Tenant Representation: Why Does Your Business Need It?
Tenant representation is integral for any business that is seeking to rent or purchase space. However, many businesses are not aware of this need
in their real estate ventures. Proper tenant representation can help save your business time, money, and a lot of future headaches.
Commercial Real Estate News in Los Angeles
As you may have heard in recent news, St. Louis Rams owner Stan Kroenke purchased a 60-acre plot of land in Inglewood California earlier last
month. This area of land is located between the Hollywood Park race track (which is now closed) and the Forum, and could be used for an NFL
Stadium for the St. Louis Rams. However, no official announcements have been made as of yet.
Kroenke is a real estate mogul that has been known for owning a large amount of land in Southern California through the years. However, this
specific purchase is unique, as it is the first time an NFL owner has bought a big enough plot of land to support the development a football stadium.
According to the Los Angeles Times, the 60 acre plot was originally owned by Wal-Mart, but they sold it to Kroenke after failing to get approval from
the public to build a store.
The city of Inglewood could be considered an ideal location for a football stadium, as it is located near L.A.'s major freeways and is also only 5
miles away from the Los Angeles International Airport (LAX). However, there are many complications involved with moving a football team such as
the St. Louis Rams to Los Angeles. In addition to obtaining NFL league approval, there are environmental issues that may stand in the way, including
traffic and parking problems. To make matters even more complex, there are already two competing NFL stadium proposals pending in Los Angeles.
One is in the City of Industry, and the other is near the Staples Center.
The Mayor of Inglewood, James T. Butts, stated that he would welcome a football stadium as long as the development would include the addition
of restaurants, shops, and entertainment venues that would be open all year long. In the grand scheme of things, this new development, if it were
to happen, would be a great economic opportunity for the city of Inglewood.
Whether or not a football stadium will be built in Inglewood remains to be seen; but one thing is for certain, the commercial real estate climate is
rapidly changing and growing throughout Los Angeles. If you're looking to lease or purchase commercial real estate in the Los Angeles area, we
are here to represent you with over twenty years of industry experience.
Contact us today for all of your tenant representation needs.