PLAZA DELI UPDATE

This just in from reader Heidi: “Last week, the owner at Plaza Deli said his rent was in the neighborhood of $14k-15k/month, and he has found a buyer, but the La Cumbre Plaza landlord wants to increase the rent upon transfer of the business, which could sink the deal. He said he just wants out.”

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9 Responses to PLAZA DELI UPDATE

  1. Milo says:

    There is NO way Larry is paying upwards of $15K for 800 square feet. Even with the NNN and CAM. No freaking way. He’d have to had been HIGH to sign such a deal.

    • Spank13 says:

      This is accurate. No way.

    • El Guapo says:

      They’re probably charging for the exterior seating too, they don’t just let you put furniture out in the common area like that for nothing, but still that’s crazy high. Macerich has run that place into the ground, but that seems ridiculous even for them.

      • JJ says:

        Unless it is the State Street Promenade. Rent free for three years while all other neighbors pay for their patios. This inequity will continue to crush other businesses, but nobody wants to print the real story, they just avoid the topic of the Promenade and its negative impact to all other businesses. Even Sneddon is now backpeddling her vote and wants to remove CVR parklets. Great leadership and foresight…her and Jordan’s agenda is running thin.

  2. Dave says:

    That would be close to 200 a sq ft for the space. So . . . uhh . . . NO.

  3. Chad says:

    I can believe it, it’s one of the few tenants left that predated Macerich ruining La Cumbre Plaza… trying to go upscale right before 2008 hit. (At that point they hadn’t gotten around to that wing (Plaza Deli/Gamestop/Pizza Mizza))

  4. Diane says:

    Macerich has treated La Cumbre Plaza as a second thought ever since 2008 when Michael Guerin married into the family and was hired to do their leasing. He only had eyes on the money in Hope Ranch and Montecito. Never did his homework. He and the VPs only wanted to bring Rodeo Drive to SB. Push out the long term tenants and bring in glitzy retailers. I feel sorry for whomever is handling leasing now – they never could clean up Guerin’s mess and now, they are only making it worse. Larry, live your life, far away from Macerich <3

  5. Annie Clare says:

    That’s really sad. He wouldn’t lie about that. So glad he has a buyer. If the landlord nixes this deal he’s very foolish!

  6. Gary Sudder says:

    Not surprising, it’s US empire capitalism. Anything and everything for a buck.

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