The senior loan from CJUF will help fund a renovation plan that will increase the center's leasable space by approximately 15,000 square feet, expand parking capacity and improve access from local roads. A municipal bond issue facilitated by the City of Brea will provide funding to cover an adjacent flood channel, resulting in additional parking, better vehicle access and enhanced views, according to CJUF.
Improving this center has been a major priority for the City of Brea's revitalization efforts. Brea Plaza, perceived as a significantly outdated retail center due to vacancy and need for modernization, serves as a gateway to the city because of its location adjacent to the busy 57 Freeway, also known as the Orange Freeway.
To reposition the center, BOSC has been buying out existing leases in advance of the renovation, and has signed new leases with national and regional retailers who will move into the center once the renovation is complete. Existing tenants include Borders, Lucille's Smokehouse, Starbucks, AT&T, Denny's and Buca Di Beppo. The center is substantially preleased to new tenants including Brea 5 Cinemas, Total Wine & More, Chick-Fil-A and Panera, which are slated to move in after the renovations.
CJUF managing partner Bobby Turner points out that the Brea shopping center transaction exemplifies how the Los Angeles-based firm provides capital for acquisition and re-development in densely populated, diverse communities. "These long-overdue renovations and the overall repositioning of the center will not just improve the shopping center itself, but serve as an important piece of the revitalization puzzle for the City of Brea," Turner says. Waad Nadhir, president and majority owner of BOSC Equities, adds out that Canyon-Johnson's expertise in all facets of urban development was key to the closing of the deal.
The renovation project is expected to break ground in January of this year, with a completion targeted for December. KPRS Construction Services will serve as the general contractor for the project, with Architects Orange as the leading architect. The property is currently managed by Tustin-based Coreland Cos., with Steadfast Cos. of Newport Beach acting as a consultant.
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