VITAL STATISTICS
GLENDALE FASHION CENTER
221 N. Glendale Ave., Glendale
Square Footage: 18,000
Deal Value: $8,639,100 (total consideration), 15-year lease
There were a few challenges CBRE’s Steve Nelson had to strategically work through, including the location of the space within the Glendale Fashion Center (opposite Ralphs Grocery on a lower level), and the tenant, Total Wine’s right to sell alcoholic beverages.
The prior tenant was CVS, who acquired the Longs Drugs lease and then immediately marked it as surplus space for sublease for many years. Upon CVS’s lease termination in 2021, Nelson began marketing the space to many retailers, which included the brokers representing Total Wine. With the lack of mid-sized box options in the Glendale marketplace, Total Wine took serious consideration for this space. However, the two main issues for Total Wine were getting the city to allow it to create sufficient signage for its identity, along with the brand’s use of alcohol being prohibited by Ralphs Grocery. Nelson used this as an opportunity to not only negotiate a strong rent, but also persuade Total Wine to share in the Landlord’s rental loss to get the grocery to concede to alcohol sales.
Glendale will certainly benefit from having a large format wine and spirits store like Total Wine serving the community.
VITAL STATISTICS
HARLEY DAVIDSON LOCATION
6300 Sepulveda Blvd., Van Nuys
Square Footage: 24,600
Deal Value: $5,342,660
This unique 24,600 square foot retail location, found one block from the 405 freeway, was a former Salvation Army that had been a neighborhood staple for many years. With excellent visibility and plenty of parking, many retailers showed interest in this up-and-coming area. Harley Davidson brings a new sophistication to the Van Nuys/Sherman Oaks community creating a vibe of the community and it will attract new consumers to frequent the revitalized area.
VITAL STATISTICS
227 N. Larchmont Blvd., Hancock Park
Square Footage: 4,000
Deal Value: $5 million
227 N. Larchmont Blvd in Hancock Park was purchased in 2008. It had been preleased to a national bank that went under and was absorbed by a competitor during the great recession. After a lengthy legal battle and a settlement, the owners got the building back and proceeded to completely renovate it into one of the most attractive buildings on Larchmont. David Aschkenasy of Commercial Asset Group and team has now leased the entire building to Levain Bakery out of New York. This will be Levain’s flagship location and will drive additional traffic to the street.
