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Monday, Jul 4, 2022

Gold’s Gym Signs Long Beach Lease

Gold’s Gym SoCal Group has signed a lease for 30,000 square feet at The Pike Outlets in Long Beach.
The Pike Outlets is a 392,248-square-foot center next to the Aquarium of the Pacific.
Gold’s Gym will occupy the second floor and half of the first floor of the building. Nike occupies the remainder of the property, which is located at 71 Aquarium Way. The property’s landlord is Ohio-based SITE Realty Corp., formerly known as DDR.

Gold’s Gym is expected to open a facility in the space in mid-2023.
“As we progress into our fourth decade of business, my brother and I look forward to growing once again as we bring the best Gold’s Gym experience yet to the residents of Long Beach, seeking to revolutionize the way members will achieve fitness results,” Angel Banos, Gold’s Gym’s chief executive, said in a statement.

Jones Lang LaSalle Inc.’s Ken Shishido represented Gold’s Gym in the lease. Shishido is working with Gold’s Gym on its other Southern California expansion plans as well.
“As the retail industry evolves, we continue to see high-growth companies like Gold’s Gym take advantage of the market by expanding into well-located centers,” Shishido, who is a senior vice president at JLL, said in a statement. “Gold’s Gym will continue (to) look to grow its brand in areas with strong demographics.”

Gold’s Gym operates a large number of locations in Southern California, including in Arcadia, Culver City, Glendale and Hollywood.
In Long Beach, the brand has an outpost at 345 Pine Ave. that includes a sauna/steam room, cycling studio, personal training programs, fitness equipment and other assets.

The Long Beach retail market saw an overall vacancy rate of 3.3% during the fourth quarter of last year, according to data from CBRE Group Inc. That’s significantly below the greater L.A. area average of 6%.

The average asking rate during the quarter was $1.81 in the greater L.A. area, compared with $2.20 in suburban Long Beach and $3.50 in downtown Long Beach, according to CBRE data.

Paola Mendez
Paola Mendez
Paola Mendez graduated from Los Angeles Valley College, then transferred to University of California, and now serves as a Receptionist and Office Assistant to the Los Angeles Business Journal. Paola wears many hats in different departments and is trilingual in English, Spanish and French.

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