Gateway Shopping Center Project
SEC Lassen St & Mason Ave. Chatsworth, CA 91311
Marriot Hotel, Starbucks, Jack in the Box, Popeyes
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.