“Apple Inc., the world’s largest company by market value, plans to replace its store on Santa Monica, California’s Third Street Promenade retail district with a bigger location, according to landlord Jordache Enterprises,” Nadja Brandt reports for Bloomberg.
“Nakash Holdings, the real estate investment unit of the New York-based company that gained fame with its designer jeans in the 1970s, today completed the purchase of the store’s land and building, which is under construction, said Jonathan Bennett, director of real estate for Jordache. It bought the property from Los Angeles-based Blatteis & Schnur Inc. and Bethesda, Maryland-based ASB Capital Management LLC,” Brandt reports. “‘The deal was contingent on Apple being the tenant,’ Bennett said in a telephone interview today. ‘The Promenade is just a fantastic location and we love Apple.'”
Brandt reports, “The store will have about 17,500 square feet (1,625 square meters) of space on three floors and is scheduled to open by the end of the year, Bennett said. A former Borders Group Inc. bookstore was torn down to make room for the new building. An existing, 6,000-square-foot Apple location on Third Street Promenade will close when the new outlet opens, Bennett said.”
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