CBM1’s David Guardado + Brett Mero recently completed a 15-year lease with a laundromat on a +/-4,200 SF space in a retail strip center on Crenshaw Boulevard just south of the signalized intersection at Hyde Park Boulevard. The incoming tenant, a seasoned operator with extensive experience in the laundry and drycleaning businesses, is completely gutting the interior, replacing the plumbing, and will offer fluff and fold service, doing business under the trade name Deluxe Laundry Spa.
“The space [a long-time laundromat] has been vacant since the prior operator went out of business during retail’s pandemic downturn,” says CBM1’s David Guardado. The landlord initially sought alternative tenants, with sights set on higher rents. Guardado, however, educated the ownership on the reality of the situation: “Demising a 4,000+ SF space into smaller units along with installing the required bathrooms and air-conditioning is likely a $100,000+ renovation project.” Avoiding a costly out-of-pocket remodel incentivized the landlord to consider laundromat deals, ultimately paving the way for the current tenant. Guardado says, “Building out a new laundromat requires more permits, and the process is much longer than occupying a laundry already approved for operation. The city now requires an environmental impact study to open a new, ground-up laundry facility typically reserved for new retail and residential developments.” Thus, taking over an existing laundromat space also proved advantageous for the tenant.
Located in an area of South Los Angeles that’s seen significant revitalization in recent years, the property is directly across the street from two newly constructed affordable housing developments. Depot at Hyde Park is a four-story, 43-unit apartment building, and Hope on Hyde Park is another four-story, 98-unit apartment building. Both projects are clear signs of ongoing investment in the community’s urban renewal.
For more information, contact David Guardado: 818.380.9072 | DavidG@cbm1.com Or Brett Mero: 818.380.9970 | Brett@cbm1.com
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