Universal CityWalk - Hollywood
Universal CityWalk is a 390,000 square foot, three block outdoor entertainment, dining and shopping promenade, anchored by Universal Studios Hollywood and a 19-screen AMC Theatre with a state-of-the-art IMAX. Samuels & Company was hired in an advisory and brokerage role in order to maximize the performance of this asset.
CityWalk was the first and original retail-entertainment-dining mixed-use lifestyle project in Los Angeles County. It was initially built in 1993, and expanded in 1999. Since its development, significant competition has developed nearby. Universal, as part of its redevelopment/expansion of its Theme Park and Studios, wanted to update its merchandise mix to remain competitive. The objective was to maximize customer experience; lengthen visitor stay; and improve the tenant mix to complement the improvements created at the adjacent Universal Theme Park and Studios Tour..
Services Provided - Results
Initial responsibilities included evaluating the existing tenants and their current leases; analyzing competitive retail and entertainment/retail centers in the Los Angeles area; creating proposals for several different remerchandising programs; and advising senior management at Universal on "best in class" new leasing strategy to maximize asset value. Samuels & Company worked closely with Universal senior executives to propose various redevelopment proposals with different levels of capital commitment to source new food and beverage as well as retail replacement tenants. As part of this assignment, Samuels & Company provided the following for its client:
- Analyzed demographics, competition and supply/demand factors
- Created remerchandising plans to optimize tenant mix
- Prospected new tenants and directed marketing process
- Negotiated new tenant transactions, from Letters of Intent to completed Lease Agreements.
Samuels & Company successfully brought Smashburger/Shoe Palace/Meizhou Dongpo and continues to provide owner representation and leasing services to Universal CityWalk in their ongoing efforts to improve the tenant mix and competitive position in the marketplace.