Real estate’s on the menu for Fabio Conti, as restaurateur buys 2 retail centers

Through 2 LLCs, the restaurateur sold Fabiolus Cucina Italian restaurant in Hollywood, using a 1031 exchange

Jul.July 26, 2019 01:30 PM
Fabio Conti and the retail centers (Credit: Facebook)
Fabio Conti and the retail centers (Credit: Facebook)

Restaurateur Fabio Conti is getting into the real estate game.

Through two LLCs, Conti sold his Italian restaurant in Hollywood then purchased a pair of retail shopping centers in Inland Empire for $35.6 million. The Riverside County sites total more than 157,800 square feet of space.

Conti sold the restaurant, Fabiolus Cucina at 6266 W. Sunset Boulevard, earlier this month for $18.6 million to Atlanta-based Invesco, property records show.

He then acquired the retail centers from two different sellers. CBRE’s Fred Aframian represented the buyer. The deal was part of a 1031 exchange, which allows investors to defer capital gains taxes by using funds from a sale to buy new property.

The retail properties include the 124,431-square-foot Menifee Town Center at 30121-30187 Antelope Road in Menifee. It is anchored by a Ralph’s grocery store. The property also features two acres of developable land. The seller was Weingarten Realty, which was represented by Reza Investment Group’s Ramez Barsoum and Aaron Bettencourt.

The smaller property is the recently-renovated 33,416-square-foot Barn at Wildomar, at 32395 Clinton Keith Road in Wildomar. It includes eateries and entertainment stores. The seller was a trust tied to Paul and Sonia Akian. Lee & Associates’ Mike Hanna and James Nadal advised on the deal.

Inland Empire’s retail landscape has been increasingly active after a spike in demand from a growing worker population and residential base. Asking lease rates are likely to continue to climb with demand as vacancies trickle downward.

Related Articles

Riverside County Supervisor Kevin Jeffries (Credit: Inland Valley Development Agency, Riverside County) 

Inland Empire industrial strength is health hazard, opponents say

Michaekl Rapino of LiveNation, Richard LeFrak, and 7060 Hollywood Boulevard

Live Nation’s Hollywood exit leaves big hole for LeFrak

David Ryu with a Little Tokyo Galleria rendering

Under the (RE)influence: Councilman’s campaign funds scrutinized

Hudson Pacific Properties CEO Victor Coleman and the Westside Pavilion (Credit: Google Maps)

Hudson Pacific wants full control of Google-leased One Westside; not sweating WeWork

From left: A San Fernando Valley retail center and a Forever 21 near downtown LA (Credit: iStock)

Greater LA retail market struggles to recover from big box closures, bankruptcies

The North Hollywood and Topanga stores (Credit: Vallarta Supermarkets)

Vallarta Supermarkets plans huge grocery store in Van Nuys

The former Omega Cinema Props warehouse on Santa Monica Boulevard and the Hollywood Forever Cemetery (Credit: Google Maps, Hollywood Forever)

Warehouse complex will get new life next to Hollywood Forever Cemetery

Space Investment Partners co-founders Mark Moshayedi and Ryan Gallagher with Westport Plaza (Credit: Connect California)

Playing small mall: New firm picks up shopping center in Costa Mesa