Center Oak Properties LLC plans to break ground in June on an $87 million retail and entertainment center in downtown Burbank. The 245,000-square-foot project is to be anchored by a 16-screen AMC theater and will include a number of restaurants and a day spa. The new multiplex, featuring stadium seating for all its 4,600 seats, will replace an existing 14-screen AMC theater with 3,800 seats. The existing theater will be demolished when the new one is completed. The project on about seven acres bordered by First Street, Magnolia Street, San Fernando Road and Orange Grove will also include a pedestrian walkway along Palm Street. Center Oak has designed the project as a tiered mini-urban village with seating areas, and sloping stairways leading to various buildings and patios. The company plans to stage live entertainment events at the mall as well, said Fred Bruning, president of Torrance-based Center Oak. The restaurants that have signed leases for the first phase of the development include Macaroni Grill, Chili’s, Coldstone Cremery, Rubio’s, Quizno’s, Daphne’s and Topz. Bruning said he expects the theater multiplex to open by Nov. 1, 2001. The second phase, which is expected to open in the fall of 2002, will include a 25,000-square-foot Borders Books & Music and a 45,000-square-foot 24 Hour Fitness center on four levels. “You’ll be able to swim laps and look out at Universal Studios,” Bruning said. In addition, there will be 15,000 square feet of retail shops and a 7,000-square-foot restaurant. Health Net Stays Put For Health Net, the grass is not greener on the other side after all. After conducting an extensive search throughout the San Fernando Valley for new office space to house its 300,000-square-foot headquarters, officials at Health Net have decided to stay in the Woodland Hills area. The company has narrowed its list of possible homes to two facilities: its current Warner Center address and the LNR Warner Center site currently under construction by Lennar Partners, company officials said. “There were a lot of things we took into account, including where our associates live and drive time, and we decided to stay at our current location,” said Lisa Kalustian, a spokeswoman for Health Net. The health maintenance organization considered relocating to Burbank, Santa Clarita and other communities within a 30-mile radius of its current location. The odds had been against it remaining in Woodland Hills because business taxes in the area, which is within Los Angeles city limits, are far higher than those of other cities. Kalustian said she did not know when a final headquarters decision would be made. Porter Ranch Fills Up Porter Ranch Town Center in Northridge has secured another two tenants, bringing the occupancy rate at the project to 86 percent, said Allen Young, a broker with CB Richard Ellis Inc. who is representing the property. Party City signed a lease for 12,000 square feet and Famous Footwear signed a deal for 7,500 square feet in the 520,000-square-foot center developed by Shapell Industries Inc. The new tenants join Longs Drug Stores, Petco, Jo’Ann Etc., Wal-Mart, Toys ‘R Us, Best Buy, Sport Chalet, Ralphs, Bank of America and Blockbuster Video. Porter Ranch Town Center opened in the third quarter of 1999 with Toys ‘R Us and Best Buy. CB broker Greg Whitney also represented the developer in the deals. Building Sales in Thousand Oaks Burke Real Estate Group has sold three of the buildings in its recently opened Grande Vista Business Park in Thousand Oaks. Modeno Investments LLC acquired two of the buildings totaling 14,000 square feet. The investment company will use them for its own offices. In addition, Marshall Design, an interior design and wholesale carpet and flooring supplier, purchased a 7,042-square-foot building for its showroom and distribution facility. All three buildings sold for a combined total of about $2 million, according to Tony Principe, executive vice president for Westcord Commercial Real Estate Services, marketing agent for the business park. The Grande Vista Business Park at the Wendy Drive exit on the Ventura (101) Freeway was designed for smaller firms that want to own their own facilities. Principe and Jim Darin, also of Westcord, represented the buyers as well as the seller. Valencia Deal Valencia Entertainment International leased a 52,000-square-foot industrial building in the Valencia Industrial Center. VEI will use the facility, at 28309 Avenue Crocker, for studio operations and its Internet services headquarters. The company also occupies about 120,000 square feet of studios in an adjacent facility. Jim Ebanks of Realty Advisory Group Inc. represented the tenant and the landlord in the transaction. Chatsworth Lease Middle America Management, a marketer and distributor of entertainment products, leased a 94,000-square-foot industrial building in Chatsworth. The Denver-based company plans to use the facility, at 9640 Owensmouth Ave., for warehousing and distribution. The five-year lease is valued at $2.9 million. Richard C. Kyler of Grubb & Ellis Co. represented the lessor, Chatsmouth LLC. Michael J. LaRocque, a broker with Daum Commercial, represented Middle America. Sherman Oaks Move Grobstein Horwath & Co., an accounting and business management firm, leased a 22,264-square-foot office facility at 15233 Ventura Blvd. in Sherman Oaks. The company will occupy the eighth and ninth floors of the building. The five-year deal is valued at $2.7 million. Bob Safai of Madison Partners represented the tenant. The landlord, Douglas Emmett & Co., represented itself. Staff reporter Shelly Garcia can be reached at (818) 710-2731 or by e-mail at [email protected].
