Buchanan St. Tapped to Orchestrate Financing for $218M L.A. Retail Project
- Sep 11, 2008
Red Mountain Retail and Allied Retail Partners have selected real estate investment management firm Buchanan Street Partners to structure all necessary capital for the $218.4 million development of El Portal Entertainment Center in South Gate, about 15 miles south of Downtown Los Angeles.The nearly 500,000-square-foot regional multimedia-themed regional shopping center is being designed to target the area’s Hispanic retail market, which features over 1 million residents within a five-mile radius of the project.”This is one of the most densely populated and, in terms of retail, underserved areas in Southern California,” Allied Retail co-founder David Goldman told CPN. “El Portal will be unique; it will be all focused on the Hispanic community, which is 95 percent of the trade area.” The project will occupy a 28.5-acre parcel sited at the intersection of Atlantic Ave. and Firestone Blvd. Target, Ross and Regency Theatres have signed on to anchor the retail property, which will also offer entertainment options.And it is the entertainment segment that will be the focal point of El Portal. The development will feature a venue for live concerts, a plaza that can accommodate up to 5,000, and a radio and TV production studio. “This will be a mini town square environment, but the retail will be designed around the media,” Adam Bleibtreu, CEO of integrated media systems firm Chaos Partners L.L.C., told CPN. El Portal’s developers hired Chaos Partners to create revenue from the media assets and to create a destination entertainment environment that supports retail. “It will be a truly integrated, interactive consumer experience,” Bleibtreu added. “People will go to El Portal to experience the media as much as to shop or eat.”Headquartered in Newport Beach, Calif., Buchanan supplies capital solutions to commercial real estate developers and owners via its discretionary funding of equity capital. The company, which also offers commercial real estate advisory services, manages investments on behalf of institutional and private investors.Red Mountain Retail is a Santa Ana, Calif.-based developer and redeveloper of retail and mixed-use properties. The firm has a portfolio of 80 centers valued at over $1 billion, and totaling 5.5 million square feet seven states.Los Angeles-based Allied Retail is a privately held real estate concern that focuses on the acquisition and development of shopping centers and mixed-use properties throughout California. The company’s development portfolio exceeds 1 million square feet of retail and residential projects valued at an aggregate $500 million.