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2022 Commercial Real Estate Awards: Best Retail Lease of the Year

Vital Statistics
Property Address: Sherman Oaks Galleria, 15301 Ventura Blvd., Sherman Oaks
Square Footage: 87,046

As a result of theater closures during the pandemic, ArcLight Cinemas announced it would not reopen within its space at the legendary Sherman Oaks Galleria in April 2021. The JLL team of Shauna Mattis, Scott Burns and Greg Briest were tasked by the landlord, Douglas Emmett, with finding a new tenant to fill the space as soon as possible so that it could continue attracting consumers to its center. Upon the notice to vacate, the JLL team immediately began marketing the space to potential tenants locally, regionally and nationally.
While the perception during the pandemic was that the theater business was dead, the team secured interest from nearly every major theater operator and numerous retailers from across the country within the first few weeks of marketing the space. In June 2021, JLL secured a lease with Regal for the 87,046 square foot space, resulting in less than two months of down time for the landlord. Regal plans to spend approximately $10 million to upgrade the location and offer premier features including Screen X, 4DX, IMAX + RPX along with eight upgraded auditoriums with Regal King Size recliners, reserved seating, an enhanced menu and a lounge.

 

Vital Statistics
Property Address: Crossroads Plaza, 9200 Whittier Blvd, Whittier
Square Footage: 36,497
Deal Value: $6,970,926

The Crossroads Plaza Redevelopment project is located at the Southeast corner of Whittier Blvd. and Rosemead Blvd., at a dominant retail hub for the trade area. These cross-streets are one of the city’s highest-trafficked intersections (more than 63,000 cars/day). The existing single-level retail building was formerly occupied by Home Depot. This assignment represents one of several Big Box leasing assignments the Colliers/CBRE team has successfully worked on amidst a pandemic. The team was able to identify multiple essential needs national chain retailers that had an optimistic outlook. The team negotiated reasonable terms and finalized three transactions to occupy 100% of the building.

 

Vital Statistics
Property Address: West Edge Complex, 12101 W. Olympic Boulevard, Los Angeles
Square Footage: 36,000

Gelson’s Markets, the upscale supermarket chain, inked a lease for a 36,000 square-foot store at the under-construction West Edge complex developed by Hines and the Martin family. CBRE represented the landlord in the transaction. Gelson’s will operate the store at the ground floor of the planned seven-story residential building. The complex is being built on 4.8 acres and will include around 600 high-end apartments, 200,000 square feet of office space and several restaurants.

 

Return to the 2022 Commercial Real Estate Awards Recap page

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