BUENA PARK, CA—Coreland Cos. has recently signed three deals at the retail center at 5970 Orangethorpe property here.
Matt Hammond, director of retail brokerage, represented Charlie Lyons Properties in lease transactions with Chipotle, Jersey Mike’s and Starbucks, totaling more than $3 million in consideration. Originally a hog ranch dating to the early 1930s, the property was the childhood residence of the property owner, Charlie Lyons, who eventually converted the former ranch to retail in the 1950s.
Among the three transactions, Chipotle signed a 10-year lease for 2,246 sq. ft., Jersey Mike’s a 10-year lease for 1,300 sq. ft.; and Starbucks signed a 10-year lease for 1,800 sq. ft.. John Romm of Commercial West represented Chipotle and Jersey Mike’s. Starbucks was represented by Jason Gordon of Epsteen & Associates. Chipotle and Jersey Mike’s are currently under construction and are expected to open this spring.
“With approximately one million square feet of office and industrial space in the immediate area, we identified the opportunity to capitalize with a variety of quick-serve restaurants, rather than one large tenant,” says Hammond in a statement. “The redevelopment and consequential signings further compliment the overall revitalization that has taken place at the Valley View and Orangethorpe intersection.”