Temple City : Part of Retail Center Sold

The Community Redevelopment Agency on Tuesday approved an urgent request from Champion/LBS Associates Development Co. to sell its part of Temple City Square to a limited partnership.

Bob Champion told the agency that quick action was needed because a $12.5-million loan from Long Beach Savings Bank to the buyer, Calac Investment, would fall through if the sale was not approved by the end of the year.

Calac, whose partners include California-based corporations controlled by the Chinese government, has hired Charles Dunn Co. as its management firm. Dunn runs Lucky Center in San Gabriel among other Southern California retail centers.

A spokesman for Dunn said that his company will evaluate tenants’ contracts for possible changes but that it does not intend to completely change the property and will keep the center’s goal of attracting regional and national vendors who currently do not serve Temple City.

He added that Dunn will pursue the city’s desire to bring a family-style restaurant to Temple City Square.