Retirement Community Receives City's Final Approval

THOUSAND OAKS -- University Village Thousand Oaks has received unanimous approval from the city planning commission, a vote that represents final hurdle for the new continuing care retirement community.

Site work for the 60-acre development, located near California Lutheran University, is scheduled to begin in the middle of the year, with building construction slated to start in the fourth quarter.

University Village will have 370 independent residences for people aged 62 and older. It will be a gate-guarded community, offering a number of housing options, as well as a large package of services and amenities. Also included are assisted living and skilled nursing in a continuing- care program licensed by the state department of social services.

University Village will have single-story, freestanding villas featuring two and three bedrooms, fully-equipped kitchens and attached garages. The community will also offer one-, two- and three-bedroom apartments overlooking a central courtyard adjacent to the clubhouse. "Garden terrace" apartment homes -- two- and three-bedroom residences - will be set close to walking trails and abundant landscaping.

Panda Express Seeks Surplus Real Estate for Aggressive Expansion Plan

ROSEMEAD -- Panda Restaurant Group is seeking to acquire surplus real estate -- particularly properties owned by multi-unit retail chains --- in its quest to double in size in the next three years.

Significant amounts of real estate are needed to keep up with the growth of Panda Express; the company has plans to open 160 new locations this year. Key expansion areas include the western region of the United States, Texas, Illinois, Missouri, Ohio, Minnesota, North Carolina, Georgia, Florida, Maryland, Washington, D.C., Hawaii and Puerto Rico.

Panda Express adapts to a variety of venues including street stores, malls, retail centers, supermarkets, college campuses, casinos, airports, theme parks and stadiums. There are currently more than 600 locations nationwide. The company's long-term vision is to expand to 10,000 locations.

"Our aggressive growth plans require that we explore new development approaches, including acquiring surplus real estate from other retail chains," said Bob Lustig, Panda's vice president of new business development.

When evaluating street store sites, Panda Express looks for buildings that offer high visibility, preferably an end cap or freestanding unit. End cap units must be at least 2,000 sq. ft. with patio and freestanding units must be 2,600 sq. ft. with or without a drive-through.

The building must have at least 25 parking spaces and offer signage on two sides. The trade area must have a population of at least 45,000 with an average household income of $30,000 to $80,000. Shopping centers anchored with a grocery/retail presence or major entertainment are a plus; an average daily traffic of at least 45,000 cars is preferred.

For mall or food court sites, Panda Express requires a space with 800 to 1,000 sq. ft. with a minimum frontage of 21 ft. The mall size should be 1.25 million sq. ft. with at least four anchor stores. The population of the area should be a minimum of 200,000, with an average household income of $30,000 to$80,000.

Company representatives who are interested in selling surplus real estate to Panda Restaurant Group can contact Lustig at 626-799-9898, ext. 8338.

Developer Plans $14.5 Million Business Park

IRVINE - Developer Hedley-Irvine I LLC has acquired a 4-acre site in the Irvine Spectrum for $3.9 million from Menlo Worldwide Forwarding Inc. Hedly plans to develop a 73,736-sq.-ft. business park tailored to small businesses. The estimated project value upon completion is $14.5 million.

John Rothwell, first vice president in GVA DAUM's Newport Beach office, said Hedle will develop 12 buildings ranging in size from 4,200 to 9,000 sq. ft. for sale to users. Rothwell and Jeff Lauer of GVA DAUM represented both parties in the land transaction and will serve as exclusive marketing agents.

George Hedley said "H-BIZCTR-Irvine" will offer features not found in other new for sale projects in the Irvine Spectrum. "Eight of our buildings are single-story, and the other four are free-standing, including two with fenceable side yards."

Another significant advantage, Hedley said, is that there are no Mello-Roos fees affecting the project, resulting in significantly lower operating expenses for the buyers.
Costa Mesa-based Hedley Construction & Management is the general contractor for the project, which is scheduled to be completed in July.