Just as Ratkovich exits Uniqlo enters.
The Japanese fashion company has signed a lease for a two-story flagship store at The Bloc mixed-use development Downtown.
The deal, first reported by DTLA Rising, comes two months after Ratkovich Company’s decision to sell its stake in the 1.8 million-square-foot complex to its equity partner, National Real Estate Advisors. The joint venture had acquired the sprawling property in 2013 for $241 million, with Blue Vista Capital Management.
The project has faced period setbacks since the joint venture redeveloped it. Many retailers that were announced on the site backed out of agreements, leading industry experts to question whether the destination would ever become the destination that was promised.
Uniqlo will take 15,000 square feet at the complex, making it a retail anchor at The Bloc. The location is at the corner of 7th and Flower streets. The lease was reportedly a year in the making.
Uniqlo will join Alamo Drafthouse, Macy’s, and L.A. Fitness, among others.
Meanwhile, National Real Estate Advisors is looking for a manager to replace Ratkovich. Lincoln Property Co, JLL, and CBRE are reportedly pursuing a deal to manage the sprawling property. [DTLA Rising] — Dennis Lynch