Retail Tenants Lease Vacant Market, New Center

LOS ANGELES-Footwear retailer Warehouse Shoe Sale has signed leases for two locations totaling more than 14,000 square feet and three other retail tenants have signed for 6,800 square feet in a series of deals brokered recently by Rosano Partners, a boutique brokerage firm headquartered in Downtown Los Angeles. The two new locations for Warehouse Shoe Sale, for which Rosano Partners is an exclusive agent, are in an 8,400-square-foot former Numero Uno supermarket at Manchester and Avalon and in 6,000 square feet at Broadway and 71st Street. WSS signed a five-year lease with two five-year options at the former Numero Uno space in a deal that closed at just south of $1.50 per square foot, plus NNN charges.

Sagiv Rosano, managing partner at Rosano Partners, notes that the new project at 2000 S. Central, for which the brokerage firm is the leasing agent, is a 50,000-square-foot center that was nearly 95% leased at completion, with approximately 4,250 square feet remaining to be filled. The three newest tenants at the center are a 4,200-square-foot clinic, a 1,200-square-foot pharmacy and a 1,400-square-foot China Bowl Express.

Rosano also points out that the site at Broadway and 71st was vacant for many years before Warehouse Shoe Sale signed its lease, which is also a five-year deal with two five-year options. “Before we came in and became the exclusive broker for the landlord, he thought he was going to be sitting on a vacant property for five years,” Rosano says. Rosano further adds, “This is a very difficult time for all retailers. However, we are noticing winners in the marketplace. Surviving in a down economy is all about finding a certain niche and WSS has done just that.”