The senior loan from CJUF will help fund a renovation plan thatwill increase the center's leasable space by approximately 15,000square feet, expand parking capacity and improve access from localroads. A municipal bond issue facilitated by the City of Brea willprovide funding to cover an adjacent flood channel, resulting inadditional parking, better vehicle access and enhanced views,according to CJUF.

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Improving this center has been a major priority for theCity of Brea's revitalization efforts. Brea Plaza, perceivedas a significantly outdated retail center due to vacancy and needfor modernization, serves as a gateway to the city because of itslocation adjacent to the busy 57 Freeway, also known as the OrangeFreeway.

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To reposition the center, BOSC has been buying out existingleases in advance of the renovation, and has signed new leases withnational and regional retailers who will move into the center oncethe renovation is complete. Existing tenants include Borders,Lucille's Smokehouse, Starbucks, AT&T, Denny's and Buca DiBeppo. The center is substantially preleased to new tenantsincluding Brea 5 Cinemas, Total Wine & More, Chick-Fil-A andPanera, which are slated to move in after the renovations.

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CJUF managing partner Bobby Turner points out that the Breashopping center transaction exemplifies how the Los Angeles-basedfirm provides capital for acquisition and re-development in denselypopulated, diverse communities. "These long-overdue renovations andthe overall repositioning of the center will not just improve theshopping center itself, but serve as an important piece of therevitalization puzzle for the City of Brea," Turner says. WaadNadhir, president and majority owner of BOSC Equities, adds outthat Canyon-Johnson's expertise in all facets of urban developmentwas key to the closing of the deal.

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The renovation project is expected to break ground in January ofthis year, with a completion targeted for December. KPRSConstruction Services will serve as the general contractor for theproject, with Architects Orange as the leading architect. Theproperty is currently managed by Tustin-based Coreland Cos., withSteadfast Cos. of Newport Beach acting as a consultant.

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