A Chase Bank branch will replace the Marie Callender’s restaurant in Toluca Lake next year.
JP Morgan Chase & Co. bought the 10050 Riverside Drive property late last month for $4 million from L.A.’s Phoenix Mortgage Corp. The 6,000-square-foot building, built in 1969, last sold in 2003.
Phoenix owns both the land and the Marie Callender’s franchise, which has operated for decades at that location. However, the outlet had been struggling, so Phoenix decided to sell. The restaurant chain, based in Mission Viejo, will be left with 23 locations in Los Angeles County and 69 statewide.
The property had been on the market since about February, and was in escrow for six months, according to CoStar Group Inc.
While there are Chase branches in nearby Burbank and North Hollywood, this will be the first outpost in Toluca Lake. The bank intends to demolish the restaurant and open a roughly 4,000-square-foot branch in the first quarter of next year.
The New York bank has been rapidly expanding in California after acquiring Washington Mutual Inc. in 2008, through a mixture of owned and leases spaces.
The bank opened 59 branches across the state this year and now has 879 in California. The company opened 25 in the county this year, bringing its total in the region to 225. In December alone, it opened branches in Redondo Beach, Long Beach, Pasadena and Van Nuys, among other locations.
Chase has already received its entitlements for the Toluca Lake branch and has filed for permits to start construction early next year, according to Arthur Arejian, managing member of L.A.’s Vanguard Investments Inc., who represented the seller.
Guitar Center Inc. is expanding to a new headquarters in Thousand Oaks as the company continues to open stores and hire more employees.
The company is taking nearly 43,000 square feet at LBA Realty LLC’s Lakeview Corporate Center, 112 S. Lakeview Canyon. Industry sources pegged the six-year deal at $5.7 million.
The musical instrument and equipment company’s existing headquarters is in 100,000 square feet of offices at 5775-5795 Lindero Canyon Road in Westlake Village. It also occupies some industrial space in that location.
The new location was chosen because Guitar Center wanted to keep its offices near each other and wanted to close a deal by the end of the year. The offices are less than 2 miles apart. The company has already started moving in to the second office.
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