Los Angeles, CA – August 2018, Centers Business Management (CBM) completes new leasing transaction with expanding fast food franchisee at Glendora Marketplace Power Center.
CBM leasing agent, Jason Ehrenpreis, recently completed a lease transaction, representing the landlord and a Fatburger franchisee on a 1,500 SQFT unit in Glendora Marketplace. Situated amid the community’s primary commercial district, Glendora Marketplace, the regions dominant power center is located on Lone Hill Avenue at the intersection of Gladstone Street in the heart of Glendora. In addition to Home Depot + Sam’s Club, the center’s notable co-tenants include a Wendy’s drive-thru location and Coco’s Bakery + Restaurant. And the pad in which the unit is located hosts Verizon Wireless, America’s Best Eyeglasses, Ortho Mattress, and a recently opened Blaze Pizza restaurant. Additionally, the center is surround by several sizable retail developments, home to a myriad flourishing tenants, including, Kohls, Home Goods, 24 Hour Fitness, In-N-Out Burger, Walmart, Costco, and many more. A stellar tenant roster that clearly makes this locale the area’s foremost retail shopping destination.
The franchisee is co-branding the site as a Fatburger + Buffalo Express (chicken wings) store. Both eateries are popular Southern California fast casual restaurants, with a strong, growing presence throughout the region. A multi-store owner, the francisee currently operates several WingStop + Fatburger locations throughout Southern California, and tentatively plans to open additional sites in the near future.
“With most desirable retail space fully absorbed, the biggest challenge for most tenants is identifying suitable sites,” says CBM leasing agent, Jason Ehrenpreis. “As such, competition is fierce for an ever-shrinking pool of available units,” Ehrenpreis adds. To combat this: “Landlords have to make capital investments in their properties to attract credible tenants,” Ehrenpreis explains. And, according Ehrenpreis, that’s exactly what Glendora Marketplace owners have done: “The landlord has invested a considerable amount of time and money in repositioning the restaurant portion of the pad building to attract new, exciting and quality brands to the property.” An effort Ehrenpreis feels has proven highly successful, noting: “This deal was the 2nd [Blaze Pizza, another tenant Ehrenpreis recently brought to the center, being the first] of three Quick Serve Restaurant spaces the landlord is seeking to fill.” And with only one unit remaining: “Interest is skyrocketing!” Ehrenpreis relates, jubilantly.
“Restaurant spaces are in high demand. But most restaurant tenants are only interested in ‘A space.’ And with such units basically non-existent, landlords’ only avenue to entice quality tenants are property upgrades,” says CBM President, Rick Rivera. “That’s how the Glendora Marketplace owners, who are clearly savvy retail landlords, are overcoming this growing challenge. And other landlords need to follow a suit if they ever hope to lease long-lingering vacancies,” Rivera asserts in reference to the tightening retail real estate market.
For more information about CBM and their retail leasing and property management services, please contact: Rick Rivera 310.575.1517 x201 | email@example.com.