CBM’s Retail Shopping Center Management & Leasing Blog

Retail Real Estate News & Trends in Southern California
 

15534 Devonshire Boulevard, Mission Hills, CA

Centers Business Management (CBM) leasing agents, David Levcovitch and David Guardado, recently completed a lease transaction representing the landlord and tenant, a church, on a 2,200 SQFT retail space. The unit is in a neighborhood shopping center just north of the intersection at Van Nuys and Vanowen in prime Van Nuys. A busy, well-patronized center, the site is anchored by 99 Cents Only, Crunch Gym, and Jon’s Market.


15534 Devonshire Boulevard, Mission Hills, CA

Centers Business Management (CBM) leasing agent, Brett Mero, recently completed a lease transaction representing the landlord and tenant, a local nail salon, on a 1,100 SQFT retail space. The unit is in a neighborhood shopping center at the intersection of Devonshire Boulevard and the 405 freeway in prime Mission Hills. A well-maintained property, the center features a diverse mix of food and service tenants.


11755 Imperial Hwy, Norwalk, CA

Centers Business Management (CBM) leasing agent, Jason Ehrenpreis, recently completed a lease transaction representing the landlord in a deal with a local nail salon on a 1,320 SQFT retail space. The unit is in a well-maintained shopping center on the pad of Walmart location at Imperial Hwy and Pioneer Boulevard in prime Norwalk. Situated immediately off the 5 freeway, the center’s co-tenants include Ace Check Cash Express and USA People staffing agency.


1878 S. Pacific Coast Highway, Redondo Beach, CA

Centers Business Management (CBM) Valley Division Director, Dave O’Connell, and leasing agent, Zac Ryburn, recently completed a lease transaction representing the landlord and tenant, a local nail salon, on a 944 SQFT retail space. The unit is in a recently updated shopping center with excellent curb appeal at the signalized of Pacific Coast Highway and Prospect Avenue in prime Redondo Beach. In addition to the CVS anchor, the center features a diverse mix of food and service tenants, including the Corner Bakery, Subway, Handles Cakes, Super Cuts, Wild Birds Unlimited, Roundtable Pizza, and more! Located on a well-traveled area thoroughfare, the center is situated amid a densely populated residential neighborhood.


1790 W. Garvey Avenue, Monterey Park, CA

Centers Business Management (CBM) leasing agents, Aaron Guido and Daniel Barriga, recently completed a lease transaction representing the landlord and tenant, a local beauty supply store, on a 1,340 SQFT retail space. The unit is in a newer, corner shopping center at the signalized intersection of Garvey Avenue and Casuda Canyon in prime Monterey Park. Boasting stunning curb appeal, the center features a diverse mix of food and service tenants, including Mathnasium tutoring service.


2040 Glenoaks Boulevard, San Fernando, CA

Centers Business Management (CBM) leasing agents, Jason Ehrenpreis and Geoff Grossman, recently completed a lease transaction representing the landlord and tenant, a local Chinese restaurant, on a 1,000 SQFT retail space. The unit is in Smart and Final + Walgreens anchored community shopping center at the major signalized intersection of Glenoaks and Hubbard in prime San Fernando. In addition to the high-profile anchor tenants, the center also hosts T-Mobile, CosmoProfs beauty supply, and Oportun financial services.


Los Angeles, CA – March 2018, Centers Business Management (CBM) completes a new leasing transaction with an expanding Latin fusion restaurant in a prime West Los Angeles retail strip center

CBM leasing specialist/property manager, Roselene White, recently completed a lease transaction, representing the landlord in a deal with Latin Fusion Kitchen. An expanding area restaurant, Latin Fusion Kitchen will occupy a 1,165 SQFT unit in an exceptionally well-located corner retail shopping center. The property is situated at the major signalized intersection of 3rd Street and La Cienega Boulevard in a highly desirable section of Los Angeles, bordered by Beverly Hills and West Hollywood. Most notably, the property is directly across for the newly remodeled Beverly Center. A prominent Los Angeles landmark, the Westfield owned retail complex recently completed a $500 million-dollar renovation project Additionally, the property is adjacent to the renowned Cedar Sinai Medical Center. And positioned at the mouth of the celebrated 3rd Street retail corridor, home to countless illustrious upscale boutique clothing and jewelry shops and trendy eateries.

Latin Fusion Kitchen’s first store is in the high-profile Hollywood + Highland complex, on legendary Hollywood Boulevard, one of Los Angeles’ top tourist destinations. Serving up an “American” take on “classic Latin cuisine,” Latin Fusion Kitchen offers a diverse menu of popular Hispanic foods. The thriving eatery commands outstanding reviews on Yelp, Tripadvisor, Menupages, and Grubhub. And also earned a “Top 10 Latin Fusion Restaurants” designation from Yelp, currently the web’s leading restaurant review site.

“We faced a number of tricky challenges in leasing this space,” says CBM property manager, Roselene White. “Obviously, a restaurant is the highest and best use for this site. But with eight food uses already in place (in an 11-unit strip center and only approx. 30 parking stalls), parking was a HUGE concern for most prospective tenants,” White notes, adding “And the landlord was intent upon a shorter-term lease, which excluded most credit tenants.” According to White, creditworthy tenants typically only entertain 10-year minimum lease terms. Further complicating matters was the impending expiration of the prior restaurant tenant’s grandfathered code enforcement exceptions: “We only had 90-day window to obtain all necessary business licenses and operators permits,” White says in reference to updated code requirements that take effect after a restaurant space has been closed or not in operation for more than three months. And lastly, there was the issue of the landlord’s expectations for netting a high dollar rental rate. “With the Beverly Connection (another retail complex on the opposite corner of 3rd Street + La Cienega Boulevard) commanding as much as $25 per foot for some units, the landlord had quite high ($$$) expectation.”

Fortunately, Latin Fusion Kitchen checked all the boxes and then some! “While the center offers a diverse variety of cuisine – ranging from Fat Burger and Subway’s traditional fast food fare, to the more ethnically unique Mediterranean, sushi and pizza options – Hispanic food was the one selection we were missing!” White notes gleefully. Latin Fusion Kitchen, well-represented by their astute and capable tenant-rep broker, presented as a competent operator, was comfortable with the parking limitations, willing to accept a shorter-term lease, and capable of paying a completive rental rate. The final result being a win for both the landlord and the tenant.

“Food uses continue to be the most productive retail segment. But this deal illustrates all the hallmark challenges in getting a restaurant deal done: parking, use-type, and rental rate,” says CBM President, Rick Rivera. “Even if code requirements don’t limit parking, prospective tenants often look at a food-heavy site and say ‘this center is under-parked.’” And that perspective scares off many quality operators,” notes Rivera. But, as Rivera further points out: “The reality is multiple restaurants can work [in a smaller center] regardless of parking. And 3rd + La Cienega is a PRIME example. The tenant Latin Fusion Kitchen is replacing a thriving business in that space for over 25 years!”

For more information about CBM and their retail leasing and property management services, please contact: Rick Rivera 310.575.1517 x201 | rickr@cbm1.com.

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1551 W. 7th Street, Los Angeles, CA

Centers Business Management (CBM) leasing agents, Jason Ehrenpreis and Geoff Grossman, recently completed a lease transaction representing the landlord in a deal with a local donut shop on a 1,000 SQFT retail space. The unit is in a corner strip center at the intersection of 7th Street and Union Avenue just south of the Downtown Los Angeles’ central hub. Situated amid one of the city Los Angeles’ most densely packed areas, more 1.2 million residents live with a 5-mile radius of the busy neighborhood center. The center’s A+ co-tenants included Little Caesar’s Pizza and Metro PCS cell phone sales + service.


12038 West Street, Garden Grove, CA

Centers Business Management (CBM) leasing agent, David Levcovitch, recently completed a lease transaction representing the landlord and tenant, an independent cell phone seller, on a 1,100 SQFT retail space. The unit is in a mid-block strip center just east of the major signalized intersection of West Street and Chapman Avenue in prime Garden Grove. Situated on the edge of a densely populated residential neighborhood, the thriving center features a diverse mix of food and service tenants.


1364-1372 E. 7th Street, Long Beach, CA

Centers Business Management (CBM) property manager, Pamela Ozell, recently completed a lease presenting the landlord and tenant, a Sparklean coin laundry, on 3,250 SQFT retail space. The unit is in a Grocery Outlet anchored neighborhood strip center at the intersection of 7th Street and Nebraska Avenue in prime Long Beach. Situated amid a densely populated residential community, the well-patronized center, formerly anchored by a high-volume sales Fresh And Easy grocery store, boasts a diverse mix of retail and service tenants.