CBM Completes Lease with Round Table Pizza in Redondo Beach CVS Anchored Shopping Center
Los Angeles, CA – October 2018, Centers Business Management (CBM) completes new leasing transaction with pizza restaurant franchisee in remodeled Redondo Beach retail center.
CBM Valley Division Director, Dave O’Connell, and leasing agent, Zac Ryburn, recently completed a lease transaction, representing the landlord in a deal with Round Table Pizza on 1,400 SQFT unit in Riviera Pacific Shopping Center. The property is situated on heavily trafficked Pacific Coast Hwy, a thriving retail corridor just southeast of Palos Verdes Boulevard, in the heart of Redondo Beach. In addition to its CVS anchor, the center’s notable co-tenants include Corner Bakery Café, Subway, Supercuts, Handel’s Cakes, a popular area Thai restaurant, Thai Yum, Marithmetic tutoring, and more.
Round Table Pizza is a popular pizza parlor chain operating in the Western United States. Founded in Menlo Park, CA in the late 1950s, Round Table now hosts 500+ mostly franchisee-owned locations. The sites are spread out over seven states, including Alaska, Arizona, California, Hawaii, Nevada, Oregon, and Washington. Store formats include the traditional sit-down dining experience; the more recent Clubhouse setting, which incorporates an arcade and children’s entertainment features; Wings Brew, designed as a sport bar which serves a variety of chicken wings; and their latest configuration, the quick-serve take-out shop, which includes a dining area offering limited customer seating. This smaller, take-out shop format is the type now occupying Riviera Pacific Shopping Center. Additionally, Round Table is currently focused on expanding their smaller format store-base and actively seeking sites throughout Southern California.
A deal nearly a year in the making “almost didn’t happen,” says CBM leasing agent Zac Ryburn: “At the 11th hour, the franchisee initially approved for the location ran into some financial complications and was forced to back out.” Ryburn, and his partner, Dave O’Connell, worked closely with Round Table’s corporate management, and Round Table was able to quickly install an alternative franchisee and worked tirelessly to shepherd the replacement tenant through the qualifying and approval process. “I can’t praise Round Table’s corporate leadership enough for their persistence in getting this deal done,” adds Ryburn complimenting Round Table’s swift and decisive action to rescue the transaction from impending disaster.
Securing parking approval from the city also proved a challenge at the center. “Round Table had planned to have a slightly larger dining area than the previous tenant, and hoped to add 5-6 four-top tables,” Ryburn notes, “but the center was originally constructed in 1964, and as is typical of properties from that era, the center is technically under-parked.” But using a 2016 parking study, Ryburn was able to work with the franchisee and the City of Redondo to circumvent this obstacle. “I counted the parking spaces technically allotted to each tenant, and based on the 2016 parking study data, we determined that even with increased seating, the space would actually be under its parking allotment,” relates Ryburn. “This allowed Round Table to rearrange the unit’s (very limited) dining area layout and accommodate the additional seating in their initial plans,” Ryburn adds.
“This lease marks the third deal we’ve completed at this location in the last several months,” says Valley Division Director, Dave O’Connell. “Though by no means a new property, the site boasts exceptional curb appeal thanks to extensive remodeling. And that, combined with a highly desirable location, has attracted several outstanding tenants to the center,” O’Connell adds in reference to Birds Unlimited, the national bird feed and pet supply chain, and the martial arts studio he and Ryburn installed in the center earlier this year. “Fortunately, neither of the prior deals were quite as complicated or as long in coming as Round Table,” notes with a hint of exasperation at the 12-month odyssey he and Ryburn endured in completing this protracted transaction.
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.