Los Angeles — JLL has signed Groupo Innovasport to a new lease for 7,500 square feet of space (currently occupied by Hollister) in the Third Street Promenade area of Santa Monica, Calif. Mexico-based Grupo Innovasport will open its U.S. flagship store for Culto, which features specialty footwear. The store is expected to open in first quarter 2025.
Culto is the latest addition at Third Street Promenade, joining Google Store which recently inked a new deal. Latest openings in the popular destination include Pickle Pop, Barnes & Noble, Wilson Sporting Goods and JD Sports Fashion.
JLL represented the landlord Equitrust in the lease. Groupo Innovasport was represented by Open Realty.
“Third Street Promenade continues to see a renewed interest from retailers, restaurants and experiential concepts,” says Devin Klein, vice president of JLL. “Groupo Innovasport felt Santa Monica was the epicenter of sports, soccer and sneaker culture and the best fit for its Culto flagship store.”
According to JLL’s City Retail 2024 Report, consumer spending growth and the return of international and domestic tourism have driven prime urban retail demand, with foot traffic recovering to pre-pandemic levels in half of the prime corridors surveyed.
For over 200 years, JLL, a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For more information, visit www.jll.com.
SOURCE: JLL