Los Angeles, CA – January 2018, Centers Business Management (CBM) acquires new leasing and property management account on Santa Monica Boulevard, near Sepulveda Boulevard + 405 Freeway, in prime West LA location.
CBM recently took over leasing and property management of a strip center at 11031 Santa Monica Boulevard in the heart of West Los Angeles. This well-located trophy property is situated just east of Sepulveda Boulevard and the 405 freeway, adjacent to Westwood Village and the nearby UCLA campus. Boasting exceptional curb appeal, this 23,400 SQFT high visibility neighborhood center is anchored by Coffee Bean & Tea Leaf and features a diverse tenant mix that includes successful local chains, Salad Farm and Pita Café, high-end sushi Hamasku, Carvel Ice Cream, and a convenience store, among others.
“Demand for high [retail] identity space is absolutely booming! Meanwhile, properties that fit the bill are in criminally short supply,” says Jason Ehrenpreis, senior retail leasing agent currently listing the center. By way of example, Ehrenpreis notes: “This listing hasn’t officially hit the market, and attention is already soaring,” further adding: “Retail space in well-located centers, like this property, are EXACTLY what niche restaurants and small format service businesses [currently the most active segment among strip center tenants] are pining for.”
“The landlord, who only resides in Southern California part-time, previously self-managed the property,” says Pamela Ozell, senior property manager now managing the center, “But the task just became too overwhelming.” Ozell adds: “Many independent strip center landlords are struggling to manage their own properties as city bureaucracy grows, constantly ushering new and increasingly onerous regulations and compliance measures, along with growing sophistication and greater demands, even among smaller tenants.”
“Amid the ‘fake news’ headlines falsely touting the ‘death of retail,’ this property proves well-located real estate is an ENDURING asset!” proclaims Rick Rivera, CBM President, adding “Tenants are desperate for space like this.” Rivera also notes: “The current crop of retail tenants may favor different use-types than we’ve seen in the past. But businesses are opening, expanding, and growing. And the demand for retail shop space, especially in desirable locations, is as active as ever,” Rivera offers as evidence of what he sees as a flourishing retail market.
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.