BEVERLY HILLS, CA-Maxxam Enterprises has signed yoga brand Lululemon to a long-term lease for a 6,400-square-foot store space at the Promenade Gateway building in Santa Monica's Third Street Promenade. The building is located at the corner of Third Street and Broadway across the street from the Santa Monica Place Shopping Center.

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

CBRE first VPs Alex Kozakov and Patrick Wade explained in a recent GlobeSt.com interview that street-front or high-street retail in Los Angeles, like the Third Promenade, tends to attract customers with higher disposable incomes and offers a unique shopping experience. These areas are in the greatest demand of institutional and private investors, he explains, because they have higher occupancy and rent growth.