Business Journal showcases L.A. professionals who are sold on retail property development.
FINANCIER
David Rifkind, 46
Principal, Managing Director
George Smith Partners Inc., Century City
As the head of operations and strategy at real estate investment bank George Smith Partners, David Rifkind has spent much of his time in recent years working with commercial property owners trying to hold on to their assets.
While he would rather be financing new retail developments, it hasn’t been all bad.
Consider the refinancing this year of Sylmar Town Center, a shopping center built in 1974 that features a Ralphs, CVS and other stores. The owners needed to pay off a bridge loan and move into long-term financing to continue updating the 150,000-square-foot property.
“It’s a center with deep roots in the Sylmar community, so it was a rewarding project to work on,” he said.
Rifkind caught the real estate bug while working for a developer during his senior year at USC, where he earned dual degrees in history and international relations.
He began working on development and acquisitions 24 years ago, transitioning to the finance side of the industry in 1990. He joined George Smith six years later.
“As a product type, retail is probably the most creative. You have to design and market a development to two constituencies: both potential tenants as well as their customers,” he said.
Some of his favorite financing deals over the years – such as the Whiskey and House of Blues nightclubs on Sunset Boulevard – helped pump life into iconic L.A. neighborhoods that had seen better days.
Rifkind considers the commercial component of the Queen Mary Seaport in Long Beach as one of the most creative and challenging developments he has shepherded. The deal was particularly complicated because any redevelopment of the port site required sign-offs from a variety of regulators and environmental groups in addition to the city and port of Long Beach.
His team was able to successfully negotiate a long-term lease with the city that enabled the original developer to attract Carnival Cruises to the underutilized waterfront eight years ago. George Smith also provided the financing that paid for the retrofitting of the historic 140,000-square-foot Spruce Goose Dome into a passenger terminal with adjacent restaurants and retail to create a more attractive port of call.
Some of his favorite newer projects that he hasn’t been involved with include a nod to the past, particularly Rick Caruso’s Grove shopping center in the Fairfax District.
“The tenant mix is vibrant and imaginative, and enabled the evolution of the historic Farmers Market into a destination for more than just the local residents,” he said.
The commercial revitalization project he’d most like to have a hand in?
“Westwood Village is one of the great underutilized potential redevelopment areas in Los Angeles County,” he said. “I would love to be part of the group that figures out a 21st century, highest and best use for the key streets in that community.”
