FINANCE

Kennedy Wilson’s brokerage group closes four lease transactions

BY Katherine Boccaccio

Los Angeles – Global real estate investment and services firm Kennedy Wilson has closed four retail and entertainment lease transactions in Hollywood, Santa Monica and Westchester. This collection of new leases, which carry an aggregate value of more than $3 million, points to an uptick in the Los Angeles retail market.

“These four distinctive leases will bring diverse food and shopping options along with new jobs to their nearby communities,” said Ed Sachse, executive managing director of Kennedy Wilson’s Brokerage Group. “People are beginning to feel more comfortable spending and these transactions are reflecting that type of growth in the industry.”

The four lease transactions include clothing store G-Star in West Hollywood, represented by Sachse; build-your-own pizza restaurant Pizza Five 85 located in Westchester, represented by agent Matt Adamczyk; fitness center Dethrone Basecamp in Santa Monica; and entertainment news studio BiteSizeTV, which expanded into the former Drai’s ground-floor private lounge in Hollyood, both represented by agent Lee Shapiro.

All leases are set for at least a five-year term.

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OPERATIONS

Parker’s names convenience vet as VP of real estate

BY Dan Berthiaume

Savannah, Ga. – Bill Bishop has been named VP of real estate and development of convenience store chain Parker’s, a new position for the company. He will work with president and CEO Greg Parker on the company’s strategic real estate negotiations and acquisitions, citing research and permitting coordination with local officials.

He will work with President and CEO Greg Parker to implement a new strategic growth plan while handling all real estate and construction matters for new store development and acquisitions, and will also manage all asset management functions for the company’s existing portfolio.

From 2012 to the present, Bishop served as senior real estate manager for Thorntons Inc., a convenience store group. He was previously real estate acquisitions and development manager for Circle K Stores, from 2008 to 2012, and also served as VP of real estate for Prime Development Group from 2004 to 2008.

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REAL ESTATE

Guitar Center to open Times Square flagship

BY Marianne Wilson

Los Angeles — Guitar Center will open a flagship in Manhattan’s Times Square on Aug. 7.

The store is located in the original New York Times building. Designed by Eight Inc., the space will offer a high-energy, hands-on environment in which customers are encouraged to interact with the wide selection of instruments and staff.

In addition, the store will feature an in-house lesson facility (Guitar Center Studios), free classes on recording, in-house rental department, a hands-on electronic music department, and onsite guitar repair service, called GC Garage.

Innovative features unique to the new location include a Fender custom shop where craftsmen will tailor guitars to unique specifications. Top-of-the-line, high-end luxury guitars will be showcased in the Platinum Club.

"Joining the caliber of retailers that have established a presence in Times Square over the years is a huge accomplishment and a statement as to how far the brand has come," said Mike Pratt, CEO, Guitar Center, which operates some 260 stores nationwide. "By opening a Guitar Center in such a visible, high-traffic area as Times Square, we are able to open more eyes to the inherent joy that comes from playing an instrument.”

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