Retail spaces at the still-not-opened Hotel Californian at State and Mason streets are 57 percent leased, according to a second-quarter July 20 report from Lee & Associates broker Natalie Wagner.
And, there’s quite a bit of activity around the hotel, which has three buildings, with the two smaller ones appearing to be ready to do business. Much more is happening in the Funk Zone as well.
With its first restaurant opened last year in Westlake Village, the burgers and beers eatery Finney’s Crafthouse & Kitchen announced it will open is second location by Dec. 1 in the Funk Zone. It will be in the ground floor of the Hotel Californian, Wagner said.
Eleven new downtown listings came on the market in the second quarter, including: 530 Chapala St./25 W. Cota St. with 21,008 square feet; the 18,129-suare-foot El Centro Building at 19 E. Canon Perdido St.; and 624 State St., which is occupied by Urban Outfitters, Wagner reported.
Meanwhile, the Starbucks-anchored 7,956-square-foot, mixed-use building at 800 State St. hit the open market July 19 at $8.6 million or $1,080 per square foot. “This is a higher mark PSF for our area, so it will be interesting to watch the movement on this sale,” Wagner said.
Other recent notable sales for include 2001 & 2009 De La Vina St., the Daily Grind building, and 1509 State St., formerly occupied by L.M. Caldwell. Both were owner-user purchases, she said.
“Leasing supply is still outpacing demand as we added approximately 12,751 square feet of retail and 75,803 square feet of office space in the downtown core for Q2,” Wagner said. “10.3 percent of the new retail and 21.6 percent of the new office was for sublease.”.
Data Hardware Depot leased a third of the Firestone Building, 506 Chapala St. “These will both be great additions to the Central Business District as they bring more daytime population and need for downtown services,” she said.