LOS ANGELES—Driven by an increased demand from the rise inmultifamily development,retailers are settling into new locations in theHollywood market. Marshalls andPetCo have completed a lease transaction withCIM Group for a 39,000-square-foot building atHollywood and Western whileYogaWorks has signed a lease with the CIM Groupfor 3,000 square feet in the Gershwin Apartmentcomplex.


Located in the Hollywood and Western mixed-usebuilding, Marshalls' and PetCo's 39,000-square-footone-story building sits on 2 acres. Marshalls will occupy 24,000square feet of the space and PetCo will house the remaining 15,000square feet. The building offers onsite parking, including 125rooftop spaces and another 47 on an adjacent lot. The two storesare expected to open in the fall of this year.


YogaWorks will be located inside the Gershwin Apartments, whichwas the first phase of the Hollywood and Western mixed-use project.The apartment complex is a renovation of the formerGershwin Hotel into a 105-unit apartment complexcompleted in March 2013. The complex is 100% leased. The third andfinal phase of the project is the completion of 4,000 square feetof commercial space.


"The Hollywood and Western development brings new residences andcommunity-serving retail to this growing area in east Hollywood. The property is well-located close to existing residentialneighborhoods in Hollywood and Los Feliz, and steps from the Metrosubway station," Shaul Kuba, founding principal atCIM Group, tells GlobeSt.com.


These two leases illustrate the increased demand for retail inthe Hollywood market due to the massive new construction.GlobeSt.com recently reported that Faring Capitalwas receiving strong interest from fashion brands as wellfor locations in its 17,595-square-foot retail center on Melrose.RKF was tapped as the exclusive leasing center forthe location, and said they were targeting edgy lifestyletenants.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.