CBM’s Retail Shopping Center Management & Leasing Blog

Retail Real Estate News & Trends in Southern California

By Kenneth R. Harney LA Times

In the highly conservative post crash residential real estate market, out of area appraisers are continually proving to be out of touch with local real estate markets. Out of area appraisers, unfamiliar with dynamics of particular local market,  often err on the side of conservatism to avoid having lenders reject or ask for revisions in their final appraisal reports. As a consequence, these under educated appraisers are frequently deliver below market value appraisals, preventing buyers from securing mortgage loans.

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by Western Real Estate Business

Irvine, Calif. –Bally Total Fitness Holding Corporation has agreed to sell 171 of its fitness clubs nationwide to Fitness International, an affiliate of LA Fitness International, for $153 million. The transaction, which includes fitness clubs throughout 14 states and the District of Columbia, is expected to close tomorrow. The 171 clubs will soon begin operating under the Irvine-based LA Fitness brand.

The transaction includes all of Bally’s current locations throughout Arizona, Oregon and the Greater Los Angeles area. Chicago-based Bally currently owns and operates 271 clubs throughout the U.S. It will continue to operate its remaining clubs once this transaction is complete. J. P. Morgan Securities LLC acted as Bally’s exclusive financial advisor, while Wachtell Lipton provided legal advice.

Saehan Bank anchored strip center at the intersection of Sepulveda and Crenshaw in prime Torrance recently sold for $4,175,000.

Approximately 7,300 SQFT, newer construction center located at 22501 Crenshaw Boulevard in Torrance, featuring A+ national and regional tenants including Super Cuts, T-Mobile and Saehan Bank. Rick Rivera of Centers Business Management (CBM) represented both Buyer (Dimeh LLC) and Seller (Sepulveda & Crenshaw LLC).

By Kris Hudson and Miguel Bustillo Wall Street Journal, November 2011

The departure of major anchor tenants is motivating many large shopping malls to think outside the box, and shift from tradition retail options, clothing, home goods and consumer electronics, to more unusual “nontraditional” (from a shopping mall perspective) tenants, including gun ranges and go carts tracks.

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