Weighing Retail And Other Amenities In Silicon Beach
Experts weighed retail options and amenities in Silicon Beach at the recent Bisnow The Future of Silicon Beach event held at the Gallery on the Third Street Promenade.
CBRE senior associate Zachary Card moderated the panel of Laurus Corp CEO Phil Cyburt; American Realty Advisors senior director Gary Steinhard; Federal Realty Investment Trust VP Jeff Kreshek; and Rustic Canyon Restaurant Group co-founder Colby Goff.
Zachary asked the panelists to talk about their companies' latest projects and acquisitions and what they see happening in the future.
Jeff said his company has been on the Third Street Promenade since 1998 and does not plan to sell. The goal is to continue to own the assets, "so we have to look at long-term earnings, long-term rent growth, and we have to have a business plan that can take us out 10 years."
Gary said his firm is "competing with international investors on every deal." While the biggest challenge is a lack of space, Gary said there is a ton of capital.
Phil said Playa Vista is becoming the most dynamic market in LA. Laurus Corp acquired the Promenade at Howard Hughes Center, which took them nearly a year to buy, according to Phil.
"We saw it as a great opportunity," he said.
Colby said the Rustic Canyon Restaurant Group is very community-focused, and they have to be "high touch" in order to maintain quality. They aim to get to know their customers because it helps to bring repeat business, according to Colby.
