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luxury communities , Modera Argyle , is welcoming its newest tenant , Bristol Farms , which signed a 15-year lease in the heart of Hollywood . With the area already being underserved by supermarkets , and the continued construction of high-end residential year-on-year , Bristol Farms joining the area ’ s growing region was an obvious move . Lee represented Mill Creek Residential in the transaction .
“ Bristol Farms is an incredible brand with a devoted following ,” says Lee . “ This new Hollywood location gives them immediate access to their target customer , who will be living right upstairs at Modera Argyle , as well as in the dense surrounding neighborhood . It ’ s a big win for Mill Creek , Bristol Farms , and the neighborhood . While the popular Trader Joe ’ s grocery store is just around the corner , the two brands specialize in different offerings , meaning the categories are complementary rather than competitive .”
Modera Argyle is located between Sunset and Hollywood Boulevards and sits adjacent to the Hollywood Palladium and across the street from Equinox Hollywood and the W Hotel and Residences . The mixed-use development is currently under construction , and expected completion is summer 2024 . Modera Argyle is the second of Mill Creek Residential ’ s luxury offerings in the area . Hollywood ’ s residential population is growing thanks in large part to continued housing construction of higher-end communities . In the past decade , housing inventory has expanded in the submarket , and recent office and hotel construction has brought both higher-paying jobs and more affluent visitors to the area .
“ Retail is fickle ,” Lee explains , “ and location plays an important role . As such , retailers are sensitive to their location in the city . There will always be established brands and companies in those areas that experience high footfall . However , those are limited commodities ; there ’ s a limited amount of space and those owners are much more sensitive to their tenants . It is more challenging for newer brands to become tenants when they ’ re competing with known brands , in terms of owner risk assessment and securitization . Wellestablished brands will be able to pay their rent because they can leverage finance from alternative sites . Newer tenants don ’ t tend to have the financial security to put down a hefty deposit , and hence , it becomes more difficult for the younger brands to access those prime sites .
Local expertise can help to identify those areas ripe for regeneration and investment opportunities
“ It ’ s important to be able to analyze shopper demographics and tap into the experience of a seasoned realtor who understands the changing landscape and local market . Local expertise can help to identify those areas ripe for regeneration and investment opportunities . There ’ s opportunity in every market . It ’ s important to be patient and realize that every decade or so , it seems like we hit a rough patch . Lenders start pulling back and land and property remains undeveloped and empty until prices start to reset . Then up the mountain we climb again until the next cycle sets in , and the market starts to change . If you are patient , the return on investment tends to come ,” Lee concludes . ■
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