Whole Foods Market recently signed a lease for yet another brand new store in California. The lease is for a facility that spans a whopping 52,000 square feet. By signing these types of commercial leases, companies in Los Angeles and other parts of the Golden State are able to have a major impact on the economy of a local area, with the lessor — the owner of the lease — especially benefiting as well.
Construction of Whole Foods, which sells natural and organic foods, is slated to start this year. The store should open in the early part of 2019. It will essentially serve as part of the replacement of a town center shopping mall.
The town center in which the supermarket will be introduced is considered a very desirable location for both residents and businesses, with the downtown area already being vibrant. Construction has already started on the 36-acre development, which a venture capital fund acquired in 2016. A real estate developer also plans to bring nearly 200 residential apartments along with more than 100,000 square feet of restaurant and retail space to the market next year. Another project in the works is the reopening of a square for the public to use in the spring.
Adding a business to a new location by signing a commercial lease for property there can understandably be exciting. However, commercial leases can be complicated to negotiate. An attorney in Los Angeles can offer guidance during the process of reviewing and negotiating a lease to ensure that a business’ best interests are upheld in the terms of the lease long term.
Source: Mountain View, CA, Patch, “Whole Foods to Open New South Bay Location“, Mark Nero, Feb. 24, 2017