Western Real Estate Business October 6, 2011
Los Angeles — Hobby Lobby has continued its expansion into California with another three locations totaling 227,450 square feet. All three sites were former Mervyns buildings. The arts and crafts chain has signed 10-year leases for 76,211 square feet of retail space at Palm Plaza Shopping Center in Temecula; 74,991 square feet at Terra Vista Town Center in Rancho Cucamonga; and 76,248 square feet at Placer Center Plaza in Roseville. Scott Burns and Shauna Mattis of Wilson Commercial Real Estate represented the landlord, Inland Western MDS Portfolio, LLC, a wholly owned subsidiary of Inland Western Retail Real Estate Trust, Inc., in all three transactions. Lea Clay Park and Solomon Ets-Hokin of Studley Retail Services represented Hobby Lobby in the leases. Chris Campbell of CB Richard Ellis’ Sacramento also partnered with Wilson Commercial on the Roseville transaction.
“Hobby Lobby is relatively new to the California market, opening its first store in Visalia in December 2010 with these three stores opening next in the state,” Burns said in a statement.
by Ann Zimmerman The Wall Street Journal October 4, 2011
Consumers that were expected to temporarily “trade down” in an effort to tighten their budgets and decrease personal spending appear to have become “forever frugal.”
by Bruce Horovitz USA Today
Chipotle’s resounding success has motivated founder Steve Ellis’s to try his hand at Asian cuisine with his latest Quick Serve Restaurant ShopHouse.
Western Business Real Estate
California, Oregon, Washington, Colorado — 7-Eleven has agreed to acquire the retail interests of 28 Western-region locations from Pacific Convenience & Fuels LLC for an undisclosed sum. The locations reside throughout California, Oregon, Washington and Colorado. The transaction is expected to close in the fourth quarter of 2011, and is subject to closing conditions and regulatory approvals. Included in the 28 locations are two unused parcels of land. The properties will all be rebranded as 7-Eleven store operations. They will retain the Conoco-Phillips/76 gasoline brands. 7-Eleven intends to remodel these locations throughout 2012. All will eventually be available for franchise.
“This is a strategic acquisition for us, increasing our store footprint in several of our most successful markets. Year to date, 7-Eleven has added more than 400 new locations, and 2011 promises to be 7-Eleven’s biggest year for store growth since 1986,” said Sean Duffy, 7-Eleven vice president of mergers and acquisitions, in a statement.
by Patrick Fitzgerald The Wall Street Journal, February, 2011
“The Wall Street Journal reports Blockbuster Inc. agreed to sell itself for $290 million to a consortium of its investors in a pact that gives the buyers the option to convert the video-rental chain’s Chapter 11 bankruptcy into a Chapter 7 liquidation.”
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