Developer Sold on Glendale Shopping ComplexACQUISITION: Cypress pays $50 million in area’s highest retail deal of year. Monday, August 5, 2013
Asking rental rates will begin at 52 cents a square foot. Peter McWilliams, Paul Sablock and Nicole Page at Jones Lang LaSalle Inc. are leading the leasing efforts for 10th Street Center.
The San Gabriel Valley is among the county’s top industrial markets. Its second quarter vacancy rate of 5.1 percent was a full point lower than the year-earlier period, according to Jones Lang LaSalle. Only 322,000 square feet of industrial property are under construction in the area.
A Mini car dealership is coming to Santa Monica.
An affiliate of Toronto’s Quinn Automotive Group bought a half-acre property at 1402 Santa Monica Blvd. for $7 million in an off-market transaction in June from local family investor SBZ Partnership, which had been operating a 76 gas station on the site.
Quinn, which operates BMW and Mini dealerships in Toronto, is planning to build a 34,000-square-foot, two-story dealership exclusively for Minis. It values the completed project at $16 million.
The group recently won a bid to open a Mini franchise in Santa Monica, but found the search for a location to be a challenge, said Joseph Gabbaian, a principal at Avison Young who represented both sides in the deal.
Mini, a division of BMW, requires a distance of at least 10 miles between its dealerships and already has locations in Studio City and the South Bay, limiting the location to the western portion of Santa Monica. Meanwhile, the city of Santa Monica’s planning priorities call for car dealerships on Santa Monica Boulevard.
Quinn is seeking entitlements and hopes to secure approvals next year and open by 2016.
Staff reporter Jacquelyn Ryan can be reached at firstname.lastname@example.org or (323) 549-5225, ext. 228.