Blatteis & Schnur, Inc. - Retail Property Specialists

History

Blatteis & Schnur traces its roots back to 1922 when the company was co-founded by Samuel Blatteis as what is believed to be the first real estate firm in the Western United States to make a specialty of retail leasing and brokerage. Blatteis introduced to the West Coast what is now commonly known as the percentage lease, thus enabling retail rental values to be determined equitably during times when retail merchants were unable to reasonably project their ability to meet fixed rental obligations. Percentage leases continue as the accepted standard in the retail industry today, allowing landlords to share in the financial success of their tenants.

Headed by Principals Daniel Blatteis (son of Samuel Blatteis), Robert Schnur, Marc Guth, and Samuel Brownell, Blatteis & Schnur is a Los Angeles based firm with both brokerage and principal operations. Our brokerage business specializes in the leasing of upscale retail properties nationally such as The Grand Canal Shoppes at The Venetian in Las Vegas as well as the representation of numerous luxury retailers in our history including Louis Vuitton, Giorgio Armani and Emporia Armani, Prada and Salvatore Ferragamo. The company represented Barneys New York in securing its 120,000 square feet flagship Beverly Hills location and the 131,000 square foot Bloomingdale’s Home Store in the former Medinah Temple on Rush Street in Chicago. The firm has exclusively represented acclaimed restaurant chain, The Cheesecake Factory for the past 20+ years in over 200 lease transactions internationally.

The company continues to expand its staff and outreach on a national level, representing on an exclusive basis best of class retailers and restaurateurs. Coupled with the representation of high­profile developments nationally, this representation continuously updates the firm’s strong working knowledge of the country’s strongest retail markets.

Blatteis & Schnur’s principal business specializes in the acquisition of 100% High Street properties in the top 20 urban retail markets in the United States. The firm has consummated over 45 transactions of premiere properties over the past 15 years in such diverse markets as Beverly Drive in Beverly Hills, Abbot Kinney Boulevard in Venice, Malibu, Union Square in San Francisco, N. Michigan Avenue and Lincoln Park in Chicago, Newbury and Boylston Streets in Boston, Walnut Street in City Center Philadelphia, King Street in Charleston, South Carolina, and Maui, Hawaii. Our professional expertise is best represented in the sale of 1415 Third Street Promenade in Santa Monica. Purchased in conjunction with Capital Partner ASB in late 2010 for $26M, the 35,000-square foot building was vacant at the time of acquisition and had housed a 3-level Border’s Book Store. Immediately upon acquisition, an aggressive marketing campaign commenced and by spring 2011, the entire building was leased to Apple for a flagship Los Angeles location, replacing an antiquated unit in an inferior block of the Promenade. Apple executed a 15-year lease at pro forma rent with demolishing the structure the only tenant construction requirement. The new building, projected to cost approximately $40M, would be Landlord owned. Apple opened its new iconic glass-cube edifice in December 2012. The building was sold for $58M in July 2012 while under construction within 22 months of acquisition, representing a then record 3.4% cap rate.

Most recently, in conjunction with ASB Capital, the company is completing the development of At Mateo, a $200M commercial project containing approximately 200,000 square feet of commercial space and a four-level, 540 car parking deck, situated in the heart of the burgeoning Los Angeles Arts District. Spotify has just announced the leasing of approximately 110,000 square feet for its Los Angeles Corporate Campus and highly acclaimed Chicago restaurant, Girl and the Goat, will occupy approximately 7,000 square feet. In January 2017, in conjunction with Capital Partner Morgan Stanley, Blatteis & Schnur acquired the Macy’s Men’s Store at 120 Stockton Street (at O’Farrell Street) in San Francisco for $2S0M. With entitlements currently in place, the 250,000 square foot, seven-level building will be fully renovated and released following Macy’s vacating this October. International architecture firm, Gensler, has been engaged to design a truly iconic structure.