Trachman Indevco Unveils $75 MXD

AZUSA, CA-Trachman Indevco LLC of Los Angeles has broken ground for its 23-acre Citrus Crossing, a $75 million redevelopment of an existing 180,000-sf shopping center that will combine retail, restaurant, entertainment and residential components. The new project, which is 90% preleased, is taking shape at the southwest corner of Citrus and Alosta avenues.

Trachman Indevco’s redevelopment of the site will include 175,000 sf of retail and a 102-unit townhome development. 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 cinema with stadium seating, Tesco’s Fresh & Easy neighborhood market, Panda Express, Starbucks, Jamba Juice and other quick-serve restaurants and tenants.

Home builder Watt Communities of Santa Monica will develop the 102 for-sale townhomes on 5.5 acres as part of Citrus Crossing’s 23-acre site. Escrow closed on the residential land on Aug. 14, and the first phase of the new townhomes will be delivered next summer.

According to Andrew M. Trachman, president of Trachman Indevco, the company has worked closely with City of Azusa officials and Perkowitz+Ruth Architects to design the new center.Trachman, before 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.

Emmett Albergotti, a senior vice president at Trachman Indevco, notes that when the shopping center first opened in 1956, it was anchored by JCPenney, Mayfair Market and Sav-on. As was typical in those days, the shopping center was built like a mall with large parking fields circling the entire center, Albergotti explains.

Trachman and Albergotti saw the potential in the aging shopping center and its proximity to Azusa Pacific University, Citrus College and area residents who are underserved by retail. The center is surrounded by well-established neighborhoods and a new 1,250-home development called Rosedale Community that is under construction.

The project will also serve the staff, faculty and students at the nearby Azusa Pacific University and Citrus College. The developers anticipate a grand opening in the fall of 2008 for the repositioned center, which is being marketed and leased by Peter Moersch of CB Richard Ellis in Anaheim along with Hamo Rostamian and Ielen Sarkisian of Strategic Development Advisors in Pasadena.

With more than 750,000 sf of retail in various stages of planning and development, Trachman Indevco plans to spend more than $100 million on development projects in the next two years. Trachman says the company is looking to acquire underperforming shopping centers with repositioning or value-aded potential, infill retail and residential mixed-use sites and land for ground-up anchored retail development.