Los Angeles, CA – January 2020, Centers Business Management (CBM) completed a leasing transaction with a Koo Ramen, a Los Angeles area Asian restaurant chain the intersection of Melrose Avenue + Vine Street
CBM retail specialist, Jason Ehrenpreis, recently completed a lease transaction, representing the landlord and tenant, Koo Ramen, a local Asian restaurant chain. The property is located at the signalized intersection of Melrose Avenue and Vine Street in prime Los Angeles. Koo Ramen is taking a space formerly occupied by Vim Thai, another popular area restaurant, in a bustling corner strip center. The heavily-trafficked corner ranks among the busiest intersections in greater Los Angeles. Additionally, Vine Street serves as one of the major area thoroughfares running north into the heart of Hollywood. The centrally located site is positioned just south of Hollywood, with Hancock Park to the northwest, and Larchmont Village to the east. This exceptional location draws consumer traffic from these densely populated residential neighborhoods and the numerous adjacent businesses. The property is also situated across from a large Pavilions grocery store and surrounded by innumerable thriving retailers and restaurants.
Koo Ramen is an Asian restaurant specializing in Ramen, a Japanese noodle soup. This specialty concept has steadily grown in popularity, with an increasing number of Ramen-specialty restaurants opening across the Southland. Koo Ramen currently operates another location in Downtown Los Angeles and is aiming to expand further in the broader area as suitable opportunities arise.
“[Koo Ramen] is aspiring to provide a more upscale experience,” says CBM retail specialist, Jason Ehrenpreis, praising the restaurant’s charming, attractively designed interior. “Restaurants remain the largest and most consistently productive segment of the [strip center] retail market,” Ehrenpreis says, “but as competition grows, a restaurant’s experiential elements become a deciding factor for would-be diners.” As such, “Distinctive concepts, like Ramen, are growing in popularity. Ramen, in particular, is popular among Millennials, who represent a mainstay of the restaurant consumer base. In addition, restaurant operators have come to realize the dining experience itself is paramount to capturing customer interest, especially with Millennials, and they’re acting accordingly,” Ehrenpreis notes, highlighting Koo Ramen’s efforts to enhance their customer’s dining experience and cater to a younger crowd with hip, stylish décor. “Of course, location is also a major concern. And premier locations continue to generate significant interest and command top dollar rents,” Ehrenpreis adds in reference to the three competing offers submitted for the site, and the highly competitive rental rate Koo Ramen assented to in their long-term lease agreement.
“Restaurant tenants continue to dominate retail, but there’s certainly no lack of competition,” says CBM President, Rick Rivera. “We see plenty of operators come and go,” Rivera notes, adding “And increasingly, it’s the concepts able to differentiate themselves that succeed in the long term.” Rivera also grants that “a desirable location [like Melrose + Vine] will always be sought after,” wryly noting “prime corners are one thing they can’t make any more of!”
For more information about CBM and their retail leasing and property management services, please contact: Rick Rivera 310.575.1517 x201 | firstname.lastname@example.org.