Wilson Commercial Real Estate Awarded Leasing & Marketing Contract By New Owners of CityPlace in Long Beach

LOS ANGELES, CA – Wilson Commercial Real Estate of Los Angeles, Calif., the largest Landlord representative brokerage firm representing institutional and professional retail property owners on an exclusive basis in the Southern California marketplace, was awarded the exclusive marketing and leasing contract for CityPlace at Long Beach by new owner Shooshani Developers, LLC of Beverly Hills, CA.

CityPlace is located in the heart of downtown Long Beach, CA and covers six city blocks. The project is bound by West 4th Street to the south, West 6th Street to the north, Pine Avenue to the west and Elm Avenue to the east.

Shooshani Developers, LLC purchased CityPlace last month from Developers Developers Diversified Realty and Coventry Real Estate Partners for nearly $74 million. Opened in 2002, the mixed-use urban development consists of approximately 365,000 square feet of retail space and 341 residential units (120 residential condominiums and 221 apartment rental units). CityPlace is anchored by Wal-Mart, Nordstrom Rack, Ross Dress for Less, Big 5 Sporting Goods, Anna’s Linens, Ashley Stewart, Footaction, Motherhood Maternity, Payless Shoes and Panda Express.

‘This is an outstanding location with great retailers,” says Scott Burns, vice president of Wilson Commercial Real Estate. “There is excellent access and strong visibility plus an abundance of street parking. In addition, there are three parking structures with over 2,500 spaces serving CityPlace.”

The pedestrian friendly CityPlace is in close proximity to high-rise condominiums and apartment buildings and Long Beach’s financial and business district and many first-class hotels. Daytime population for the immediate trade area exceeds 152,000 people. The market's major employers include a mix of financial institutions, high-tech manufacturing, state and local government, medical facilities, universities and tourist destinations.

“The residential population of Long Beach continues to grow and these residents need a place to shop, eat and linger,” adds Burns. According to Downtown Long Beach Associates, a non-profit organization operating on behalf of the property owners and tenants of the Long Beach Business Improvement District, there are more than 5,200 units either planned, under construction or recently completed in the immediate trade area.

“We are excited about owning CityPlace and have hired Wilson Commercial Real Estate to maximize the project’s value to the community by bringing in selected retailers and restaurants,” notes Tony Shooshani, managing member of Shooshani Developers, LLC.

Recently, leases were signed with Zizibeh Clothing Inc. and Artifacts. Zizibeh Clothing, a woman’s apparel store with six other Southern California locations, plans to open a new 6,026-square-foot store at CityPlace in November 2005 and Artifacts, a 2,500-square-foot upscale modern furniture store from Redondo Beach, will open in the first quarter of 2006.

“For those retailers and restaurant operators that want to benefit from strong anchor tenant draw and high pedestrian traffic, we have a few restaurant and retail shop space opportunities available ranging in size from 1,000 to 6,500 square feet,” notes Burns.

“We plan to give back to the residents of Long Beach and increase our retailers’ exposure by hosting special events and promotions at CityPlace,” Shooshani notes. “In April 2006, we are planning a spectacular car show at CityPlace during the Toyota Grand Prix of Long Beach celebration. It will be an all day affair that highlights a ‘concourse’ style auto show.”

Scott Burns, Valerie Camacho and Richard Buchanan of Wilson Commercial Real Estate are the exclusive landlord representatives for CityPlace at Long Beach. Since 1998, Wilson Commercial Real Estate has been Shooshani Developers’ exclusive landlord representative for the company’s other retail properties including Northridge Grove, Venice Crossroads and Hollywest Promenade.


About Shooshani Developers, LLC

Founded by Said Shooshani in 1976, Shooshani Developers, LLC of Beverly Hills, Calif. specializes in the development, redevelopment, management and acquisition of high profile shopping centers located throughout Southern California. The majority of Shooshani Developers’ projects are community lifestyle shopping centers anchored by grocery, drugstores, and/or junior department stores in dense urban areas.


About Wilson Commercial Real Estate (WCRE)

With headquarters in Los Angeles, Calif., Wilson Commercial Real Estate (WCRE) is the largest Landlord representative brokerage firm representing institutional and professional retail property owners on an exclusive basis in the Southern California marketplace. Founded in 1990, WCRE specializes in leasing neighborhood and community anchored shopping centers and additionally provides sales and consulting services within the client’s portfolio. WCRE has earned a reputation for its results-oriented process, expertise, integrity and professionalism. Currently, WCRE represents more than 10 million square feet of retail space in 50 shopping centers throughout Southern California. For more information, visit the Company’s website at www.wcre.net or call 310-473-4424.