Shopping Center Business

MAY 2015

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

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176 • SHOPPING CENTER BUSINESS • MAY 2015 In West Covina, the company spent a lot of time analyzing the market before redeveloping its Sunset & San Fran- cisquito shopping center. Today, the 100,000-square-foot neighborhood cen- ter is anchored by Northgate Gonzales Supermarkets, dd's Discounts, Family Dollar, Magical Playground, and includes tenants such as Citi Wear, Dollar Super- store, Fred Loya Insurance, Herbalife, Cricket Wireless and Metro PCS. The company is actively undertaking different projects in California. It is de- veloping three shopping centers currently, two in Ontario and one near downtown Los Angeles. It is also currently working on major renovations of three other shop- ping centers. Reliable has worked in various demo- graphic areas across California; it has developed or redeveloped properties in West Los Angeles, Hollywood, Pasade- na, San Fernando Valley, downtown Los Angeles, Norwalk, Compton, Inglewood, South Gate, Covina, West Covina, La Pu- ente, Pomona, Ontario, Rialto, Colton, San Bernardino, Needles, Riverside and Corona. "We're continuing our focus of acquir- ing stabilized shopping centers, as well as those that needs repositioning or may have risks that need to be addressed," says Nourafshan. "We will also continue with development within California, when we can find risk-adjusted opportunities." In addition to shopping centers, Reli- able Properties has continued to devel- op a number of mixed-use properties in dense urban areas. In West Los Angeles, it has completed a project with 284 mul- tifamily units atop commercial space. It has several planned mixed-use projects in Hollywood, West Hollywood, Venice, Sepulveda and West Los Angeles. Reliable has held a number of proper- ties for the long term, but has also sold properties as opportunities have arisen. It likes to view the long term success of any project, including redevelopments. "We are not there to quickly sell a prop- erty and move on," says Nourafshan. "We have successfully operated the majority of what we've developed for many years. We build and acquire every property with the Reliable's Firestone & Studebaker Center in Norwalk, California, features retailers Walgreens, 99 Cents Only Stores, Starbucks Coffee and WaBa Grill.

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