Case Study: Real Estate Broker Services/Site Selection
The Arba Group—Laurel Promenade
A Great Lineup of Restaurants for a Studio City Development
The Arba Group is a major real estate and shopping center development firm based
in Los Angeles, CA. The company was developing Laurel Promenade, an upscale
two-level strip shopping center in Studio City, CA. Arba had retained commercial
realtors CB Richard Ellis to find tenants for the new mall. The mall had four
restaurant spaces to fill. In order to ensure those spaces would be leased
by high-quality, fully qualified restaurants, CB Richard Ellis turned to Ira
Spilky for his restaurant industry expertise and his extensive client base.
Development Plan of Action
Over a two-year period, Ira worked with Arba Group President Ira Smedra to bring four restaurants into Laurel Promenade. Taking into account the criteria of the individual spaces, including square footage, rent and potential customer base and foot traffic, Ira presented credit-worthy tenants who were specifically qualified for each space. Ira also handled the lease negotiations for all for restaurants. The four high-profile restaurants were The Daily Grill, Louisa's Trattoria, Gaucho Grill and The Big Chill Yogurt Company.
Win-Win Profit Result
More than four years later, all four restaurants are still going strong as members
of Laurel Promenade. Ira Spilky & Associates has created a "four of a kind" set
of Win-Win Situations: a profitable home for four great restaurant businesses
and a powerful line-up of attractive restaurants that benefits the Arba Group
and all of Laurel Promenade's other business owners. After the success of the
Laurel Promenade project, Ira Smedra of the Arba Group now frequently calls
upon Ira Spilky to help find qualified, success-oriented restaurant and entertainment
venue tenants for the company's developments and properties.