Property Types Retail
What Will Save Westwood?
May 6, 2008
Source: Los Angeles Times

Though it may be a surprise to those who come to party there on Saturday nights, Westwood Village is trouble. The venerable retail area adjacent to the University of California, Los Angeles, has been in slow decline for decades due to gang activity and empty storefronts. However, the Los Angeles Times reports, a burst of construction activity promises to restore Westwood to its former glory.

This burst includes the 350-unit Palazzo Westwood Village on Glendon Avenue as well as developer Kambiz Hekmat's extended-stay boutique hotel that, once completed, will feature shops and restaurants. A modernist-style retail project is slated for the former site of the recently razed Mann National Theater.

 
Recent Retail Headlines
H&R Sells 11 in Canada
H&R Real Estate Investment Trust has announced the completion of the sale of eleven retail properties. The firm netted approximately $72 million from the transaction. The company expects approximately a $9 million return on sale.
Carlton Arranges $630M Equity, Debt Recapitalization of Manhattan Retail Complex
Carlton Advisory Services announce the $630 million equity and debt recapitalization of the retail condominium at 666 Fifth Avenue in New York City.
Orlando's First Nordstrom Rack to Anchor New 100,000SF Shopping Center
Millennia Crossing, a 100,000-square-foot shopping center scheduled to debut in Orlando, Fla. next spring, will become the home of the city's first Nordstrom Rack and the State of Florida's second such store.
Commission to Consider Lavonia Mall Redevelopment Plan
With most of Livonia Mall's tenants having negotiated lease terminations, the road has been paved for a massive remake of the shopping center just outside of Detroit, Mich., and the Livonia Planning Commission intends to give the plan the once-over on July 15, according to Crain's Detroit Business.
Lightstone Acquires Interests in 20 Outlet Centers in $456M Deal
Lightstone Value Plus REIT will soon have a stake in 20 factory outlet centers, now that it has signed on purchase from 22.54 to 25 percent interests in the properties from affiliates of Arbor Mortgage REIT.