Candyland in Santa Monica?
Avison Young has signed an eight-year retail lease transaction in Santa Monica, with global candy and gift retailer It’Sugar.
The lease is valued at $6.2 million and totals 2,250 square feet at 1427 Third St. in the heart of downtown Santa Monica on the Third Street Promenade. The retailer is leasing the property at a rate of $312 per square foot – a record-high in the prized shopping district.
“This lease sets a new benchmark for the Promenade,” Avison Young Principal Randy Starr said in an official statement. “The highest per-square-foot rent for Third Street prior to this lease was $240 annually. I think everything from here out will be leased at over $300 as retailers understand the intrinsic value of the district and can justify paying top dollar as their sales continue to prove the value.”
The retailer plans on occupying the new space in March 2014. A shoe store, Journeys, is currently in the space and will be vacating the premises January 1, 2014.
Founded in 2006, Deerfield Beach, FL-based It’Sugar is one of the largest and fastest-growing candy and gift retailers in the world. The company owns and operates more than 70 retail locations in major markets, including New York, Las Vegas, Los Angeles, San Francisco, Miami, Scottsdale, San Diego, Palm Beach, London, Dubai and Grand Cayman.