Stuart Kane Represents Peninsula Retail Partners in Joint Venture, Expansion of Real Estate Portfolio
Newport Beach-based real estate developer, Peninsula Retail Partners, LLC, turned to Stuart Kane LLP for legal representation concerning three different joint ventures with Hanover Financial LLC, for the acquisition, lease and development of shopping centers in Arcadia, Sacramento and Victorville, California.
Peninsula Retail Partners’ project in Victorville involved the acquisition of the remaining phase of undeveloped parcels within the Dunia Plaza Shopping Center, and build-to-suit construction of retail space leased to retailers Staples, Michaels and Dollar Tree. The Sacramento project, also ground-up development, was leased to anchor tenant Smart & Final and includes the construction and development of various in-line shops. The Arcadia project, a renovation of a building within an existing shopping center, involved the lease to grocer, Aldi, and will serve as the first of many new stores for the discount grocer in Southern California.
Hanover Financial LLC, a real estate capital manager based in Los Angeles, provided the joint venture equity capital to facilitate all three projects. EverTrust Bank, a subsidiary of Industrial Bank of Taiwan (IBT), provided acquisition and construction financing for the projects.
Bruce C. Stuart, partner and chair of the real estate practice group at Stuart Kane, associate attorney Javier F. Gutierrez and paralegal Paula Allegra, represented Peninsula Retail Partners in all aspects of the joint venture, acquisition and lease transactions. Peninsula Retail Partners’ real estate portfolio growth was led by principals, Brett Del Valle and Kelly Allred.
Hanover Financial LLC, was represented by Steven A. Fein, partner at Seyfarth Shaw LLP, and paralegal Kim Grisso. Hanover’s joint venture equity investments were led and managed by Michael Lowinger, Mark Macedo and Martin Kemeny.
EverTrust Bank was represented by Frandzel Robins Bloom & Csato, L.C. lawyers: Stephen Skacevic, Steven Bloom, Loren Gordon and Jonathan August. The financing from EverTrust Bank was led and managed by Brian O’Connor and Ida Yuen.