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1240 South Figueroa Street

33 Taps Leases Retail Space In Moxy/AC Hotels Project Near Crypto.com Arena
LEASEDRetail

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

Lee Shapiro

Kennedy Wilson

Broker

$6.7M

vol

5 deals

Broker
Kennedy Wilson
Kennedy WilsonLender
David Lichtenstein

David Lichtenstein

Lightstone Group

Landlord

$1.4B

vol

16 deals

Landlord

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