Hastings Ranch Plaza Remodeled, Fully Leased
Two years of intensive planning--including an unusual leasing arrangement--has culminated in the opening of Hastings Ranch Plaza on Foothill Boulevard, between Rosemead Boulevard and Michillinda Avenue, Pasadena, with a prototype Sears “Store of the Future” and a Marshalls store as major tenants.
The $6.5-million project of Tarzana-based G & D Centers Inc., in partnership with Cal Fed Enterprises, wholly-owned subsidiary of California Federal Savings, is fully leased, according to George Riemer and Donald M. Ladinsky, principals of the development firm.
The 240,000-square-foot community shopping center includes 33,000 square feet of shops and restaurants. The Sears store, originally opened on the 16-acre site 27 years ago, was completely remodeled and renovated, and has been designated by the store chain as its model for national television advertising programs.
Two existing Sears stores in Seattle, along with Marshalls again as the second major tenant, will follow the Pasadena modernization concept and will be carried out by G & D Centers, Riemer said. The chain outlet plans to renovate about 100 of its free-standing stores throughout the nation in this same fashion.
Last March, Sears and G & D entered into a 70-year subground lease agreement and Riemer and Ladinsky, with Cal Fed Enterprises, formed Hastings Ranch Plaza Associates to develop the plaza. In an unusual situation, G & D found itself Sears’ lessor as well as Sears’ lessee under the subground lease arrangement. Also, the area previously used only for parking--somehow originally zoned for residential use--was converted over strenuous neighborhood objections and with strict city restrictions to commercial use. Now, Fuddruckers restaurant, a book store and other shops occupy that portion of the complex.
McClellan, Cruz & Gaylord of Pasadena was the architect; Chotiner & Gumbiner of Beverly Hills, the contractor and Security Pacific National Bank provided construction financing. Michael Epsteen & Associates handled leasing.
