Owners Finally Shore Up Deal for Malibu Mall

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Richard Weintraub and Richard Sperber finally cashed in on the Malibu Lumber Yard, a high-end shopping center the duo began working on together about five years ago.

Columbus, Ohio-based Glimcher Realty Trust purchased the 30,000-square-foot property for $35.5 million last month. The shopping center, which cost Weintraub and Sperber roughly $25 million to build, was on the market for more than two years.

Weintraub is chief executive of Weintraub Financial Services Inc., a real estate development company in Malibu whose credits include the renovation of Sportsmen’s Lodge in Studio City and downtown L.A.’s Vibiana Lofts. Sperber is chief executive of ValleyCrest Landscape Cos. in Calabasas. They teamed up in 2007 to form Malibu Lumber LLC.

The two longtime Malibu residents opened the Lumber Yard in April 2009 after struggling to overcome the hurdles of development-shy city officials. When the property didn’t sell right away, Weintraub and Sperber managed to keep the shopping center going with a minority investment from Century City real estate brokerage Blatteis & Schnur last year. Today, the shopping center is 84 percent leased with annual sales per square foot exceeding $1,000. Retailers include Intermix, James Perse, Maxfield, Tory Burch and Alice + Olivia.

The numbers are a step up for Glimcher, which owns and manages 27 properties in 15 states. Retailers at the company’s properties averaged $400 in sales per square foot last year.

Coming Up Down Under

Australian athletic clothing company Lorna Jane is expanding rapidly in California, beginning with the L.A. area. The company, which has 126 stores Down Under, opened five L.A. stores in the last five months and has plans for an additional seven before the year is out.

Bill Clarkson, chief financial officer for the company and husband of founder Lorna Jane Clarkson, said they chose Los Angeles for the first U.S. expansion in the company’s 25-year-history because of the area’s reputation as a leader in health and wellness, and because it reminds them of Brisbane, Australia, their hometown.

“If you look around the world, California is the closest thing to Australia, especially the East Coast of Australia,” he said. “The sun shines and the people are aware of their health and fitness. Being the dominant city in California, Los Angeles just makes sense.”

Lorna Jane opened its first U.S. store at the Malibu Lumber Yard in March and its second at the Waterside Marina del Rey in May. The company opened a flagship store at Santa Monica Place last month. Since then, two more stores have opened, one at Topanga Westfield in Canoga Park and another at Shoppes at Westlake in Westlake Village. Lorna Jane has already signed letters of intent for spaces in Brentwood, Sherman Oaks and at the Glendale Galleria.

After taking on Los Angeles, the company intends to expand into Orange County, San Diego, and then San Francisco. Clarkson said the company plans to open as many as 30 stores in the state by the end of 2013.

“You might think that’s quick, but it’s not really, because our business has been around for 25 years,” he said. “We’ve done all the testing we need, we’ve got to get going.”

Revolving Doors

Santa Monica Place announced earlier this month that Emporio Armani will open a store there this fall, the third for the Italian fashion house in Southern California. Other tenants that have opened at Santa Monica Place or will soon include Aveda Azure Salon, Free People, Johnny Rockets, Lorna Jane, Premier, Swimspot and Marbles: The Brain Store. … Chef Alex Reznik of TV’s “Top Chef” fame opened contemporary California restaurant FigOly last week in downtown Los Angeles at the Luxe City Center Hotel. … Duplex, a New American-style restaurant, opened earlier this month on Third Street near the Beverly Center. … Goodwill Southern California opened its 71st store earlier this month in Pasadena on Fair Oaks Avenue. The store is part of the non-profit organization’s strategic plan for retail expansion, which calls for opening 30 more stores between 2013 and 2015. The growth is spurred in part by robust sales in recent years. In 2011, Goodwill Southern California reported that sales jumped almost 16 percent compared with the previous year, twice the jump Goodwill Industries International Inc. stores averaged nationwide. … Global fashion retailer H&M will open a store in City of Industry at the Puente Hills Mall this fall. … Luxury accessories retailer Gearys Beverly Hills announced earlier this month that it will open a boutique for Swiss watchmaker Patek Philippe on Rodeo Drive in August. Gearys opened a Rolex boutique on Rodeo Drive in June. … San Diego-based burger chain Burger Lounge opened its second L.A. restaurant last week in Beverly Hills, its eighth restaurant overall. The eco-conscious fast-casual chain plans to open a third in Santa Monica this winter. It’s first L.A. spot opened in West Hollywood in December. … English gastropub concept Parish opened downtown last week in the Los Angeles Fashion District. The restaurant is the second for owners Mark Meyuhas and Bruce Horwitz, who opened Venice’s Tasting Kitchen in 2009 and plan to open a third – Itri – in West Hollywood in the fall.

Staff reporter Bethany Firnhaber can be reached at [email protected] or (323)549-5225, ext. 235.

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