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Real Estate Bisnow
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January 9, 2012 
 
 
 
WD LTile LA
Bikes For Tykes

 
Who doesn’t like a candi-gram, especially when the sender is real estate receiver Candi Grant? Once again, the California Real Estate Receiverships principal co-chaired a bicycle giveaway program for children of Marines stationed at Camp Pendleton and Twentynine Palms, raising about $48k.
 
Candi tells us they gave away 1,100 bikes in December, about the same as last year. However, it represents a significant increase in bikes donated by the private sector, reflecting Candi’s can-do attitude. A major corporate sponsor of the previous year’s giveaway directed its funds elsewhere, and “we had to scramble” to replace those contributions. Candi is believed to be one of just two women court-appointed receivers in SoCal, and the kind of cases she’s had lately have been widely varied. For example, she’s selling a ghost town—no, not the room where the LAPD is supposed to monitor downtown surveillance cameras donated by the business community, but part of a 350-acre campground in Pollock Pines, Calif. called Ghost Mountain Ranch (above), as well as the Revolution bar in Redlands.
 
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Candi was ill and missed the most recent bike giveaway. (Here she is at the previous year’s event.) She and her husband, CalRER principal Taylor Grant, provided matching funds for the first 100 bikes. (The largest donor was the OC Bankruptcy Association, a professional org for bankruptcy attorneys.) Candi tells us she just sold a portion of a retail center called Aliso Commons in Aliso Viejo, which netted the lender $14M—a better than 80% recovery. She also liquidated the inventory and recovered bank account assets in the equity receivership of a feed store in Norco. Most recently, she was appointed receiver for a luxury villa development in Carlsbad—the seven townhomes are mostly complete and will be sold through the receivership.
We snapped this of Candi’s husband Taylor at an event last year. (She doesn’t know of another married couple who are both receivers.) She’s recovered in excess of $250M, which represents more than 78% of the original loan value. As for being a woman in a primarily male industry, Candi notes that women are excellent multi-taskers. “Women are able to understand all of the moving pieces involved in a receivership in a way that I think is a strength.” Case in point: Candi used a PI to locate the feed store assets, whose owner filed for bankruptcy midstream. She had to wade through the borrower’s delaying tactic and “claw our way” to success in keeping the money she seized.

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MONEY STORE
 
Got a yen for some factory store bargain-hunting? Citadel Outlets in Commerce has opened a foreign currency exchange in the center’s customer service center, where Kristine Juan and Raymond Wong cut the ribbon on the new shopper amenity. It’s operated by Currency Exchange International, a non-bank provider of foreign exchange services, which buys and sells more than 80 foreign currencies. The cost ranges between $3 for transactions up to $199 and $10 for transactions over $500. (Sorry, no exchanges for Monopoly money.) Last year, an estimated five million international tourists visited Citadel.

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CUTTING IT CLOSE
 
The Hodgdon Group completed its 12th project for Ashley Furniture HomeStore with minutes to spare—literally. The brokerage, development, and construction firm converted a 34k SF former Levitz building at the Northridge Fashion Center into the Ashley store on a compressed, 12-week schedule. The night before the store’s grand opening, the company needed to bring in heaters to dry the rain-dampened parking lot so it could be striped. According to EVP David Miank, who managed the project, the work was completed 15 minutes before ribbon-cutting. (A city electrical inspector did an inspection at 2am.) As Ashley’s tenant rep in Cali, Hodgdon negotiated acquisition with Crown Realty & Development and Sears Holdings, and the City of LA fast-tracked the project.
 
The best things in life are free, but you can keep 'em for the birds and bees—all we need is your real estate news. Julie@bisnow.com.
 
 
 
 
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