Michael Pakravan

How Matthews™ Repositioned a Former Bank Space to Drive New Retail Synergy

Matthews™ was engaged to lease 2,840 SF of ground-floor retail space within a 97-unit apartment building owned by SPI Holdings. The assignment centered around a large former Chase bank space that presented unique leasing challenges due to its size and physical limitations. Representing ownership exclusively, the Matthews™ agents focused on repositioning the vacancy to better align with current tenant demand trends. Through a strategic leasing approach, the agents successfully secured multiple retail users and restored leasing momentum at the property.   Challenge The agents faced a limited pool of prospective tenants due to the oversized 2,840 SF footprint of the former bank branch. The inability to accommodate restaurant venting further narrowed the range of viable retail concepts, making traditional food users difficult to pursue. Ownership’s primary objective was to fill the vacancy as quickly as possible while preserving long-term value for the asset. They needed to identify a solution that increased marketability without compromising the property’s positioning.   Strategy To broaden tenant demand, the Matthews™ agents proposed demising the former bank space into two smaller suites tailored toward active quick-service restaurant, wellness, and fitness-oriented users typically seeking spaces between 1,500 SF and 1,800 SF. The agents first secured Cotti Coffee for the endcap location, generating increased traffic and market visibility for the property. Simultaneously, nearby retail momentum created by the opening of Equinox and the redevelopment of Vons further strengthened tenant interest along the corridor. The Matthews™ agents also leveraged Matthews’™ shared database to maintain direct visibility into active tenants and tenant brokers pursuing expansion opportunities in the market.   Result The repositioning strategy implemented by the Matthews™ agents significantly expanded tenant interest and accelerated leasing activity at the property. Following the successful lease execution with Cotti Coffee, the property experienced increased attention from a variety of retail and wellness users. The agents ultimately secured a hydration therapy tenant for the remaining in-line suite, validating the effectiveness of the revised leasing strategy. The outcome allowed ownership to rapidly reduce vacancy exposure while improving the overall retail merchandising and long-term value of the asset.