Former Big Box Retailer to be Used by Vendors Specializing in Collectibles
Los Angeles – CBRE announced that Frank & Son Collectible Show, a Los Angeles-based collectibles store, signed a 116,000 square-foot lease in City of Industry.
Barclay Harty, Motti Farag and Annika Colombi of CBRE represented the local private landlord. The tenant was represented by Adam Dzierzynski of Lee and Associates.
Located at 17835 Gale Avenue, the building was originally built in 1987 as a warehouse club. Frank & Son Collectible Show, which has operated in Los Angeles since 1988, will use the space for its retail business that is comprised of dozens of vendors that specialize in collectibles.The property features 800 parking spots, air conditioning and increased square-footage that will allow the tenant to add 10 to 15 more merchants and a larger parking field.
The property is adjacent to the SR 60 freeway that connects City of Industry to both Los Angeles and Riverside Counties. Puente Hills Mall, a popular shopping mall, featuring dining, retail and entertainment destinations is located directly across the 60 Freeway from subject building.
"This particular use of operation was not clearly defined within the zoning of the property, and the state required a zone change amendment to accommodate the unique use,” said Harty. “City of Industry had not done such an amendment in a very long time, and it proved to be a new process for all parties involved. Fortunately, the city, tenant and landlord worked diligently throughout the process to achieve full approval in October."
In the third quarter of 2019, the Greater Los Angeles retail market's negative 273,669-square-feet of net absorption was attributed to small to mid-sized declines in nearly every submarket, according to a CBRE research report. There are 1.9 million square-feet of retail space under
construction in Greater Los Angeles, with 352,359 square-feet scheduled to be completed by year-end 2019.
Los Angeles – CBRE announced that Frank & Son Collectible Show, a Los Angeles-based collectibles store, signed a 116,000 square-foot lease in City of Industry.
Barclay Harty, Motti Farag and Annika Colombi of CBRE represented the local private landlord. The tenant was represented by Adam Dzierzynski of Lee and Associates.
Located at 17835 Gale Avenue, the building was originally built in 1987 as a warehouse club. Frank & Son Collectible Show, which has operated in Los Angeles since 1988, will use the space for its retail business that is comprised of dozens of vendors that specialize in collectibles.The property features 800 parking spots, air conditioning and increased square-footage that will allow the tenant to add 10 to 15 more merchants and a larger parking field.
The property is adjacent to the SR 60 freeway that connects City of Industry to both Los Angeles and Riverside Counties. Puente Hills Mall, a popular shopping mall, featuring dining, retail and entertainment destinations is located directly across the 60 Freeway from subject building.
"This particular use of operation was not clearly defined within the zoning of the property, and the state required a zone change amendment to accommodate the unique use,” said Harty. “City of Industry had not done such an amendment in a very long time, and it proved to be a new process for all parties involved. Fortunately, the city, tenant and landlord worked diligently throughout the process to achieve full approval in October."
In the third quarter of 2019, the Greater Los Angeles retail market's negative 273,669-square-feet of net absorption was attributed to small to mid-sized declines in nearly every submarket, according to a CBRE research report. There are 1.9 million square-feet of retail space under
construction in Greater Los Angeles, with 352,359 square-feet scheduled to be completed by year-end 2019.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
