LOS ANGELES—The retail market is benefiting from boosted confidence, illustrated by several new retail leases inked throughout the city. Kennedy Wilson recently closed the four retail lease transactions in Los Angeles submarkets, including Hollywood, Santa Monica and Westchester.
The lease transactions all have a five-year term and a total value of $3 million. Clothing boutique G-Star signed a lease at 7960 Melrose Ave. in West Hollywood. Ed Sachse represented the clothing retailer. Matt Adamczyk represented Pizza Five 85, which signed a lease at 5656 Manchester St. in Westchester. Kennedy Wilson’s Lee Shapiro represened the landlords in the remaining two leases with fitness center Dethrone Basecamp, which signed at 1315 Lincoln Blvd. in Santa Monica, and entertainment company BiteSizeTV, which expanded its current space at 6250 Hollywood Blvd. into the former Drai’s location, a private lounge on the ground floor.
“These four distinctive leases will bring diverse food and shopping options along with new jobs to nearby communities,” said Ed Sachse, executive managing director of Kennedy Wilson’s brokerage group. “People are beginning to feel more comfortable spending and these transactions are reflecting that type of growth in the industry.” Sachse and the other brokers did not respond to a request for further comment.
Kennedy Wilson isn’t the only firm to get an influx of retail tenants. Earlier this week, Related California announced that it signed three new culinary brands to its recently opened Ocean Avenue South, a mixed-use complex in Santa Monica. The firm is also in the process of signing a final two leases to bring the property’s 20,000 square feet of retail space to 100% occupied.