SAN FRANCISCO--(BUSINESS WIRE)--Carmel Partners (“Carmel”) today announced that it has finalized a lease with Whole Foods Market for its flagship 42,000 square foot grocery store at 770 S. Grand Avenue in downtown Los Angeles on behalf of Carmel Partners Investment Fund IV. Carmel is currently developing the site into a 700-unit Class A development with 50,000 square feet of ground floor retail, and expects the mixed-use project to open in 2015. Terms of the lease were not disclosed.
"We are delighted to welcome Whole Foods as a tenant. We are excited about the future of downtown L.A. as an urban residential community and the inclusion of a Whole Foods into our development will further enhance its attractiveness and be a great amenity to our residents and the neighborhood," said Dan Garibaldi, head of development for Carmel Partners.
Carmel, which now owns eight projects in greater Los Angeles, broke ground on the 770 S. Grand project this past January. "Los Angeles has seen a large imbalance between jobs and housing for some time, but to date has lacked the services and amenities -- restaurants, shopping, nightlife and supermarkets -- necessary to generate broad demand for downtown living. We believe Whole Foods will embody the center of downtown living in what has become one of the most desirable places to live in the greater L.A. area," added Ron Zeff, CEO of Carmel Partners.
“With the addition of Whole Foods, 8th and Grand is now one of the premier retail locations in downtown. We foresee strong demand from retailers and restaurants for the remaining 8,000 square feet of space fronting Grand. This deal is likely to impact every resident, employee, and visitor to Downtown L.A.,” said Derrick Moore, a broker with Avision Young.
In October 2012, Carmel closed its fourth institutional real estate investment fund, Carmel Partners Investment Fund IV, with $820 million of equity commitments.
About Carmel Partners
Based in San Francisco, Carmel Partners is a privately owned real estate investment manager with a relentless focus on expertise in U.S. multifamily investment and value-add execution enhanced through its vertically-integrated platform. Carmel has invested in excess of $4 billion through its series of four discretionary real estate funds. The firm is currently pursuing direct value-add apartment properties, ground-up development, debt investments, and joint venture deals in its core markets of Northern and Southern California, New York, Seattle, Denver, Washington, D.C. and Hawaii.
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Rendering of 770 S. Grand Avenue is available upon request.
About Whole Foods
Founded in 1980 in Austin, Texas, Whole Foods Market (wholefoodsmarket.com, NASDAQ: WFM), is the leading natural and organic food retailer. As America’s first national certified organic grocer, Whole Foods Market was named “America’s Healthiest Grocery Store” by Health magazine. The company's motto, “Whole Foods, Whole People, Whole Planet”™ captures its mission to ensure customer satisfaction and health, Team Member excellence and happiness, enhanced shareholder value, community support and environmental improvement. Thanks to the company’s more than 73,000 Team Members, Whole Foods Market has been ranked as one of the “100 Best Companies to Work For” in America by FORTUNE magazine for 16 consecutive years. In fiscal year 2012, the company had sales of $11.7 billion and currently has more than 350 stores in the United States, Canada and the United Kingdom.
The information contained in this document is being provided for informational purposes only and should not be considered investment advice or an offer or recommendation to buy or sell Carmel’s Private Funds. The information presented has been obtained from reliable sources, but is not guaranteed for accuracy or completeness. The opinions referenced herein are only as of the current date and are subject to change due to changes in the market or economic conditions.