Nakash Holdings Acquires Flagship Apple Store on 3rd Street Promenade

NEW YORK, July 25, 2012 /PRNewswire/ -- Nakash Holdings, a closely held investment company controlled by the founders of Jordache Enterprises of designer jeans fame, announced today its completed acquisition of a brand new flagship Apple store opening on the 3rd Street Promenade in Santa Monica, CA, said Jonathan Bennett, Director of Real Estate, Nakash Holdings. The new store will be approximately 17,550 square feet on three floors and is currently under construction with an opening date slated for November of this year.

Apple (AAPL) has the largest market capitalization of any publicly traded company and has the largest sales per square foot of any retailer in the world. The 3rd Street Promenade is a prominent pedestrian thoroughfare tenanted by world class retailers.

"The deal was contingent on Apple being the tenant," Bennett said. "The Promenade is just a fantastic location and we love Apple."

Closely held Nakash Holdings, which owns stakes in such properties as Manhattan's Fred French Building on Fifth Avenue at 45th Street, has been buying "long-term, generational" properties with established tenants, Bennett said. The company already owned real estate on Third Street Promenade, he said.

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About Nakash Holdings

Nakash Holdings is the private investment office of the Nakash family of Jordache jeans fame. The company manages a multibillion-dollar portfolio of investments with a focus on real estate located in prime locations throughout the world. The portfolio consists of retail, office, multifamily and hospitality properties. Nakash continues to aggressively seek out new opportunities in locations that fit the portfolio criteria. The strategy is generational, with a focus on long term holds, acquiring the best buildings in the best locations.

SOURCE Nakash Holdings