Centers Business Management (CBM) leasing agent, Aaron Guido, recently completed a lease transaction representing landlord and tenant, Neighbors Plus Insurance, on a 900 SQFT retail space. The unit is in neighborhood center at the intersection of Del Amo and Palos Verde in prime Lakewood. The busy center’s co-tenants include Subway, massage therapist, optometrists, pet grooming and more. A heavily trafficked 7-Eleven is positioned across Del Amo, next to another well-patronized corner shopping center. The property is situated amid a densely populated residential neighborhood.
Montclair, CA – October 2017, Centers Business Management (CBM) completes sales transaction with Team HB & Son, LLC on single tenant retail property.
CBM retail specialist, Jason Ehrenpreis, recently completed a sales transaction, representing the seller, Westwood Financial Corporation (WFC), in the sale of a 5,293 SQFT freestanding retail building in prime Montclair, CA. The site is situated at the intersection of Holt Boulevard and Central Avenue amid a thriving retail district. Former a WSS (formerly known as Warehouse Shoe Sale), the property sold for a reported $1,850,000.
The buyer, HB and Son, LLC purchased the property to accommodate the company’s expanding retail clothing and shoe enterprise, a well-established area business with several highly successful locations. The company plans to expand further in the San Gabriel Valley and Inland Empire.
The seller, Westwood Financial Corporation, is a West Los Angeles-based real estate investment firm. The company focuses on grocery-anchored shopping centers, and maintains a portfolio of 115 retail properties, totaling more than 10 million SQFT, in 26 markets across the country.
“$1,850,000 for a 5,293 SQFT building averages out to roughly $350 per foot,” retail specialist, Jason Ehrenpreis, says of the high dollar sale, “Which is an exceptionally high price per square foot for a vacant single tenant property in this market. In fact, it’s nearly double any current comps,” Ehrenpreis adds. “And the former tenant, WSS, relocated to a new center just down the street in a unit that’s nearly three times larger,” Ehrenpreis notes, indicating the former tenant’s departure, motivated by a need for additional space, is a clear sign of Montclair’s steadily strengthening retail market, a growing trend seen in surrounding areas as well.
“It’s no secret commercial real estate sales and leasing took a huge dip throughout the Inland Empire amidst the Great Recession,” says CBM President, Rick Rivera. “But recent sales, Jason’s being a prime example, are unmistakable evidence that this region has not only rebounded, but is again attracting active property investors,” Rivera adds in praise of the Inland Empires continued improvement in the retail property sector.
For more information about CBM and their retail leasing and property management services, please contact: Rick Rivera 310.575.1517 x201 | email@example.com.
Centers Business Management (CBM) leasing agents, Jason Ehrenpreis and Jason Ross, recently completed a lease transaction representing landlord and tenant, Metro PCS (cell phones sales and service), on a 1,044 SQFT retail space. The unit is in 7-Eleven anchored corner strip center at the intersection of PCH and Wilmington in prime Wilmington. The busy intersection boasts a variety of successful retailers, including Jack-in-the-Box, Pizza Hut, AmPm gas station, and more.
Centers Business Management (CBM) leasing agent, Jason Ehrenpreis, recently completed a lease transaction representing landlord and tenant, a local Poke restaurant, on a 1,440 SQFT retail space. The unit is in a sizable community center that features several A+ co-tenants, including Sams Club, Home Depot, Home Goods, Kohl’s, Verizon Wireless, and more. The property is situated on busy Lone Hill Avenue in the heart of Glendora’s primary retail trade area.
Centers Business Management (CBM) leasing agents, Geoff Grossman and Jason Ehrenpreis, recently completed a lease transaction representing the landlord and tenant, a local Poke restaurant, on a 1,235 SQFT retail space. The unit is in a well-maintained mid-block strip center anchored by Buddy’s Flooring Outlet. The property’s situated on busy Mountain Avenue in prime Upland.
Centers Business Management (CBM) property manager, Rose White, recently completed a lease transaction representing landlord and tenant, Fast Auto Loan, on a 2,400 SQFT retail space. The unit is in 7-Eleven anchored corner strip center at the intersection of Torrance and Prospect in prime Redondo Beach.
A New Year, A New Venue, But Still the Same ICSC Western Division Conference…
After a decade in San Diego, the ICSC Western Division Conference — the Western State’s premier shopping center industry event — relocated to sunny Los Angeles… Welcome to LA, friends!
As a result, countless vendors, municipalities, development firms, retail tenants, and commercial real estate’s best and brightest brokers descended upon the LA Convention Center for two and half days of prime networking + deal making.
CBM At ICSC…
CBM’s leasing and management team was at the show in FULL FORCE. Operating from Booth 1003, our leasing agents and property managers conducted nearly a dozen meetings, unifying eager landlords and active tenants. Certainly a productive affair for the top CRE pros of CBM!
Deal Making Action on the Convention Hall Floor…
In addition to the activity at our booth, the Tenant Midway, situated behind the front section of exhibitor booths was, in a word, hoppin’ during the height of Tuesday’s deal-making session. And while vendors, municipalities, and development firms are an integral part of the ICSC convention experience, tenants are the lifeblood of the event from a brokerage perspective.
Here’s Hoping ICSC Brings in Even MORE Tenants
ICSC has certainly done a great deal to promote tenant participation. But CBM, and the rest of the brokerage community hopes the organization can bring even more tenants. Specifically, we’d like to see a broader base of tenant representation, including office-retail users and medical users, among others.
A Word Event Timing…
In the transition from Palm Springs to San Diego, ICSC saw fit to expand the event. What was once two days, with a single day deal-making session, became three days, with a day and a half deal-making session.
But here’s the reality of how the dealing making sessions plays out… Nobody shows up on the first day until about 11am. And everybody who doesn’t have to staff a booth is gone by 4pm. Meanwhile, on the second day 90% of the attendees are only there because they’re staffing a booth.
It’s understandable that ICSC wants to justify their pricing and “pack as much into the conference as possible!” but it’s really a waste for exhibitors.
Why not a single day 10am to 4pm deal-making session? And if ICSC REALLY feels the need to justify their pricing, a 9am to 5pm deal making session wouldn’t be outrageous. But anything short of that is just a pointless waste of time for most attendees.
A Word on the New Location…
San Diego, and Palm Springs before it, were destination locations. And unfortunately, Downtown LA is no match for Palm Springs’ resort atmosphere or San Diego’s Gaslamp district charm.
ICSC has already committed to three years at the LA Convention Center, with next year’s date formally annoanced. But hopefully, after that run, the organization will rethink its current location choice.
A Show Highlight: Ervin “Magic” Johnson’s Keynote Speech
This year’s keynote speaker was one of the most exciting in the event’s history. A highly successful retail landlord, property investors, and developer, Ervin “Magic” Johnson is a true Los Angeles luminary.
And his Keynote speech lived up to his reputation as not only one of the NBA’s all-time greats, but as one of the Los Angeles’ business communities best and brightest.
Magic related how his tenacity and competitive drive to be the best on the basketball court translated to his career after the game. A mindset that has established Magic as a preeminent entrepreneur, real estate tycoon, and sports team ownership mogul.
Additionally, throughout his speech, Magic continually praised the work of the landlords, investors, and brokers present in transforming Los Angeles, particular Downtown LA, into the retail real estate powerhouse it is today.
Want to See More Pix of CBM’s booth? Visit our Facebook photo gallery!
Centers Business Management (CBM) leasing agents, Geoff Grossman and Jason Ehrenpreis, recently completed a lease transaction representing the landlord in a deal with a martial arts studio, on a 2,300 SQFT retail space. The unit is in a newer, multi-story Chase bank anchored community center. The property is situated at the intersection of Lake and Mendocino in prime Altadena.
Centers Business Management (CBM) leasing agents, Geoff Grossman and Jason Ehrenpreis, recently completed a lease transaction representing the landlord and tenant, US Military Recruitment Services, on a 5,498 SQFT retail space. The unit is situated in a newer center, anchored by Wells Fargo bank and Walgreens drug store. The property is at the busy intersection of Peck and Ramona in prime El Monte.
Centers Business Management (CBM) leasing agents, Brett Mero, Dave O’Connell, and David Guardado, recently completed a lease transaction representing the landlord in a deal with Farmers Insurance, on a 1,025 SQFT retail office space. The unit is situated in on busy Roscoe Boulevard in prime West Hills. The center’s diverse tenant mix includes Kumon Learning Center, Carousel Dance Studio, Giuseppe’s Italian Restaurant, and more.