Shopping Center Business

MAY 2015

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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172 • SHOPPING CENTER BUSINESS • MAY 2015 Randall Shearin California owner has a pragmatic approach in a thriving marketplace with an eye to future trends. Reliable Properties Seeks Thriving Markets L os Angeles-based Reliable Proper- ties has a tradition of working with retailers to create strong centers. Celebrating its 40th year in business in 2015, Reliable has developed, acquired and renovated more than 100 commu- nities, neighborhood or strip shopping centers in California and other major cit- ies. The company also has an acquisitions platform in the triple net lease sector that is active throughout the country. Shopping Center Business recently spoke with President Jack Nourafshan to find out more about what Reliable is doing, and why it has diversified with net lease properties in recent years. While Reliable was technically launched in 1975, the company's roots go back even further. In the 1960s, the company was active with another entity in development efforts in the San Fernando Valley. In the 1970s, the company began to develop of- fice properties along Wilshire Boulevard and in Beverly Hills. The company is also active in mixed-use, residential, retail and hospitality development. In the early 1980s, the company began developing shopping center properties. Its first retail property was the acquisition of a vacant shopping center near Los Angeles Inter- national Airport. The company leased the property, and built additional buildings to it. In 1984, the company bought a center in the San Gabriel Valley, partially demol- ished it, and built a new 125,000-square- foot center. In 1985, the company built a shopping center in the Huntington Park area of Los Angeles. Around that time, it also built a mixed-use property with re- tail and multifamily in the Highland Park neighborhood. "Mixed-use developments were not so prevalent at that time," says Nourafshan. "With that project, we saw how it could work." In 1987, Reliable acquired a 115,000-square-foot center that was still totally vacant from the riots that the area experienced more than 20 years before. The company spent a long time reposi- tioning and rebuilding the center for the neighborhood, enduring a recession in the early 1990s in the process, into a fully occupied center. "We had to learn how to live with a property that had low demand from con- sumers at the time, as well as difficulty leasing up," says Nourafshan. "In the end, we were able to strike great deals with retailers by finding ones that the market needed and demanded." Throughout the 1990s, the company continued its development of new shop- ping centers and redevelopment of re- tail centers that it acquired. Most of the centers were in the greater Los Angeles market; the company has ventured out of state a few times but prefers to stay within driving distance of its developments. That close distance has enabled the company, The Valley Shopping Center in Pomona, California, features tenants Walmart Neighborhood Market, dd's Discounts, Rent-A-Center, Wing Stop, 99 Cents Only Stores and Cricket Wireless. Reliable's The Valley Shopping Center in Pomona, California.

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