Stanley Kroenke And Wilson Meany Lease Retail Space To Martin’s Cocina Y Cantina And Others
1011 Stadium Drive
Building Size
21,963 SF
Asset Type
Retail
Closing
Sep 23, 2024
AI
The property involved in the transaction is a retail asset located at 1011 Stadium Drive in Inglewood, comprising a total square footage of 21,963. Situated in a mixed-use district that features significant developments, the property is part of the larger Hollywood Park area, which encompasses various retail, office, residential, and entertainment spaces, including the nearby SoFi Stadium.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Square Footage: 21,963
- Address: 1011 Stadium Drive
- Market: Inglewood
- Landlord: Stanley Kroenke & Wilson Meany
- Tenant: Martin’s Cocina y Cantina, The Meeting Spot & Phenix Salon Suites
- Broker: Jack Nathan - Kennedy Wilson
The deal features new tenants that will enhance the retail offering at the location. Martin’s Cocina y Cantina will occupy 3,600 sq. ft., The Meeting Spot will take 2,800 sq. ft., while Phenix Salon Suites will occupy 15,563 sq. ft. These establishments are set to open between fall 2024 to spring 2025, contributing to the ongoing development of Hollywood Park.
Players
Inglewood Retail Market Snapshot
Boundary boundary · Retail · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93