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Friday, Mar 29, 2024

Real Estate—Another Retailer Looking for Latino Market Moves In

The latest stats from the U.S. Census are no surprise to J & M; Sales Inc., operators of Fallas Paredes stores throughout Southern California, Nevada and Texas. The nearly 40-year-old company has just leased a site for its newest store at 21035 Sherman Way in Canoga Park, its third in the San Fernando Valley. Fallas Paredes, a junior department store that caters to the Latino market selling apparel, shoes and accessories for men, women and children, plans to open its newest store in mid-May. The 24,000-square-foot store is part of an expansion strategy that has averaged three to five new stores over the past few years, said Michael Fallas, vice president. “We do look for certain demographics. We look for Hispanic demographics. We look for an area that would be looking for value items and we look for density of population,” said Fallas. Fallas Paredes opened its first Valley store in Van Nuys about six years ago. Since then the company added a unit in the city of San Fernando as well. The 20-store chain has a total of 16 stores in Southern California. Although the stores attract most of their customers from the immediate community, they have also attracted a strong following from a broader radius. The company’s flagship on Broadway in downtown L.A. gets a fair share of customers from as far away as San Diego and Sacramento, Fallas said. Most of the neighborhoods in which Fallas Paredes has located so far have had high concentrations of Latinos, about 75 percent, but the company more recently has begun to move into other areas as well. A store at Third Street and Fairfax Avenue draws a far more diverse customer base. “Hispanics find us because we have a great name in the Hispanic community, but we also have a good crossover,” said Fallas. Steve Weiss with NAI Capital Commercial represented the tenant in the Canoga Park lease. Irwin Hyman, Chad Gahr and Bill Napier, also of NAI, represented the landlord, PAH Partners LLC. Home Depot Sale A private investment trust has acquired the property that houses Home Depot in the city of San Fernando for $14.65 million. The 106,000-square-foot retail facility, which will be expanded, is located on 8.7 acres at the corner of Foothill Boulevard and the Pacoima Wash. Home Depot leases the building. William Bauman at Colliers Seeley International and Mark Lucescu at Marcus & Millichap represented the sellers, Regency Centers, a shopping center developer. Kamal Banki, a broker with Westcord Commercial Real Estate Services, represented the buyers, O’Hearn Trust of Oxnard. Medical Lease Facey Medical Foundation in Mission Hills has leased 16,311 square feet of office space at Jade Corporate Center, also in Mission Hills. The five-year lease is valued at about $2 million. Facey will house its administrative and executive offices at the building at 15451 San Fernando Mission Blvd. The medical management services company, including a 110-physician medical group, also occupies 16,000 square feet at 11211 Mission Blvd. Brian Hennessey, Alexander Wadley, Jim Lindvall and Chris Baer of Grubb & Ellis represented the landlord, Jay Arteaga Development. Facey was represented by Joel Frank at First Property Realty Corp. Aircraft Action Winair Instrument Inc. acquired an 11,398-square-foot industrial building in Simi Valley for $957,000. Winnair bought the building, at 2231 Agate Court, to house a distribution center for its aircraft parts. Craig Weisman, a broker with TOLD Partners, represented the private investors who sold the Simi Valley facility. Charitable Deal United Cerebral Palsy of Los Angeles and Ventura Counties has leased space in Warner Center and Van Nuys to house its headquarters and adult day programs facilities respectively. The organization inked a deal for 17,000 square feet at 6430 Independence Ave. in Woodland Hills for its area headquarters. UCP is also slated to take over 12,000 square feet at 15934 Strathern Ave. in Van Nuys for its adult day programs. Currently, UCP houses both its administrative and adult programs at the same site at 7630 Gloria Ave. in Van Nuys. The moves double the association’s space. Stu Leibsohn, a broker with Delphi Business Properties, represented UCP in both deals. Don Manning at CB Richard Ellis represented Kay Associates, the landlord in the Woodland Hills transaction, and Jerry Scullin, also with Delphi, represented Shroeder Tool & Dye Corp., the landlord in the Van Nuys deal. Valencia Deals There will soon be more to eat in Valencia. In-N-Out Burger and the parent of Olive Garden have both signed deals in the community. In-N-Out has purchased a 1.09-acre site for $1.3 million at Newhall Ranch Road and Bouquet Canyon, a location within a proposed Lowe’s-anchored shopping center. In-N-Out, which already operates two locations in Canyon Country, plans to open a 47,472-square-foot restaurant at the site by early 2003. Steve Weiss, a broker with NAI Capital Commercial, represented the restaurant. Ray Bayat, Mitch Bayat, Bert Abel and John Cserkuti of Grubb & Ellis represented the seller, Newhall Land and Farming. Darden Restaurants Inc., an Orlando-based chain that operates Red Lobster, Olive Garden and other restaurants, has signed a lease for 8,500 square feet at the Promenade at Town Center shopping center in Valencia. Darden plans to open an Olive Garden on the site, located at Magic Mountain Parkway and McBean Parkway, late next year. Jim Auther and Tim McMahon of Grubb & Ellis represented Darden. The landlord, South River & Citrus Properties LLC, represented itself. Staff reporter Shelly Garcia can be reached at (818) 676-1750, ext. 14 or by e-mail at [email protected].

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