VITAL STATISTICS
GLENDALE FASHION CENTER
221 N. Glendale Ave., Glendale
Square Footage: 18,000
Deal Value: $8.6 million
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’ 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.
The Glendale community will certainly benefit from having a large format wine and spirits store like Total Wine serving the community.
VITAL STATISTICS
ISLAND PACIFIC SUPERMARKET
11130A Balboa Blvd., Granada Hills
Square Footage: 17,095
Deal Value: $4.4 million
Matthews first vice president and national director Michael Pakravan and senior associate Aditya Ramnath represented the landlord in the lease of 11130A Balboa Blvd in Granada Hills to the grocer Island Pacific Supermarket. The space is 17,095 square feet and is located at the popular shopping destination, Balboa Mission Square. Matthews’ agents generated multiple offers for the lease, including offers from several established national grocers. They decided to go with a regional tenant because the Island Pacific had more attractive deal terms and was a better synergistic fit to the existing shopping center tenants.
VITAL STATISTICS
4464 Van Nuys Blvd., Sherman Oaks
Square Footage: 6,200
Deal Value: $3.4 million
Kyle Barratt, senior vice president with CBRE, specializes in investment sales, advisory, and transaction services throughout Los Angeles County and Central California. In this Citi Bank deal, the tenant had been in the building for almost 30 years, since 1994. Located at 4464 Van Nuys Blvd. in Sherman Oaks, there were no free-standing buildings with excess parking and comparable signage available in the area during lease negotiations. The tenant ultimately decided to extend the lease term at the premises to maintain its presence in the submarket.