REAL ESTATE–Sunland-Tujunga Finally Getting Retail Development

Plans for a new, $10 million shopping center are underway in the Sunland-Tujunga area, one of the few communities that hasn’t been inundated with retail development. Realty Bancorp is seeking approval for a 46,000-square-foot shopping center on a 4.5-acre site at Foothill and Tujunga Canyon boulevards. “The area is really under-served,” said Douglas Jacobsen, a principal with Woodland Hills-based Realty Bancorp. “Our studies indicate that just about everybody who lives there leaves the area to do all their shopping.” The parcel had been owned and occupied by the Gas Co. until eight years ago when the agency relocated. Since then, the Gas Co. has been marketing the property, which contains a 58,000-square-foot office building, but no takers for the office building have emerged. Realty Bancorp has tentative agreements with Savon and McDonald’s to anchor the shopping center. McDonald’s is relocating from a nearby location with plans to add a full-size play area in the larger space. Savon will build a prototype store with drive-through pharmacy. Jacobsen said the company has not yet determined how many additional stores will occupy the space. “We have interest from a number of tenants,” he said, adding that most are waiting until approvals are in place and construction has begun before striking deals. Bob Walsh at Cypress Retail Group has been appointed to handle leasing for the center. Jacobsen said the center is meant to serve the neighborhood with retailers that fill everyday needs. “We’re not going to get a Virgin Music to put in a superstore,” he said. “We’re going to get tenants who have an interest in serving the neighborhood.” Although developers have not focused on the area, Jacobsen said its buying power is considerable. “When you do the analysis of the demographics, the population is pretty wealthy. Their incomes compare very favorably with a number of parts of the West San Fernando Valley,” he said. Realty Bancorp expects to begin construction in August with a completion date sometime in the first quarter of 2001. Calabasas Deal Ixia Communications signed a lease for 50,000 square feet of office space at Malibu Business Center in Calabasas. Ixia, which manufactures testing equipment for computer and Internet network devices, said it will occupy about half that space, subleasing the rest for about a year, when it expects to expand again. “We plan to grow into the other 25,000 square feet,” said Tom Miller, chief financial officer of the three-year-old company. “We’re adding people at a pretty brisk rate.” Ixia, which has grown from 30 workers to 80 in the last year, is moving from a 9,600-square-foot facility. Richard Abbitt, a broker with Lee & Associates, represented the tenant. Malibu Business Center represented itself. Canwood Fills Up Four tenants have signed leases on Canwood Plaza, a 100,000-square-foot office complex in Agoura Hills. The Silagi Development project, which includes two buildings, is located on 6.3 acres at 29229 Canwood Drive. Three tenants Reservation Center, Burson Dean Stevens and Norcomp will occupy the first floor of the first phase of the development, which is just being completed. A fourth tenant, Visual Trends, has signed a lease for 15,000 square feet in the second building, which will begin construction in the next month. Tony Principe with Westcord represented the developer. Industrial Strength Ontic Engineering & Manufacturing Inc. has signed a lease for 53,404 square feet of manufacturing space in Chatsworth. The seven-year lease is valued at $2.7 million. Ron Feder Sr., a broker with RJ Feder & Associates Inc., represented Ontic. Westlake Village Move Medea Corp., a maker of computer discs for storing digital video content, has signed a lease for 18,000 square feet of research and development space in Westlake Village. The company will relocate to 5701 Lindero Canyon Rd. this month. Brian Davies and David Toomey, brokers with Cresa Partners, represented the tenant, which is moving from another Westlake Village location. Michael Slater and Tom Dwyer at CB Richard Ellis Inc. represented the landlord, HP Properties. Valencia Sale I.W. Industries, a maker of brass products for the plumbing industry, has acquired a 52,023-square-foot industrial facility in Valencia for $3.6 million. The New York-based company will set up its first facility in Southern California at 28238 Avenue Crocker. IW will employ about 80 people at the site. Steve Stubblefield of Westcord Commercial Real Estate Services represented the seller, Packaging Plus. Kevin Tamura and Bram White of Daum Commercial Real Estate Services represented the buyer. Warner Center Deal AT & T;/TCG is moving its new fiber-optic equipment center into 8,600 square feet in the Warner Corporate Center at 21300 Victory Blvd. The 10-year lease is valued at $2 million. Thomas Specker and Scott Silverstein, brokers with Charles Dunn Co., represented the landlord, Nomura Warner Center Associates. Janet Polanchyck with Cushman Realty Co. represented the tenant. Staff reporter Shelly Garcia can be reached at (818) 710-2731 or by e-mail at [email protected].