An international candy and gift retailer has signed an eight-year lease for a franchise on the Third Street Promenade.
It'Sugar, which specializes in the sale of sweets, novelty and pop culture items, finalized a $6.2 million deal with commercial real estate firm Avison Young, who announced the news Monday.
Avison Young Principal Randy Starr said the $312 annual per-square-foot lease is the highest rate for any retail business on the promenade.
"It just creates a new benchmark for the promenade spaces," he said.
The company will move into the 2,250-square-foot unit near the intersection of Broadway in March 2014, replacing the shoe store Journeys.
"This is a fun candy store concept which is very much needed now, and I think they'll do really well," said Barbara Tenzer, president of Tenzer Commercial Brokerage.
"It packages candy in a very glamorous and fun setting so teens or adults are comfortable to buy things for themselves rather than just for their kids," Starr said.
The promenade branch will complement more than 70 other It'Sugar locations across the globe, 10 of which are in California.
