Category Archives: Hot CRE Updates

Conejo Valley Retail Real Estate Updates

Agoura Hills: Valley Bakery at 5879 Kanan (in the retail center called Agoura Hills City Mall where Agoura’s Famous Deli is also located) is set to open very soon sometime in September, 2016. It is a bakery/dessert/coffee and tea type of cafe. Café Bizou opened up another location at 30315 Canwood St., #14, by replacing the previously existing Café 14 in the Reyes Adobe Center. Café Bizou has two other locations in Sherman Oaks and Pasadena and their website is http://www.cafebizou.com/. David Massie of DJM Commercial Real Estate represented Café Bizou in both the purchase of Café 14 and the lease for this new location.

Westlake Village: Cici’s Café, a family-friendly breakfast and lunch café known for its massive breakfast selection, including decadent pancakes, should be opening its doors in late 2016 at 30990 Russell Ranch Road near Lure in between Barone’s Pizza and Aroha New Zealand Restaurants. Cici’s has another location in Tarzana and a large following.

Oxnard: Bottle & Pint, currently located in Newbury Park, is opening up their second location at The Collection where Whole Foods and many other retailers are located in the Riverpark area. David Massie represented Bottle & Pint this lease transaction.

DJM CRE Announces Sale of $2.3 Million Building in Oxnard

DJMCRE is announcing the sale of a 2.3 million dollar building in Oxnard located at 1031 Factory Lane.  The property sold on April 1, 2016.  It’s a 25,810 square foot building and, with the selling price of $2,322,900, it comes out to about $90 per square foot.

DJMCRE also completed the following leases and sales so far in 2016:

Bensamochan Law Firm: 2,455 square foot 62 month new office lease in Agoura Hills

Ameriprise Financial: 3,254 square foot 60 month office lease renewal and expansion in Woodland Hills

National Research Institute (NRI): Completed a medical lease renewal and expansion of a 11,628 square foot property in Los Angeles

Completed a medical lease renewal and expansion in Huntington Park of a property at about 9,000 square feet

Express Employment Professionals: new retail lease for 63 months in Oxnard DJMCRE bought the following restaurant location for a client who we represented as the buyer: Aaronius Food Company at 8532 W Pico Blvd. in Los Angeles

Interested in leasing, buying, or selling a property?  Contact us!

DJM CRE services cost tenants nothing, because landlords pay the fee. All it takes to get started is a conversation. Contact David Massie now: 805-217-0791 or .

WHY NOW IS NOT A GOOD TIME TO BUY COMMERCIAL REAL ESTATE

Now is probably not a good time to buy commercial real estate (“CRE”).  And I don’t say this lightly because I own a commercial real estate company and I don’t make sales commissions if I don’t sell CRE.  But, in my opinion, it’s the truth and it’s rarely spoken by brokers/agents to their clients.

Doubtful? Check out this article regarding the matter.  If there are 254 billion dollars with experienced CRE investors looking to buy CRE but they can’t find anything to buy and aren’t accepting any more money from investors, this confirms it’s probably not the time to buy CRE.

In my primary CRE market in southern California, it is particularly difficult to find any CRE purchase that makes sense.  Demand way exceeds supply here, inventory is very low, and prices are hitting new records.  There are better options out of state than in California, but many of my buyers don’t want to buy out of state because they want to manage what they own and want it as close to them geographically as possible.

However, it is a great time to sell CRE even if it means having to pay the capital gains tax.  Many of my sellers want to do a 1031 exchange, but it simply doesn’t make sense to buy another CRE property. Prices are so high for new CRE properties and a buyer will probably lose all of the gains made on the sale of their CRE property, especially when the CRE prices drop like they always do.

And here is another article regarding restaurant owners with multiple locations taking advantage of the high sale prices and selling the CRE that they own: HERE.

How you sell and market your property in this hot market will really make a difference on the sales price you receive. So, keeping that in mind, hire a broker that knows what buyers are hungry to buy in your market and who will overpay for your property. Find one that won’t just post your CRE property online and put up a sign on it.  The right broker is one that knows how to negotiate and has a proven track record of doing so with many years of experience.  The key is to find a broker that doesn’t put his desire for a quick commission above your interests, especially since selling a property for top dollar takes a lot of effort and time when done correctly.

Conejo Valley Restaurant Updates March 24, 2015

The restaurant activity in the Conejo Valley continues to move at a very fast pace with high demand for restaurant spaces and not much supply as compared to previous years.

Here is the latest movement in the restaurant world of Conjeo Valley:

The Counter in Westlake Village near Lure Fish House just closed its doors for good at this location.  No new restaurant has been slated yet to replace them so stay tuned.  But Barone’s Pizzeria is slated to open soon in the location just to the left of the old Counter location and I hear good things about Barone’s.

Coco’s in Calabasas off Las Virgenes Road has also shut its doors and this space is now available for lease.  Rumor has it that Buffalo Wild Wings might be leasing the space.

Wolf Creek also closed its doors in Calabasas so this doesn’t bode well for that center which already lost The Village Fish Market which has been closed since 2013.

In Oak Park, Nicos has closed down and will be replaced by Charhouse Barbecue Restaurant.  In the same center, Margaritas Mexican Grill just opened recently and replaced Cigale Cafe and the former Starbucks location is now becoming a smoothie/coffee/juice type business.  The Fresh & Easy market just shut its doors in the shopping center across the street where Starbucks relocated to and the Fresh & Easy space is a big hole to fill which won’t be easy to do.

Plata Mexican food at the Whizins Market Square in Agoura Hills is now open in the former Latigo Kid location so they join Hugos, Tifa Gelato and Chocolate, and Wood Ranch at this center.

Gippinos  restaurant, with an existing location in Moorpark,  is going to replace Vittelo’s Restaurant in Westlake Village this summer.

Stay tuned for the next restaurant update soon!

 

 

WESTLAKE PROMENADE RESTAURANT UPDATE FOR PREVIOUS MACARONI GRILL LOCATION

Here is latest update as of March 31, 2015:

The previous Macaroni Grill location at the Westlake Promenade at the corner of Thousand Oaks and Westlake Boulevards is being split into two different spaces.

One space will be smaller and for a nonfood tenant (Sophora, a cosmetic/hair retailer) and that lease has already been completed and construction is underway.

The remaining approximately 4,200 square foot is being marketed as a restaurant space but there is not pending deal for this space so it’s yet to be seen what it will become.

Latest Conejo Valley Restaurant News

Here are some new updates as of February 19, 2015 related to new restaurant locations available in the Conejo Valley:

Famous Daves (BBQ) in Westlake Village has closed and the landlord has received multiple offers for lease this location.  It may remain as one large restaurant or become two or three.  Stay tuned for who the new tenant(s) will be.

Vitello’s Italian Restaurant in Westlake Village is on the market for lease.  Stay tuned for who the new tenant will be (DJM Commercial (me) has some interested clients so I hope it’s one of mine!).

Hunan Chinese Food in Westlake Village (3825 E. TO Blvd) is for sale so stayed tuned for a new tenant in this retail center (North Ranch Mall where Trader Joes is located).

Veggiemore (Kosher Israeli vegetarian and fish only) in the Agoura Hills City Mall at 5905 Kanan Road in the retail center where Agoura’s Famous Deli is located is for sale so stay tuned for who the new tenant is there.  DJM Commercial is representing Veggiemore.

Leila’s in Oak Park is for sale and the owner of Leila’s just opened a new restaurant in the Regency owned retail center where Sprouts and Gelsons  markets are in Westlake Village where Fins Seafood used to be.

A new Indian restaurant called Anarbagh (they have multiple locations) is opening around March, 2015 at 30853 Thousand Oaks Blvd in the North Ranch Gateway Center where China Garden currently occupies.  DJM Commercial represented the tenant here.

New Restaurants Coming Soon To Westlake Village, Agoura Hills And Oak Park!

Below is the latest list of new restaurants that are reportedly coming soon to Westlake Village, Agoura Hills and Oak Park:

New Agoura Hills Restaurants:

Padri located at 29002 Agoura Rd has an offer to purchase it and ,if the sale is completed, will remain with a similar use and probably the same name just new owners, remodel, and a changed up menu.

Isabellas located at 29020 Agoura Rd in the same retail center as Padri above will have a new owner/tenant and it’s yet to seen what type of restaurant it will become and when it will open. Owner is reported to be Russian and might bring something new and different but with a healthy bent.  Check back here for more updates soon regarding exact restaurant name, type of food and opening date.

New Oak Park Restaurant:

Cigale located at 702 Lindero Canyon Rd is going to be become a Mexican restaurant called Margarita Mexican Grill.  Check back here for more updates soon regarding when it is opening.

New Westlake Village Restaurant:

Urban Pizza is going to open its doors in the previous Qdoba space at the North Ranch Mall anchored by Trader Joes.  Check back here for more updates soon regarding when it is opening.

 

 

 

 

 

Restaurant News for Agoura Hills and Westlake

Westlake Village: The Old Plug Nickel location (now a wine tasting bar called Cuvee Terrace) in WLV is being sold and leased to one of my clients that has a couple of very high end successful Italian restaurants in other cities.

The vacant space in the same center as Lure Seafood just past The Counter location has signed a lease for a New Zealand Pacific Rim type restaurant called Aroha that is one of my clients.  In the old 90210 Pho location in this center to the left of The Counter, a new restaurant called Kaze which somehow fuzes Japanese and Italian foods together signed a lease.

In Agoura Hills, Vincitori Italian (owns Spumoni in NP also and replaced China Star here)  just opened up recently in the Agoura Hills City Mall where the Agoura’s Famous Deli is and there will also be a new Kosher Israeli restaurant opening in the next couple of months just to the left of this Deli.  I am involved in both of these deals.

Padri’s will be opening up a high end Mexican restaurant in the Whizzins Center where Latigo Kid used to be in the next couple of months.  Latigo relocated to the old Alamo location in the Vons anchored center at Kanan and Thousand Oaks Blvd. in Agoura Hills.

Calabasas: The old Red Robins in Calabasas is being leased by the Agoura Famous Deli owner and it’s yet to been seen what it will become.

Westlake Village: The Gelsons/Sprouts/Vons center in WLV (all owned by one owner) is performing a 25-million dollar renovation and is going to not only remodel but also build new buildings in some of the parking areas as well as try to connect all 3 different plazas into one.  New restaurants/food uses coming here are:  Leilas (rumor only, not confirmed), Mendocino Farms, Pitfire Artisan Pizza, Le pain Quotidien, Pressed Juicery and Firefly.   And here is what the new plaza will look like with a list of current and new tenants:   http://s.lnimg.com/attachments/52094D72-3578-4790-A932-A1142E78AB9C.pdf.

Besides me representing Tifa Chocolate and Gelato for a potential second location at the new Target center in WLV called The Shoppes at Westlake, here is what else is going on at this center:

Target is under construction with a July 25, 2014, grand opening date and they own their land.  The goal is to get all other Tenants open on or around this date, with the exception of buildings B and E, which will be later phases delivered in September.

Here is a website link that will show you a site plan for each building so you can see where each tenant is going in this new center.

Building J – In N Out

Building G

  • Suite A:  Hook Burger
  • Suite B:  Negotiating with several food users
  • Suite C:  In Leases with a sit-down seafood restaurant
  • Suite D:  In Leases with a dessert tenant

Building F

  • Suite A:  In Leases with a sub sandwich tenant
  • Suite B:  Greens Up!
  • Suite C:  Olio E Limone Ristorante
  • Suite D:  Olio E Limone Pizzeria & Enoteca

Building C

  • Suite G:  Los Agaves
  • Suite F:  All Tressed Up (blow dry bar, also offers make-up application)
  • Suite E:  In Leases with a wireless tenant
  • Suite D:  Endless Beauty (high end beauty supply)
  • Suite B & C:  Salon suites tenant (haircut and color services)
  • Suite A:  BCBC Nail Salon

Building D

  • Suite A:  Negotiating with sushi concept
  • Suite B:  Negotiating with women’s apparel
  • Suite C:  Negotiating with a jewelry store
  • Suite D:  Negotiating with a home goods boutique
  • Suite E & F: In leases with a men’s clothing store and children’s concept, but may relocate both users to accommodate a microbrewery we are negotiating with
  • Suite G:  Jeannine’s Marketplace

Building B (this is a second phase of the project, which will be delivered in September)

  • Suite H: Tilly’s
  • Suites A, B and a portion of C: Medical Use

Building E (this is a second phase of the project, which will be delivered in September)

  • We have a lease out for signature with a 1,000 SF user, however.  Will have several food and retail tenants.