Lululemon Signs Lease at Third Street Promenade in Santa Monica

Beverly Hills based Maxxam Enterprises announced that fast-growing yoga themed apparel retailer Lululemon has signed a long-term lease to move into a prime Third Street Promenade location in Santa Monica, California. The building, locally known as Promenade Gateway, occupies a key location on the corner of Third Street and Broadway, directly across from the renovated Santa Monica Place Shopping Center.

"We welcome Lululemon to our property on the 3rd Street Promenade, one of the world's most famous shopping streets," said Mehdi Soroudi, a principal partner with privately held Maxxam Enterprises. "Santa Monica is a symbol of Southern California healthy living and we believe Lululemon is an ideal fit for our property."

Mr. Soroudi added that a renovation of the façade of the property is currently underway. Lululemon expects to open its 6,400 square foot store in 2014. Promenade Gateway, originally known as Janss Court, was built in 1989 and acquired by Maxxam in 2003.

About Maxxam Enterprises

Maxxam Enterprises acquires, develops and manages a wide range of properties throughout the nation. With over 30 years of experience, the principals of Maxxam have built an impressive track record and a rich portfolio that includes shopping centers, office, storefront retail, industrial, hotels, and multi-family residential. Rare market insight allows the company to identify undervalued properties and maximize profit potential through capital improvements, active management and/or disposition. For more information, visit www.maxxamllc.com.