Market Overview

Joseph Romano Company Announces Three High-Profile Signings on Third Street Promenade


The Joseph Romano Co., Inc. today announced the signing of three high-profile retail tenants in the 1200 block of the Third Street Promenade. These include a brand new tenant, Dr. Martens; the conversion of the Restoration Hardware space to a new Restoration Hardware Baby & Child store; along with a long-term lease renewal for Barnes & Noble at the corner of Wilshire Blvd. and the Third Street Promenade.

“We love bringing unique, first-to-market tenants like Dr. Martens and Restoration Hardware Baby & Child to our properties,” said Joseph Romano, Principal of the Joseph Romano Co. “We think they are great additions to the 1200 block. Our new tenants, along with Barnes & Noble, are premier retail brands, and we look forward to working with them well into the future.”

“The Promenade has not been immune to the challenging times, but the Romano's proactive, strategic approach has certainly produced some great news for the commercial real estate market in Santa Monica,” said Michael Lushing, real estate consultant for the Joseph Romano Co. and Senior Vice President at BRC Advisors in Beverly Hills. Lushing represented both landlord and tenant in the Dr. Martens transaction.

The Dr. Martens store will be the company's first branded store in Southern California, and will replace Lucky Brands.

“When we considered locations for our Los Angeles-area store, the former Lucky space on the Promenade was a natural,” said Mike Vincent, Chief Operating Officer of Dr. Martens. “We applaud Michael Lushing for reaching out to us on behalf of the Romanos.”

Restoration Hardware Baby & Child, which will celebrate its grand opening on November 10, is only the third store of its kind in the country, with the others in Northern California and Houston. It will take the space previously occupied by Restoration Hardware.

Barnes & Noble has occupied a prominent location at the corner of Wilshire Blvd. and Third Street for almost two decades. “For the past 17 years we have been extremely fortunate to serve booklovers on the Westside from our Third Street Promenade store,” said Ed Toohey, Director of Real Estate for Barnes & Noble. “The exciting opportunity to extend the lease allows us to continue this great tradition.”

About Joseph Romano Co., Inc.

The Joseph Romano Company started in 1960 as a Third Street retailer with Europa Company, a seller of linens and housewares. Soon after the Romanos expanded Europa, the company gradually began to focus on acquiring commercial properties in Santa Monica. In the 1980s, the company's owners, Joseph and Pauline Romano, were pioneers in helping redevelop the former Santa Monica Mall into the Third Street Promenade. The company now owns over 100,000 square feet of rentable commercial, residential and office space throughout Los Angeles County.

About BRC Advisors

BRC Advisors is a specialized investment boutique focused on investment vehicles that meet our clients' objectives. Our management team brings a wealth of experience from some of today's top real estate and investment firms. We have had the benefit of living through a number of real estate cycles and have incorporated the profound lessons learned.

Among the many lessons learned from over 30 combined years of brokerage and advisory experience, we know that we must distinguish our professional services in a highly competitive marketplace. BRC Advisors' ability to establish and sustain a market presence is based on sound research, market intelligence and improving our daily work product for each and every client, each day, every day.

As a result, BRC Advisors' clients appreciate our personal commitment, creative solutions and superior market knowledge. We have integrated these qualities into our company, which enables us to fulfill client needs under challenging market conditions.

for Joseph Romano Co., Inc.
Randy Steinberg, 310-403-8996

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