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

TRD LOS ANGELES /
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

arrow_forward_ios
Richard Julian and Robert Morse, with the property

Investment firm ARES pays $130M for Chino Hills apartment complex

Investment firm ARES pays $130M for Chino Hills apartment complex
A rendering of the project (Credit: Yorkwood, LLC)

Developer plans 137-unit complex in Hollywood

Developer plans 137-unit complex in Hollywood
Los Angeles County plans to clear several businesses to reopen over the next 10 days

Malls, nail salons, other LA businesses to open in next 10 days

Malls, nail salons, other LA businesses to open in next 10 days
California Market Center (Credit: Brookfield)

Brookfield lawsuit: Mom-and-pop retailers unfashionably late in paying rent

Brookfield lawsuit: Mom-and-pop retailers unfashionably late in paying rent
Macerich CEO Thomas O'Hern and Santa Monica Place mall

Macerich posts $27M loss; CEO touts physical retail

Macerich posts $27M loss; CEO touts physical retail
Gaw Capital Chairman Goodwin Gaw and DJM founder John Miller with a rendering of the project

An analysis of rent rolls at Hollywood & Highland

An analysis of rent rolls at Hollywood & Highland
Bob Iger, Reed Hastings and (clockwise from top left) Sunset Las Palmas, Sunset Bronson and Sunset Gower Studios (Getty, Google Maps)

Here’s what Netflix, Disney and CBS pay at for their Hollywood digs

Here’s what Netflix, Disney and CBS pay at for their Hollywood digs
Bernard Huberman and Hollywood’s Television Center (BLT, Television Center)

BLT Enterprises buys Hollywood’s Television Center for $64M

BLT Enterprises buys Hollywood’s Television Center for $64M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...