Paradise Capital Group acquires Paraiso Town Center
Thousand Oaks, Calif. — Beverly Hills, Calif.-based Cardinal Equities, through its affiliate Paradise Capital Group, said it has acquired from U.S. Bank a 50,000-sq.-ft. retail and office complex in Dos Vientos Ranch, a master-planned community in Thousand Oaks, Calif.
Paraiso Town Center, built in 2008 and foreclosed on by the construction lender in late 2009, includes 40,000 sq. ft. of ground-level retail and restaurant space with outdoor dining, and 10,000 sq. ft. of office space.
The center is currently 20% occupied, and features Boney Mountain Coffee, Red Coral Restaurant, Fitness Together, The Art Box and Paraiso Cleaners.
Paradise Capital has engaged CBRE to head up leasing effort.
Five Guys Burgers and Fries to open at Westwood Village
Magnolia, Texas — Jacksonville, Fla.- based Regency Centers said it has leased restaurant space in Magnolia, Texas, at Westwood Village to Five Guys Burgers and Fries.
Five Guys leased 3,127 sq. ft., bringing the center to 97% leased. The restaurant is now open for business.
Westwood Village is a 310,000-sq.-ft. community center anchored by Target, Ross Dress For Less, and T.J. Maxx.
Pier 1 Imports profit nearly doubles in Q1
Fort Worth, Texas — Pier 1 Imports reported Thursday that its fiscal first-quarter profit nearly doubled, rising to $14.1 million, compared with $7.7 million in the prior year period.
Revenue increased 9% to $334.6 million from $306.3 million. Same-store sales rose 10.2%.