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Wednesday, Jun 7, 2023

New Spinning Chain Rides Into Tarzana Lease

One of the few vacant spots at the upscale Village Walk at Tarzana retail center has filled up. BeatBike LLC, a take on the popular SoulCycle stationery cycling exercise concept that started a few years ago in New York and has made its way to West Hollywood and the Westside, opened its doors last week after signing a five-year lease worth about $1.2 million. The “spinning” workout concept is highlighted by intimate classes with dim lights and pulsing music. The club paid a steep price to get started in the five-year-old center, paying about $4 a foot for the nearly 6,000 square feet of second-floor space at 18700 Venture Blvd., said John DeGrinis, senior executive vice president at the Encino office of Colliers International. “That center is an oasis,” said DeGrinis, who represented BeatBike. “It’s a higher-end retail location that gets a lot of foot traffic.” Village Walk has brought in a lot of high-traffic tenants since opening in 2009, including a 50,000-square-foot Whole Foods Market Inc. and other popular retail tenants, including a Starbucks and Chipotle Mexican Grill on the first floor below BeatBike. The 150,000-square-foot center is owned by Village at Tarzana LP and is more than 80 percent leased following the BeatBike deal, according to data from Colliers. Ashton Whited, co-owner of the gym, said BeatBike is targeting professionals from their early 20s to 40s who would spin at BeatBike and have memberships at Equinox Fitness, the upscale gym chain out of New York. The spinning room at BeatBike features 42 bikes with classes starting at $22 each, but the price is discounted if a package is purchased. There is no conventional membership system, so she expects visitors might have memberships at full gyms too. “This is a boutique fitness experience,” said Whited, 24, who co-owns the gym with her mother and father, Tara Whited and Ron Whited. Her father also owns three Sky High Sports LLC trampoline gym franchises, all in the greater Valley. BeatBike has a bottled juice bar, free Wi-Fi, a small weight training room where personal training can be scheduled, individual changing rooms and an outdoor seating area with couches. Retail opportunity With the announcement that 11 Albertson’s supermarkets in Southern California would close by the end of this month, substantial real estate will be coming onto the market. And in the Valley, none may be more desirable than the 52,000-square-foot Albertson’s at the Pride Center in Woodland Hills. The 140,000-square-foot shopping center at 22840 Victory Blvd. includes a JoAnn Fabrics, HomeGoods and Harbor Freight Tools. It is owned by Fallbrook Estates Pride of Fountain Valley. Todd Nathanson, president at illi Commercial Real Estate in Encino, doesn’t think the spot will be on the market for long. “The retail market is red hot and that is a great property,” he said. “I would imagine people are tracking it already.” The space could be converted to other uses besides grocery, which is a possibility given that across the street the large Fallbrook Center owned by General Growth Properties Inc. of Chicago already features a Ralphs, Walmart, Target, Trader Joe’s and Sprouts Farmers Market. Still, Nathanson thinks another grocer is likely the best bet. “I think a market could make sense in that center,” said Nathanson, adding that a more upscale option, like a Whole Foods Market, would work. The owner of the center could not be reached and Leslie Mayer, executive director at the L.A. office of Cushman & Wakefield Inc., who runs leasing at the center, declined to comment. Prized Parcel The Link, an entitled mixed-use Glendale development property, hit the market last month. The project is approved for 142 condo or apartment units above 16,000 square feet of retail at 3901-3915 San Fernando Road. Property owner George Garikian shepherded the project through a difficult entitlement process. The site includes a 1930s-era building that the Glendale Historical Society sought to place on the city’s historical register. The Council ultimately voted against the society and the building will be razed as part of the eventual development. “The Link is one of the few fully approved and entitled developments to come to market in the last few years and we are expecting a competitive bidding situation,” said listing broker Martin Agnew, a principal of the Agnew/Kelley Group at the Encino office of Marcus & Millichap Inc. Jessica Kelley, senior associate with Marcus & Millichap, is sharing the listing. Staff Reporter Elliot Golan can be reached at (818)316-3123 or egolan@sfvbj.com.

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