Los Angeles retail and entertainment transactions indicate growth in local market
LOS ANGELES – July 10, 2014 – (RealEstateRama) — Global real estate investment and services firm Kennedy Wilson has closed four retail and entertainment lease transactions in Hollywood, Santa Monica and Westchester. This collection of new leases, which carry an aggregate value of more than $3 million, points to an uptick in the Los Angeles retail market.
“These four distinctive leases will bring diverse food and shopping options along with new jobs to their 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.”
The four lease transactions include clothing store G-Star at 7960 Melrose Ave. in West Hollywood, represented by Sachse; build-your-own pizza restaurant Pizza Five 85 located at 5656 Manchester St. in Westchester, represented by agent Matt Adamczyk; fitness center Dethrone Basecamp at 1315 Lincoln Blvd. in Santa Monica; and entertainment news studio BiteSizeTV, which expanded into the former Drai’s ground-floor private lounge at 6250 Hollywood Boulevard, both represented by agent Lee Shapiro.
All leases are set for at least a five-year term.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is a vertically integrated global real estate investment and services company headquartered in Beverly Hills, CA, with 24 offices in the U.S., U.K., Ireland, Spain and Japan. The company, on its own or with partners, invests opportunistically in a variety of real estate related investments, including commercial, multifamily, loan purchases and originations, residential, and hotels. Kennedy Wilson offers a comprehensive array of real estate services including investment management, property services, auction, conventional sales, brokerage and research. For further information on Kennedy Wilson, please visit www.kennedywilson.com.