CBM1’s Jason Ehrenpreis recently completed a lease with Zero Latency Virtual Reality Gaming on a +/-5,075 SF ground-level retail space situated in the iconic Bay Builder’s Exchange Building at the gateway to the 3rd Street Promenade. Built in 1927, the Spanish Colonial-style building now serves as mixed-use commercial property, with upper-level office suites positioned above ground-floor retail space. The subject space boasts excellent frontage with exceptional visibility on Broadway, a bustling thoroughfare with massive daily foot and auto traffic fueled by both local residents and visiting tourists.
Zero Latency VR is a multi-national company with locations in 27 counties, including 18 sites in the United States and one space operating in the Southern California community of Rancho Cucamonga. The burgeoning, largely franchise-based enterprise is driven by the increasingly popular trend of “virtual reality arcades.” Patrons outfitted with “VR rigs” (virtual reality headsets and hand controllers) play solo and group interactive virtual reality games onsite. “This deal is indicative of the ongoing shift in retail, with premier sites formerly occupied by apparel and other businesses selling physical goods being replaced by a growing number of experiential-oriented tenants,” says CBM1’s Jason Ehrenpreis. And it’s “proof positive,” according to Ehrenpreis, of the fact that while “traditional” tenants continue to wane, “retail is by no means dead.”
The high-profile location resides at the epicenter of Santa Monica’s vibrant, thriving, and diverse community. Nearby points of interest include Santa Monica Place, 3rd St Promenade, and the famed Santa Monica Pier, along with A+ retailers, Target and Trader Joe’s, and thousands of multi-family residences and corporate offices.
For more information, contact Jason Ehrenpreis: Jason@cbm1.com | 310.231.5213
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