Person to Watch
Arte Moreno
Development action at the Platinum Triangle in Anaheim moved into overdrive this year, despite lingering uncertainty over the area’s biggest tenant: the Angels baseball team.
We chose the Angels’ owner as our person to watch, figuring there would be plenty of intrigue this year as Moreno negotiated with the city over a potential new lease and rights to develop land around the baseball stadium.
That was the case, as the city brought in attorney Wylie Aitken to help in negotiations, which as expected have yet to result in a new deal.
The Angels can opt out of its current lease as soon as next year and as late as 2019.
The lack of resolution hasn’t stopped developers from proceeding with numerous projects in the vicinity of the stadium. The Angels blocked one developer from putting additional parking on the team’s own parking lot, causing the China-backed company to scale back its plans.
Company to Watch
DJM Capital Partners Inc.
DJM Capital made good on its promise to open the long-awaited Pacific City retail center in Huntington Beach this year, justifying our selection of the San Jose-based retail developer as our company to watch.
Now comes the hard part: filling the 191,000-square-foot center on Pacific Coast Highway. It opened its doors a few weeks ago but has yet to lease up a majority of its space.
Opening the center, which languished for years under prior ownership groups, marks a new chapter in OC’s retail market, which has had little new development since the last recession but is now welcoming new projects, including an outlet center in San Clemente.
DJM’s most noteworthy lease in OC this year took place at another retail redevelopment project it has under way at the Lido Marina Village in Newport Beach. It signed acclaimed sushi bar Nobu as an anchor tenant for the waterfront center.
It’s also opening a food-hall-style center early next year called 579 that will act as an anchor for Pacific City.
DJM was also part of a deal that brought a new ownership group to its Bella Terra mall in Huntington Beach. It now has a 25% stake in the mall. Prudential Real Estate Investors bought the remaining 75% stake.
