Gateway Shopping Center Project

SEC Lassen St & Mason Ave. Chatsworth, CA 91311

Gateway Chatsworth Project 1.jpg
PRICE: 

$11,000,000.00

Building Size: 

70,000 SF

Tenants

Marriot Hotel, Starbucks, Jack in the Box, Popeyes

Price/SF

$50.00

Land Size

261,360

Challenge

Solution

  • Opened escrow and seller passed away but through persistent communication and guidance to sellers continued sale with next of kin. 

  • Project needed zone change in City of Los Angeles a challenging feat but with clear management of expectations facilitated several extensions of due diligence for developer in order to aid in obtaining entitlements. 

  • Procured off-market seller through consistent prospecting and market coverage. Facilitated off-market sale of land after competitive bidding against another developer group.

  • Facilitated sale of land with several extensions on due diligence while developer obtained tenant interest. Developer successfully obtained entitlements for 70,000 square feet which includes 4 story Marriot Business Flag Hotel, Planet Fitness, Starbucks drive-thru, Jack in the Box drive-thru and 10,000 SF of food shops.

  • During first phase of development began pre-development high volume marketing. Leveraging single tenant track record was able to command record breaking CAP rate for Chatsworth market for Jack in the Box and Starbucks.

  • Developer continues to work with team on marketing and sale of remaining properties.