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Saturday, Jul 2, 2022

Briefs: Cherokee Deal, Industrial Sale

Cherokee Inc. announced on Wednesday a partnership to distribute apparel at Reliance Retail Limited stores in India. The Sherman Oaks apparel licensor said it is developing a new brand to distribute through Reliance Trends, a specialty apparel-and-accessories chain that Reliance operates in India. Reliance, a subsidiary of Reliance Industries Ltd. of Mumbai, is one of the largest retailers in India with nearly 2,000 outlets. Cherokee plans to expand the new brand to other countries. Cherokee has a portfolio that includes the Cherokee, Carole Little, Toney Hawk, Liz Lange and Sideout brands. In the last few years, it has expanded globally and now sells its apparel and accessories through retailers in 40 countries, including China, Russia, Israel and Mexico. Shares closed up 2 cents to $17.49 on the Nasdaq. A three-property industrial portfolio in Chatsworth has been purchased for $14.3 million. The buyer, Kids From The Valley XII LLC, a private Valley investment group, acquired it on Tuesday from 21001 Nordhoff Partners LLC of Chatsworth, according to Ron Feder, managing director of the Calabasas office of KW Commercial, who represented the buyer. Two of the properties were occupied at the time of sale: a 30,000-square-foot building at 9135 Independence Ave. and part of a 79,000-square-foot building at 21001 Nordhoff St. The third property, a 44,400-square-foot flex building at 9131 Independence Ave., will be put on the market for lease. “We’re looking for a flex or R&D tenant. The buyer is out there painting, redoing the landscaping and getting it dialed in for market,” Feder said. “We’ve already got two prospects that have been circling. I think that will lease pretty quick.” The seller was represented by Scott Caswell of Delphi Business Properties.

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