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Planet Fitness Signs Lease for 22,404 SF Location in Simi Valley
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October 29, 2020 • Issue 280
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Primestor Completes 114,431 SF Retail Portion of Jordan Downs in South-Central Los Angeles
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Smart & Final Extra!, Blink Fitness, Nike, Ross Dress for Less, Starbucks Coffee and The Habit are tenants at Freedom Plaza, the retail component of Jordan Downs in Los Angeles’ Watts neighborhood. (Rendering courtesy of Nadel Architecture + Planning)
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LOS ANGELES — Primestor Development, along with Nadel Architecture + Planning as architect, has completed the development of Freedom Plaza, the retail component of the Jordan Downs mixed-use community in Los Angeles’ Watts neighborhood.
Located at 9901 S. Alameda St., Freedom Plaza features 114,431 square feet of retail space for stores and restaurants, as well as landscaped promenades and community gathering spaces. Tenants at the plaza include Smart & Final Extra!, Blink Fitness, Nike, Ross Dress for Less, Starbucks Coffee and The Habit. <Read more>
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In Case You Missed It
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Donahue Schriber Realty Group Hires Michael Glimcher as CEO, President
Webinar: Las Vegas Retail Outlook — How is the Las Vegas Retail Sector Responding to COVID-19?
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Gap Inc. to Shutter 350 Stores, Transition Focus from Malls to E-Commerce
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Gap Inc. has announced plans to close 350 stores under its Banana Republic and Gap banners in an effort to transition focus to e-commerce and off-mall retail locations. Pictured above is a Gap store at Westfield Valley Fair shopping center in San Jose, Calif. (Image courtesy of: Wikimedia Commons)
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SAN FRANCISCO — Gap Inc. (NYSE: GPS), a longtime apparel tenant in enclosed regional malls nationwide, has announced plans to close 350 stores under its Banana Republic and Gap banners in an effort to transition focus to e-commerce and off-mall retail locations.
Store closures are scheduled for completion by fiscal year 2023, which ends Feb. 1, 2024, with 75 percent scheduled to close in 2021. By that time, the company expects 80 percent of its revenue to come from e-commerce and off-mall locations, including street-front retail stores and shops in strip and outlet centers.
Gap is the latest mall staple to shutter locations amid struggles due to the COVID-19 pandemic, following Ascena Retail Group — the parent company of Ann Taylor, Justice, Loft, Lane Bryant, Catherines and Lou & Grey — Bed Bath & Beyond, J.C. Penney and GNC.
Gap’s comparable sales were up 13 percent at the end of the second quarter, due in large part to an expanded focus on e-commerce and to the success of the company’s activewear brand, Athleta, which saw a 6 percent increase in sales during the quarter. The company also began producing and selling face masks at the start of the pandemic, sales of which brought in $225 million as of Oct. 2. <Read more>
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From our sister publications
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Headlines from the latest newsletter
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- Sweets Boutique Pop-Up Opens at Galleria Dallas
- Sid and Ann Mashburn Open Pop-Up at Avalon
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Legacy Place Unveils Seasonal Pop-Up Program
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Nordstrom’s Holiday Pop-Up Focuses on Gift-Giving
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Trademark Property Unveils Revamped Holiday Events
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Headlines from the latest newsletter
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Leases
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Planet Fitness Signs Lease for 22,404 SF Location in Simi Valley
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SIMI VALLEY, CALIF. — Planet Fitness has signed a 10-year lease to occupy space at 2801 Cochran St. in Simi Valley. The 22,404-square-foot Planet Fitness location will join Hobby Lobby, Ross Dress for Less and CVS/pharmacy as a mall anchor.
Rob Devericks and Bill Hagelis of Radius Commercial Real Estate represented Planet Fitness in the deal. The gym will occupy space that was vacated by Walmart.
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Duhs Commercial Completes Three Retail Leases in Spring Valley, San Diego and El Cajon
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SPRING VALLEY, SAN DIEGO AND EL CAJON, CALIF. — Duhs Commercial has arranged three leases in California. Scott Duhs of Duhs Commercial represented the undisclosed landlords in each transaction.
In the first transaction, Discount Tire leased a 14,071-square-foot pad site at 491 Sweetwater Road in Spring Valley. Bob Brady of Voit Commercial represented the tenant.
In the second deal, Everyday Fresh Market signed a lease to occupy 2,845 square feet of space at 5440 Clairemont Mesa Blvd. in San Diego.
In the last transaction, Yum Yum leased 800 square feet of space at 725 Jamacha Road in El Cajon.
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Have you read the May/June issue?
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Juice It Up!
Smoothie, raw juice and super fruit bowl concept Juice It Up! expands its presence in California.
Tenant, Customer Safety Take Center Stage
As the Golden State centers move toward reopening, landlords are working overtime to create a sense security for everyone who sets foot on their properties.
Time to Network
Progressive Real Estate Partners' Brad Umansky begins term as president of Retail Brokers Network in interesting time for retail.
The New Tools for Site Selection
Three new technology tools are showing advances for retailers to choose sites.
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