Studio City is a vibrant and desirable area in the San Fernando Valley area of Los Angeles. Here are some highlights –

Close Proximity to Studios: Entertainment professionals can benefit from settling near such studios as CBS, Universal, and being a short drive away from Warner Bros.

Convenient Access to Westside: Residents are able to easily access West Hollywood and the rest of the Westside via the major thoroughfares of Laurel Canyon Boulevard and Coldwater Canyon Boulevard. These scenic hillside routes are ideally situated to provide an option for LA entry other than the freeways.

Emergence of Fast-Fresh Food: Restaurateurs are realizing the value of opening new fast-fresh options in Studio City because of the population’s overall preference for healthy food dining. Franchises like Lemonade, Pizza Rev, The Counter, Umami Burger, Chipotle, and Tender Greens (coming soon) have emerged along Ventura Boulevard serving customers looking for fresh, mostly organic ingredients in their meals.

Walkability: Studio City is a relatively walkable area of the Valley. Residential apartment and condominium communities are available both north and south of Ventura Boulevard. This provides easy access to shops, particularly the stretch between Whitsett Avenue and Laurel Canyon Boulevard such as Urban Outfitters, Wasteland, and Pier 1 Imports.

Nightlife: Studio City is famous for excellent restaurant dining options (including “sushi row”), bars, music venues, specialty playhouses, and comedy clubs. Local restaurant favorites include Le Pain Quotidien, Mexicali Cocina Cantina, Iroha Sushi of Tokyo, Spark Woodfire Grill, and Laurel Tavern.

Based in Los Angeles, Rexford Industrial Realty Inc. announced a $15.4 million Burbank acquisition to add to its Valley property portfolio. The purchase was financed through a $10.3 million loan with the remainder being funded by the firm’s line of credit.

The firm purchased a 130,000 square foot two-building setup located at 2980 and 2990 N. San Fernando Blvd. The tenant that currently occupies the buildings is Senior Aerospace SSP – a high-pressure air duct manufacturer for planes. Senior Aerospace SSP is a long-term tenant having occupied the space for more than 50 years. The company currently has four years remaining on their lease.

Rexford has a hand in 74 properties totaling 8.1 million square feet. The firm also manages 20 other properties totaling1.2 million square feet.

Source: http://www.sfvbj.com/news/2014/jun/02/rexford-acquires-burbank-properties/

ROIC has announced that they will be purchasing the Fallbrook Shopping Center in West Hills, located on Fallbrook Avenue between Victory Boulevard and Vanowen Street, for an all-cash $210 million deal. The retail center has been owned and managed by General Growth Properties – owner of the Northridge Fashion Center and Glendale Galleria, among other malls. The deal, which provides a significant addition to ROIC’s shopping center portfolio, is slated to close by the second quarter of 2014.

The center was constructed in 1966 as an enclosed mall. It later positioned itself as a big-box retail center – one of the largest in the San Fernando Valley. ROIC reports that the center is home to approximately 1.1 million square feet of gross leasable area and is 98 percent leased. Stuart A. Tanz, ROIC president and chief executive officer showed enthusiasm for the acquisition stating that the center “is an excellent strategic fit with our existing portfolio, given its location and market position, as well as its diverse mix of tenants, many of which are necessity-based retailers.”

Fallbrook currently has many meaningful anchor stores including three supermarkets (Ralph’s, Trader Joes and Sprouts), and four major big-box retailers (Walmart, Home Depot, Target, Kohl’s).

ROIC has a portfolio of 55 shopping centers. Fallbrook will become one of their premier properties. ROIC, a real estate investment trust (REIT), has a track record for repositioning shopping centers and will look to employ those strategies along with a host of leasing a development initiatives.

Sources:

http://www.postperiodical.com/fallbrook-shopping-center-sold-for-210-million/

http://www.nasdaq.com/press-release/retail-opportunity-investments-corp-to-acquire-fallbrook-shopping-center-for-210-million-20140602-00081