PetsMart and Michael's inked leases at L.A.'s Buena Park Downtown, a development of The Festival Cos. The two retailers will take space in Marketplace Investors' 1.2 million-square-foot Buena Park Place, the development's retail district. The center's tenant lineup includes Sears, Wal-Mart, Ross Dress For Less and an 18-screen Krikorian movie complex.
Redwood Shores-based Centers Dynamic Inc. has formed a joint venture with a San Mateo-based private family trust to develop 8.33 acres as the second phase expansion of the Palm Springs Marketplace (above) in Palm Springs.
San Diego's former Naval Training Center is set to become Liberty Station, a 1 million-square-foot, mixed-use development. Leasing manager CB Richard Ellis is searching for a themed retail developer to create a bazaar marketplace that would anchor the project's public retail space. The Corky McMillan Cos. and the City of San Diego are leading the redevelopment, which will include a 300,000-square-foot civic center, two hotels, 349 residential units, a seven-building office district and a high-tech educational campus.
Donahue Schriber completed a $6.5 million renovation of Camarillo Village (below) in Camarillo that included demolishing an existing internal courtyard and reconfiguring the space for better accessibility. Donahue Schriber bought the 243,000-square-foot, Albertson's-anchored center in November 2002.
Irvine, Calif.-based Faris Lee Investments brokered the $18.6 million sale of Bristol Marketplace, a 100,375-square-foot neighborhood center anchored by Ralph's, Savon's and Blockbuster in Santa Ana, Calif. In a 1031 Exchange, private owner CREDI Bristol of Torrance, Calif., sold the property to an undisclosed party.
Crown Realty & Development created a new sale-leaseback investment division to target small and middle-market property owners. L.A.-based Crown hired Jeff Hayden, former director of acquisitions for Black Equities Group, to serve as director of the division. Tom Signorelli (left), a former UBS and Salomon Smith Barney exec, will serve as senior analyst for the division.
Westfield landed Wal-Mart as an anchor at its $26 million Westfield Shoppingtown Parkway in San Diego. Wal-Mart will introduce a two-level, 160,000-square-foot prototype, with an entrance in the enclosed mall. Construction starts this year.
L.A. and Mill Valley-based Retail Enterprise Group Inc. a subsidiary of Tallen and Keshen Holdings, has been engaged as codeveloper and exclusive leasing broker to reposition the Marin Gateway Retail Center in Marin City. Located two miles north of the Golden Gate Bridge, the center is anchored by Best Buy, Ross Stores, Linens N Things and Longs Drugs. Tallen and Keshen Holdings served as investment banker and real estate transactional services provider to the Marin City Community Land Corp. in restructuring the group's ground lease after it exercised its first right of refusal to purchase the 182,054-square-foot property from recently liquidated Burnham Pacific Properties.
General Growth Properties is redeveloping its 884,880-square-foot Chula Vista Center, located near San Diego. Phase I of the project will include the addition of a new streetscape component with new restaurants, retailers and a 65-foot landmark tower. Last renovated in 1994, the center is anchored by JCPenney, Macy's, Mervyn's and Sears. Construction will be completed by Spring 2004. (below)