Long Beach, CA – November 2019, Centers Business Management (CBM) completed a leasing transaction with a Chop Chop Chicken, a Los Angeles area Mediterranean restaurant chain near the campus of USC
CBM retail specialist, Geoff Grossman, recently completed a lease transaction, representing the landlord in a deal with Chop Chop Chicken, a local Mediterranean restaurant chain. Chop Chop is assuming a space formerly occupied by Frame Broiler, another thriving area restaurant chain, in a retail shopping center just south of Downtown LA’s City Center. Anchored by 7-Eleven and a drive-thru Popeye’s Chicken location (in a pad space on the hard corner), the bustling center, is situated at the major signalized intersection of Figueroa Street and Adams Boulevard. Immediately off the Figueroa Street exit of the 110 freeway, the site is only a few short blocks from the USC campus, and just south of the Staples Center, the LA Convention center, and the heart of Downtown Los Angeles.
Chop Chop Chicken is a Mediterranean fusion quick-serve concept. The menu focuses on bowls and salads garnished with a variety of spicy, proprietary sauces. Currently in expansion mode, Chop Chop operates another location in Monterey Park, and is eyeing additional sites in prime locales across the Southland.
The landlord, Student Conquest Housing, was formerly one of the largest individual student housing ownership groups serving the USC student population. The organization has since divested much of their multi-unit residential holdings, subsequently investing in retail centers, like the Figueroa + Adams property. The ownership group has also acquired other enterprises, including the Palisadian Post, and a minority stake in the Los Angeles Dodgers Major League baseball team.
“This is the ideal location [for Chop Chop Chicken],” says CBM retail specialist, Geoff Grossman. “The space was occupied by Flame Broiler, who killed it for 10 years,” Grossman notes, “so, the unit requires little additional build-out, as Chop Chop is very similar concept, and the location is already a proven winner.” Flame Broiler did well during their tenure in the center and had an opportunity to renew their lease. The operators, however, felt the renewal rate was too high and challenged the landlord to “do better” in sourcing a replacement tenant. “We called their bluff” Grossman says, “and got a deal done at an aggressive rate on a long-term lease very quickly.”
Grossman offered the space to a few likely candidates, preempting full market exposure by. But after those parties balked at the asking rate, Grossman took the property to the open market. “Less than a week after a mass email, Chop Chop was ready to make a deal,” Grossman says of the speedy transaction that came together with minimal haggling over agreement terms.
“Location wins again!” says CBM President, Rick Rivera, adding “A USC adjacent, built-out restaurant space is a prime opportunity.” And as Rivera notes: “This savvy operator is taking full advantage.”
For more information about CBM and their retail leasing and property management services, please contact: Rick Rivera 310.575.1517 x201 | email@example.com.