BUENA PARK, CA-Three restaurant tenants have signed 10-year leases at the newly redeveloped 5970 Orangethorpe property here. Coreland Cos.' director, retail brokerage, Matt Hammond represented owner Charlie Lyons Properties in the transactions with Chipotle, Jersey Mike's and Starbucks that totaled more than $3 million.
Originally a hog range dating back to the early 1930s, the property was the childhood residence of the property owner, Charlie Lyons, who eventually converted it to retail in the 1950s.
Chipotle took 2,246 square feet, Jersey Mike's took 1,300 square feet and Starbucks took 1,800 square feet at the center. John Romm of Commercial West represented Chipotleand Jersey Mike's, while Starbucks was represented by Jason Gordon of Epsteen & Associates. Chipotle and Jersey Mike's are currently under construction and are expected to open this spring.
“With approximately 1 million square feet of office and industrial space in the immediate area, we identified the opportunity to capitalize with a variety of quick-serve restaurants, rather than one large tenant,” said Hammond in a prepared statement. “The redevelopment and consequential signings further compliment the overall revitalization that has taken place at the Valley View and Orangethorpe intersection.”
As GlobeSt.com reported exclusively earlier this month, three complex California-based receivership assignments were sold in the past eight months under the direction of State Court-appointed receiver and principal of Coreland Cos. Pat Galentine. The three assets garnered in excess of $120 million and are all located in the state of California.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
