for lease at Norwalk Town Square, a dominant power center at Rosecrans Ave, and Pioneer Blvd. that features tenants AutoZone, dd's Discounts, LA Fitness, 99 Cents Only Store, Regency Theatres et. al. Nemark Merrill is also handling the leasing of the following: a 21,861 sq. ft. pad building in Anaheim Town Square; the leasing of 28,900 to 36,351 sq. ft. of available anchor space at Janss Marketplace in Thousand Oaks; the lease out of a 5,694 sq. ft. built out, stand alone restaurant space (a pad building on Moorpark Road) at Janss Marketplace; the leasing of 6,628 sq. ft. of corner space adjacent to Burlington Coat Factory at Janss Marketplace; the leasing of a 1,750 sq. ft. freestanding corner pad at Norwalk Town Square; the leasing of the second phase of Rialto Marketplace, a new Wal-Mart anchored center underway off the 10-Freeway; the leasing of 10,250sq. ft. of junior anchor space at Heritage Plaza in Riverside; The leasing of a new pad building in front of the Target store at Anaheim Town Square; the leasing of 7,350 sq. ft. end-cap junior anchor space at Bristol Warner Marketplace in Orange County; the leasing of 5,500 sq. ft. of end-cap space at Bristol Warner Village in Santa Ana; and the leasing of a 21,861 sq. ft. pad building and 7,500 sq. ft. of anchor space at Anaheim Town Square, positioned at State College Blvd. and Lincoln Avenue in Anaheim. CAM Services will be doing a landscape refurbishment project for the Boys and Girls Club in Hollywood, which includes new irrigation, new plants and decomposed granite for an eco-friendly landscape design. Jeff Hellerud, Director of Construction for Omnia Pacific Construction, is providing building renovation services for LS Urban Properties, LLC in Los Angeles. The project includes new building facades for storefronts, demising the premises for two tenants, and restroom and electrical service installation. Omnia has also announced multiple ADA remediation projects for A & H Kassabian Investors, for the exterior common areas of five shopping centers in Los Angeles and Orange Counties. The projects include ramp and railing installations, new signage, stall leveling, and paths of travel. Lewis Smith and Mike Kennedy, with Retail California, are exclusively leasing Phase 2 of the 65,000 sq. ft. power center Marketplace at El Paseo in Fresno, which is being developed by Rich Development Enterprises, LLC, Gryphon Capital and N3 Real Estate. CURRENT EVENTS Private equity firm Centre Partners has sold its portfolio company Captain D's to an undisclosed buyer. Captain D's is a seafood themed quick serve concept having 530 restaurants in 21 states in the U.S. The name of the buyer was also not disclosed. McDonald's intends to invest $2.4 billion on upgrades to existing U.S. locations in the coming year. The company will update the majority of its free-standing U.S. locations to an undated design through the end of 2020. Harmony Project, Los Angeles' largest music non-profit, is honoring CAM Services and its President, David A. Herrera, as one of their 2018 Honorees on April 8 th at the the Skirball Cultural Center. CAM Services supports giving back to communities and is a long- time supporter of Harmony Project, with Herrera currently serving on their Board of Directors. Dan Coudreaut has left his position as Executive Chef of McDonald's, where he had worked for 13 years. During his tenure, such items as upgraded salads, lower-calorie wraps, real fruit smoothies and oatmeal were added to the menu offerings. EARNINGS & FINANCE MOD Pizza has raised $33 million in equity funding and closed a $40 million credit facility, the company announced in January. The latest funding round brings the company's total equity capital raised to over $185 million. The financing will support growth in 2018. "As we enter our 10 th year and celebrate the opening of our 300 th store, we are more energized than ever before about the incredible opportunity in front of us," stated Scott Svenson, Co-founder and CEO. Existing investors, including PWP Growth Equity and Fidelity Management & Research Company, led the equity investment. In 2017, the brand opened 110 new locations, expanding its presence throughout the U.S. and U.K. Markwood Enterprises has secured a $23.1 million bridge and construction loan to be used for the repositioning of the nine story mixed-use 900 South Hill Street Garage property in downtown Los Angeles. The New York office of CBRE, in conjunction with agents from CBRE in Los Angeles, secured the loan on behalf of the developer. Markwood intends to construct an additional floor and combine and expand the ground floor space to accommodate an organic market tenant, Erewhon. The top three floors will be re-purposed as creative office space and the remainder of the building will continue to be utilized as a garage.

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