SAN FRANCISCO, Aug. 1, 2019 /PRNewswire/ -- Carmel Partners ("Carmel") announced today that it has executed a lease with Whole Foods Market for an approximately 50,000 square foot flagship grocery store that will anchor its urban, mixed-use Cumulus District ("Cumulus") development in Los Angeles' Westside.
Located at the corner of Jefferson and La Cienega Boulevards at 3321 La Cienega Blvd., Los Angeles, Cumulus is a transit-oriented development expected to open in late 2020. When completed, Cumulus will feature 1,210 apartments, a one-acre public park and plaza, and 100,000 square feet of grocery-anchored retail and restaurant space. Terms of the Whole Foods lease were not disclosed.
"Carmel is delighted to welcome Whole Foods again in one of our projects in Los Angeles," said Neils Cotter, Partner at Carmel Partners. "This vibrant neighborhood needs a health-oriented grocery store as well as a variety of restaurant and retail options. At the corner of two major commuter corridors and directly adjacent to the recently developed Expo Line light rail between Downtown and Santa Monica, Carmel anticipates Cumulus will be a vital part of the local area and beyond."
Leasing has commenced for the remaining 50,000 square feet of retail space at Cumulus. With dedicated parking and retail space opportunities both on the street and centralized on the one-acre public park plaza, Cumulus will offer a dynamic neighborhood-serving selection of restaurants, boutiques, fitness and service options. CBRE's Timothy L. Bower and Zachary Card are leading the retail leasing efforts for Cumulus. Representatives for the project can be reached at [email protected] and [email protected].
Cumulus is adjacent to Culver City, which has seen a dramatic influx of tech, media and entertainment companies; West Adams, a historic and vibrant Los Angeles neighborhood; and Hayden Tract, the lively, artistic and culinary enclave.
About Carmel Partners
Founded in 1996, Carmel Partners is one of the nation's leading specialists in real estate investment management, focusing on U.S. multifamily development and construction, and opportunistically, debt. Carmel seeks superior risk-adjusted returns across varying market cycles, executed through its vertically integrated platform in supply-constrained, high barrier-to-entry markets in the U.S. Since the firm's founding, Carmel has bought and renovated or developed, or is in the process of renovating or developing, more than 42,000 apartment units with an estimated value in excess of $13 billion. Headquartered in San Francisco, Carmel has offices in Los Angeles, New York, Seattle, Denver and Washington, D.C. For more information please visit www.carmelpartners.com.
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SOURCE Carmel Partners