California Centers

MAY 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 42 California Centers Magazine | May 2018 and Greg Giacopuzzi are also the agents handling this sites leasing; the leasing of 7,350 sq. ft. of end-cap/junior anchor space at Bristol Warner Marketplace in Santa Ana in Orange County. The site benefits from its proximity to the 5, 405, 55 and 73 Freeways; the leasing of a 15,000 sq. ft. former Fresh and Easy space at Arlington Square shopping center in Riverside; the leasing of 840 to 10,250 sq. ft. of space available for lease at Heritage Plaza in Riverside; the leasing of 6,628 sq. ft. of corner space adjacent to Burlington Coat Factory in Janss Marketplace in Thousand Oaks; the leasing of pad and retail spaces at Anaheim Town Square at State College Blvd. and Lincoln Ave. in Orange County. A new Target is due to open there as an anchor in July 2018. CURRENT EVENTS An amendment to the Americans With Disabilities Act that will help protect businesses from "drive-by lawsuits" passed the House of representatives in February. The ADA Education and Reform Act, or H.R. 620, is hailed by business advocates, who have been decrying abuses of the law intended to ensure that the disabled have access to restaurants, stores and other public places. Restaurants have often been sued for ADA violations, involving monetary settlements, without being given a chance to address the issue. Under the amendment, those who might be inclined to sue in federal court over an ADA violation would be required to deliver a written notice to the business, detailing how access was hampered and allowing the business 60 days to come up with a way to address the complaint and another 60 days to take action. The legislation would restore integrity to the ADA by improving access and also protecting business owners from being victimized by abusive, costly lawsuits. Taco Bell has overtaken Burger King as the fourth largest domestic restaurant brand, according to a report by research firm Technomic. McDonald's, Starbucks and Subway have held onto the top three spots. Jeff Kirwan has stepped down as president and CEO of Gap brand as he departs Gap Inc. In the interim, Brent Hyder, the executive VP of global talent and sustainability, is overseeing the brand. EARNINGS & FINANCE Tropical Smoothie Café is working with ApplePie Capital to offer new and existing franchisees access to up to $20 million in debt capital to drive continued expansion across the U.S. The brand's expansion plans call for having 1,000 locations by 2020. Charles Watson, chief development officer of Tropical Smoothie Café, remarked, "ApplePie recognizes our business model and has developed a dedicated lending program to address the financial needs of our franchisees, whether they are looking to open new locations, acquire capital for acquisitions or remodels, or seeking assistance with refinancing." MidCap Financial has provided $17.9 million in refinancing for California- based borrower DPI Retail, to be used for the repositioning and lease- up of Stockton Plaza in Sacramento. The borrower plans to renovate and repurpose the property, which formerly featured a Kmart anchor. The newly renovated center will be anchored by a regional grocer and nationally established discount department store concept. The mortgage loan features a floating rate loan with a ter of up to three years. The Mozer Team at George Smith Partners arranged the financing. Hedge Fund Alden Golden Capital LLC has put up a "stalking horse" bid of $26.2 million for the majority of bankrupt Aerosole's assets, which the company has accepted. The conclusion of this transaction would indicate that Aerosole has abandoned its initial restructuring plans under Chapter 11 protection. In its initial filing, Aerosoles listed assets of $50 to $100 million and liabilities of $100 to $500 million. Alden's bid was still subject to higher offers as of early March. Romano's Macaroni Grill has emerged from bankruptcy as of mid-February, having successfully renegotiated its lease terms, vendor contracts and securing new capital to fund restructuring efforts. Fremont Hills Development Corp. has received a $65 million construction loan for the development of a mixed-use project in Fremont. Parkview Financial provided the loan. Positioned on 12.9 acres, the Hoover Associates Architects deigned mixed-use project will feature 158 multifamily units and 53,900 sq. ft. of retail. NAME CHANGES & RELOCATIONS DineEquity Inc., the parent company of Applebee's Neighborhood Grill & Bar and IHOP, has changed its name to Dine Brands Global Inc. Based in Glendale, California, the CEO of Dine Brands, Stephen P. Joyce, stated "We are a company in transition. Our new company name reflects a shift in strategy and a values-based performance culture with greater autonomy and accountability at the brands level. We are working on several exciting initiatives to expand our revenue channels, enhance the guest experience, improve operations and grow our global presence while investing in the long-term health of our two strong brands." OPENINGS & CLOSINGS Gold's Gym Franchising LLC plans to expand beyond its 700-plus locations in 28 countries globally, by adding units in new domestic and international markets. Stated Ken Phipps, Director of Global Franchising Development, "Our global footprint is in the best shape financially and physically to make 2018 our strongest year-to-date." Gold's Gym announced plans to expand in Europe, China and Qatar, with domestic development also calling for

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