It’s put up or shut up time for Jarco/SLG & G; LLC, developer of a proposed 500,000-square-foot retail and entertainment complex on a 42-acre site in North Hollywood’s Television, Arts and Entertainment district. Jarco was awarded the right to negotiate for the acquisition of the site last year by the L.A. Community Redevelopment Agency, but the developer has to convince the agency that it can sign up tenants if the project is to proceed. Jarco recently hired a brokerage to find tenants for the site. “I’m not going to move forward if I don’t see leases,” said Lillian Burkenheim, North Hollywood project area manager for the CRA. “(Jarco Chief Executive J. Allen Radford) needs to show this is a viable project. If the market isn’t there, it shouldn’t be something we are doing.” Radford hopes to devote about two city blocks at the corner of Lankershim and Chandler boulevards to a complex that would include a multiplex movie theater, health club, themed restaurants, supermarket and specialty retail shops. The balance of the development would include a hotel and conference center, and an office park with six mid-rise buildings. Radford has hired Armando Aguirre, Bert Abel, Ian Brown and Walter Pagel of Grubb & Ellis Co. to handle leasing for the proposed retail complex, which has been named NoHo Commons. Radford is also working on an environmental impact report, which is slated for completion by the end of the year. His deal with the CRA is contingent on the EIR being approved, as well as his ability to close lease deals on the space. Radford has acquired from private parties about one-third of the land he would need for the development. The CRA owns another third of the project site. And the final third is still owned by other private parties. If the development deal with the CRA goes through, the agency could use its powers of eminent domain to acquire that remaining land. The project was delayed earlier this spring when Radford revised his original development plan, which called for a number of sound stages. Senior Development Senior Resource Group has broken ground on a 249-unit senior housing complex in Sherman Oaks. The company, which is developing the property in partnership with Greenwich, Conn.-based Starwood Capital Group, will spend about $35 million on the complex, located on a 4.5-acre parcel at 5450 Vesper St. About 80 percent of the complex will be devoted to active senior housing. Another 20 percent will be geared to assisted living facilities. Starwood, which has mostly invested in hotel developments until now, decided to diversify into the senior housing sector with Senior Resource Group because of what it believes is a growing market for such facilities, and because of the location of this particular development. Sherman Oaks, with its barriers to entry for new development, presents an attractive investment market for this type of housing, said Dan Peoples, a spokesman for Senior Resource Group. The complex is expected to be completed in 2001. Valencia Sale A joint venture between Hanover Financial Co. in Los Angeles and Kensington Management Group in Tustin has acquired a 50,265-square-foot retail/office project in Valencia for $7.3 million. The complex, at 27600-27674 Newhall Ranch Road, was purchased from Newhall Land & Farming Co. LeAnne Seichel of Told Partners represented the buyers, who are operating the venture as Kensington Del Rancho LLC. Tom Lagos of Grubb & Ellis represented Newhall Land. Glendale Acquisition CB Richard Ellis Strategic partners LP acquired a 315,000-square-foot office building in Glendale for $55 million. The building, at 505 N. Brand Blvd., is about 40 percent vacant, including sublease space, which represents an opportunity for the new owner to increase cash flow. “The best news about the project is, there’s available space for lease,” said Bill Boyd, senior vice president at Grubb & Ellis. “505 Brand is the only opportunity for large tenants to consider.” Boyd predicted the 13-year-old building, which had been owned by Shuwa Corp., will lease at rates in excess of $30 per square foot a year, far higher than previous levels, he said. Shuwa placed its 8.5-million-square-foot portfolio, including the Glendale building, on the market following the onset of the Asian financial crisis about two years ago. But instead of proceeding with the portfolio sale, Shuwa has been selling certain properties individually. Mary Ricks of Kennedy-Wilson Inc. represented Shuwa in the deal. Northridge Adds Tenants Northridge Fashion Center has signed leases for about 50,000 square feet of space in the new outdoor extension to the enclosed mall, called The North End. Sushi Factory, an all-you-can-eat buffet-style restaurant, will be joining the lineup in The North End at the end of the year, along with Wood Ranch BBQ & Grill, a family-style restaurant. The two newcomers will join Macaroni Grill, Claim Jumper and On the Border Mexican Cafe, which are also located in The North End. Cost Plus World Market a giftware, housewares and gourmet chain will also open an outlet in The North End in December. Meanwhile, two retailers are setting up shop inside the mall this month. Beyond The Beach, a casual apparel shop for young men and women, and Gloria Jean’s Coffee will join Banana Republic and A Bear Is Born, which opened earlier this year. Agoura Deal Holualoa of Arizona Inc. has acquired a 62,207-square-foot office building in Agoura Hills for $7.75 million. The building, at 30851 W. Agoura Road, was sold by GE Capital. Mark Leonard of Cushman & Wakefield represented both buyer and seller. Staff reporter Shelly Garcia can be reached at (818) 710-2731 or by e-mail at [email protected].