33 Taps Leases Retail Space In Moxy/AC Hotels Project Near Crypto.com Arena
1240 South Figueroa Street
Building Size
7,921 SF
Asset Type
Retail
Closing
Oct 19, 2023
AI
The Lightstone Group, led by David Lichtenstein, has leased a retail space located at 1240 South Figueroa Street in Los Angeles. The property spans 7,921 square feet and is part of the newly developed Moxy/AC Hotels project near Crypto.com Arena and the LA Convention Center.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Address: 1240 South Figueroa Street, Los Angeles
- Market: Los Angeles
The tenant, 33 Taps, is a sports bar owned by Ryan Floyd. The lease was facilitated by Justin Weiss and Lee Shapiro of Kennedy Wilson Brokerage. The aim of the lease is to cater to event attendees, hotel guests, and the South Park neighborhood, offering additional dining and entertainment options. No additional information about the terms of the lease or financial details were provided.
Players
Los Angeles 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