The LA Deal Sheet
Having completed a $60M renovation project in June, the Burbank Town Center is adding 140K SF of new retail and restaurant tenants.
SRS Real Estate Partners, which represented the landlord — a JV of CAPREF Manager LLC and Crown Realty and Development — in the lease transactions, announced it had signed eight new tenants to the newly renovated three-story mall at 201 East Magnolia Blvd. in Burbank.
The new retail, entertainment and restaurant offerings include:
- H&M signing a lease to occupy 26,500 SF of retail space.
- Round 1 Bowling and Entertainment will take up 45K SF.
- Bob’s Furniture has signed a lease for 32K SF of retail space.
- Salon Republic signed for 16K SF.
- A contemporary Asian bar and grill concept will occupy 7,200 SF of restaurant space.
- Carter’s has signed a lease for 4,600 SF of retail space.
- A yet-to-be-named virtual reality concept will take up 4,500 SF.
- Panini Kabob Grill signed a lease for 3,500 SF.
SRS Real Estate Partners’ Senior Vice President and Market Leader Terrison Quinn and Vice President Casey Mahony represented the landlord. The financial terms of the deals were not disclosed.
With its new tenants, the Burbank Town Center is now 94% occupied.
The owners began upgrading the mall two years ago. The recently completed renovations include a new ground-floor food court and an upper-level outdoor dining terrace. There are also new entrances, remodeled public and family restrooms, new flooring and additional seating.
Additional redevelopment plans include a new hotel and up to 1,000 new residential units.
“The best malls are adapting and Burbank Town Center is a perfect example of that forward-thinking strategy,” Quinn said in a statement. “In this day and age, adding the right new uses such as prominent entertainment and dining and service-oriented retailers is essential to create a more dynamic shopping experience and drive customer traffic. Creating new reasons to go to Burbank Town Center is at the forefront of our leasing strategy and we’re starting to see that pay off as sales are on the rise and tenants are taking notice.”
Redwood Partners has acquired The Hubb, a 210,428 SF creative office property in Long Beach from a JV of Singerman Real Estate and Ocean West Capital Partners for $60.5M. Built in 1986, The Hubb at Pine Avenue and West Broadway features twin six-story east and west towers. The property underwent a $12M capital improvement project that was completed in 2017. The offices are 88% leased. Newmark Knight Frank’s Kevin Shannon, Ken White, Rob Hanna, Laura Stumm and Michael Moll represented the seller. Madison Partners’ Bob Safai represented the buyer.
1234 W Seventh Street LLC has acquired a 4,160 SF retail building in the Westlake neighborhood of Los Angeles from the Sislin Family Trust for $3M. The property at 1216 West Seventh St. is half a mile from downtown Los Angeles. Maher Commercial Realty’s Jeremy Shore represented the buyer. Global Commercial Real Estate’s Yan Tkatch represented the seller.
Clarion Partners has purchased a vacant 116,450 SF warehouse and manufacturing building in Vernon from Sandberg Furniture for $24.52M. Built in 2000, the industrial building at 5685 Alcoa Ave. sits on 5.1 acres. Newmark Knight Frank’s John McMillan, Jeff Sanita, Greg Stumm and Danny Williams represented the buyer. Newmark Knight Frank’s Richard Abdulian represented the seller.
Architecture firm HLW is relocating its Los Angeles headquarters to a different part of Santa Monica next to the beach. HLW has signed a 10-year lease to occupy 9K SF of office space at 1437 Fourth St., just a block away from the Third Street Promenade outdoor shopping area and Santa Monica beach. HLW is moving from 1556 20th St. Cushman & Wakefield’s Justin Collins and Robert Hooks represented HLW. Metropolitan Pacific Commercial Real Estate Services’ Thomas Finn and John Warfel represented the landlord, Folke Investments. HLW plans to redesign and occupy the space in the first quarter.
Stacy Vierheilig-Fraser and Todd Wuschnig have joined Lee & Associates - LA North/Ventura as principals. Prior to joining Lee & Associates, both were with Charles Dunn Co., which recently shuttered its brokerage business. Vierheilig-Fraser is a 30-year commercial real estate veteran, specializing in office leasing and sales with a focus on the East San Fernando Valley of Los Angeles. Wuschnig is a 15-year commercial real estate veteran, specializing in office leasing throughout the San Fernando Valley.
Kim Hillman has joined the Pasadena office of Lee & Associates as a senior director. Hillman will specialize in investment sales and tenant representation. Hillman had recently joined Charles Dunn Co. as a managing director before the company suddenly shuttered its brokerage operations. Prior to joining Charles Dunn, Hillman served as a vice president at Colliers International.
William Rojas and Zach Bartelt have joined Arc Capital Partners as assistant vice president and senior associate, respectively. Both will be responsible for supporting the growth of Arc Capital’s urban investment platform. Prior to joining Arc Capital, Rojas worked at Rockwood Capital, where he was responsible for acquisitions and asset management. Bartelt had previously served as an associate at Karney Properties.