Trachman Indevco Breaks Ground on $75 Million Mixed-Use Redevelopment Project in Los Angeles County and is Over 90% Pre-Leased

LOS ANGELES, CALIF. - Trachman Indevco, LLC, a retail real estate investment and development company, announced today that it has broken ground on Citrus Crossing, an approximate 23-acre suburban mixed-use redevelopment project offering shopping, dining, entertainment and on-site living. The new $75 million project, which is already 90 percent pre-leased, is a creative renaissance of an existing 180,000-square-foot shopping center built in the mid 1950s in the Foothill community of Azusa, Calif.

Located at the busy southwest corner of Citrus Avenue and Alosta Avenue in Azusa, the new development will include 175,000 square feet of retail and a 102-new townhome community. Existing tenants such as Ross Dress For Less, CVS/pharmacy, 99 Cents Only and Kragen Auto Parts will remain. New tenants that have signed leases at Citrus Crossing include a new Regency Theatres 10-screen state-of-art cinema with stadium seating, Tesco’s Fresh & Easy neighborhood market, Panda Express, Starbucks, Jamba Juice and other quick-serve restaurants and tenants. Currently there is a free-standing restaurant pad and some additional shop space that is available.

“We are very excited to break ground on Citrus Crossing,” said Andrew M. Trachman, president of Trachman Indevco. “We have worked closely with the City of Azusa and Perkowitz+Ruth Architects to design a vibrant, new shopping center that will serve the current and future needs and desires of the City’s residents and surrounding neighborhoods. It is our mission to build quality projects that have a positive lasting impact on the community and I believe that we have achieved that with this new design and outstanding tenant line-up.”

Trachman, prior to forming Trachman Indevco in 2005, was president of MBK Southern California, LLC where he was involved in more than $300 million in retail and office development and acquisition activities.

Homebuilder Watt Communities, based in Santa Monica, Calif., will develop the 102 for-sale townhomes on 5.5 acres as part of Citrus Crossing’ 23-acre site. Escrow closed on the residential land on August 14, 2007 and the first phase of the new town homes will be delivered next summer.

According to Emmett Albergotti, a 30-year veteran of the retail real estate industry and Trachman Indevco’s senior vice president, when the shopping center first opened in 1956, it was anchored by JCPenney, Mayfair Market and Sav-on. “As typical in those days, the shopping center was built like a mall with large parking fields circling the entire shopping center,” noted Albergotti. Trachman and Albergotti, experts in repositioning and adding value to under-utilized real estate assets, saw the potential in the aging shopping center and its close proximity to Azusa Pacific University and Citrus College and the area’s underserved residents. Currently, the shopping center is 70 percent occupied.

Citrus Crossing is surrounded by well-established neighborhoods and the currently under construction 1,250-home Rosedale Community. The project will also serve the staff, faculty and students at the nearby Azusa Pacific University and Citrus College. Azusa Pacific University, with 8,700 students, is currently expanding its facilities from 603,576 square feet to 1,307,023 square feet and its student beds from 3,562 to 5,221. Citrus College’s enrollment is approximately 12,000 students.

“Citrus Crossing will serve as the new hub of activity in the San Gabriel Valley along the Foothill Corridor,” Trachman said. “Residents, students and faculty don’t even have to use their cars to enjoy shopping, dining, movie-going or just relaxing and people watching at Citrus Crossing.”

“Citrus Crossing offers convenient access, great demographics and impressive traffic counts, high profile visibility and retail synergy along the Foothill Corridor, with more residents continuing to move into the trade area,” Albergotti said. “We are thrilled to be breaking ground on this project and can’t wait to celebrate our grand opening in the fall 2008.”

Peter Moersch of CB Richard Ellis in Anaheim with Hamo Rostamian and Ielen Sarkisian of Strategic Development Advisors in Pasadena are handling the marketing and leasing of Citrus Crossing. Grand reopening is planned for fall 2008.

Trachman Indevco is also developing a 520,000-square-foot retail project in Riverside County, Perris Marketplace in the City of Perris. The project, which will be anchored by a Wal-Mart Supercenter and Lowe’s Home Improvement, recently received City Council approval.

With over 750,000 square feet of retail in various stages of planning and development, Trachman Indevco plans to spend over $100 million on development projects in the next two years. “We are looking to acquire underperforming shopping centers with repositioning potential or a value-added component, in-fill retail and residential mixed-use sites in southern and central California,” said Trachman. “We will also acquire land for ground-up anchored retail development and tenant build-to-suits.”

Trachman Indevco, LLC, is a real estate investment and development company based in Los Angeles, which specializes in retail and retail-driven mixed-use projects primarily in southern and central California. Led by Andrew Trachman and Emmett Albergotti, seasoned veterans with a 30-year track record in all aspects of real estate development and complex redevelopment projects, Trachman Indevco’s principals’ have a reputation for well-designed, quality projects that have a positive, lasting impact on the communities in which they are located.

Currently, Trachman Indevco has more than 750,000 square feet of retail space in various stages of planning and development in California. For more information, visit www.trachmanindevco.com or call (310) 789-3888.

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