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CMCT Announces 9460 Wilshire as New Flagship Rolls-Royce Motor Cars Showroom for Luxury and Exotic Car Dealer O’Gara Coach
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Rhea-AI Summary
Creative Media & Community Trust (CMCT) has signed a long-term lease with O’Gara Coach for an 18,000-square-foot retail space at 9460 Wilshire Blvd in Beverly Hills. The location will be a flagship showroom for Rolls-Royce Motor Cars. This strategic lease is part of CMCT's plan to enhance its retail space and is indicative of the area's luxury market potential. O’Gara Coach, known for its luxury vehicle offerings, will occupy its new showroom in 2023, further solidifying CMCT's position in the vibrant Beverly Hills retail corridor, which is over 90% leased.
Positive
Long-term lease signed with O’Gara Coach for 18,000 sq ft space at a prime location.
New Rolls-Royce showroom enhances CMCT's retail offerings and prestige.
9460 Wilshire Blvd is over 90% leased, demonstrating strong demand.
Negative
None.
LOS ANGELES--(BUSINESS WIRE)--
Creative Media & Community Trust (“CMCT”) (NASDAQ: CMCT and TASE: CMCT-L) announced today that it has signed a long-term lease with O’Gara Coach for the approximately 18,000-square-foot ground-floor retail space at the 9460 Wilshire Blvd. office building in Beverly Hills. The location will serve as a Beverly Hills flagship showroom for Rolls-Royce Motor Cars.
O’Gara Coach, the world’s largest Rolls-Royce Motor Cars dealer, will occupy the high-profile retail street frontage at 9460 Wilshire which is located at the prominent corner of Wilshire Boulevard and Beverly Drive. The mid-century, nine-story, 98,000-square-foot office building is steps from the Four Seasons Beverly Wilshire Hotel in Beverly Hills’ retail district referred to as the Golden Triangle.
“The Beverly Hills luxury strip brings to life the young and vibrant culture that defines the Rolls-Royce brand today. This new showcase location lies at the heart of the world’s entertainment, sports and business clientele that influence luxury lovers worldwide. Rolls-Royce Motor Cars Beverly Hills is an annual recipient of multiple Global Awards, and we look forward to the O’Gara Coach team setting new records in this location,” said Martin Fritsches, President and CEO, Rolls-Royce Motor Cars Americas.
For more than 45 years O’Gara Coach has been Southern California’s leading destination for the discerning driver of exotic cars and luxury brands.
“O’Gara Coach’s selection of 9460 for its flagship Rolls-Royce Motor Cars dealership is ideal for this significant retail location and adds to the cachet of this distinctive Beverly Hills retail corridor,” said Shaul Kuba, Director and Board Member, CMCT and Co-Founder and Principal, CIM Group. “With the leasing of the remaining vacant retail space, and robust office leasing program, CMCT has successfully executed its business plan for this asset.”
9460 Wilshire Blvd. is currently more than 90% leased.
"Rolls-Royce is the definition of luxury, and O’Gara’s new showcase for the brand at 9460 Wilshire expands O’Gara’s presence in Beverly Hills, adds to the numerous new high-end projects in our city, and elevates the luxury experience. O’Gara Coach is a respected business and has been a valued member of the Beverly Hills Chamber for 25 years. We are pleased to be partners with them and look forward to their continued success in our community,” said Todd Johnson, President & CEO, Beverly Hills Chamber of Commerce.
O’Gara Coach is anticipated to occupy its new showroom at 9460 Wilshire in 2023. O’Gara Coach continues to operate its dealership at 8423 Wilshire Blvd. in Beverly Hills.
About CMCT
Creative Media & Community Trust Corporation (“CMCT”) is a real estate investment trust that seeks to own, operate and develop premier multifamily and creative office assets in vibrant and emerging communities throughout the United States. CMCT is a leader in creative office, acquiring and developing properties catering to rapidly growing industries such as technology, media and entertainment. CMCT seeks to apply the expertise of CIM Group to the acquisition, development, and operation of top-tier multifamily properties situated in dynamic markets with similar business and employment characteristics to its creative office investments. CMCT also owns one hotel in Northern California and a lending platform that originates loans under the Small Business Administration (“SBA”)’s 7(a) loan program. CMCT is operated by affiliates of CIM Group, L.P., a vertically-integrated owner and operator of real assets with multi-disciplinary expertise and in-house research, acquisition, credit analysis, development, finance, leasing, and onsite property management capabilities. (www.creativemediacommunity.com).
About O’Gara Coach
Founded in 1976, O’Gara Coach has been Southern California’s leading destination for the discerning driver of exotic cars and luxury brands. With a knowledgeable staff steeped in the culture and history of each brand, the showroom is a destination to explore new concept cars alongside the world’s most iconic vehicles. At O’Gara Coach drivers will find Rolls-Royce Motor Cars, Bentley, Aston Martin, Lamborghini, Bugatti, Koenigsegg, McLaren, Pininfarina, and Rimac as well as O’Gara exclusive reserve brands.
