RFP/Q#2626-002 Waterfront Real Estate Brokerage Services

The City of Redondo Beach owns and operates a portfolio of waterfront commercial properties ("Portfolio") along the Redondo Beach coastline. The properties listed below represent the City's most common properties for which brokerage services are needed. Additional waterfront leaseholds may also need brokerage assistance, and such property may be added by the City on a case-by-case basis. The properties above include approximately 61 commercial leaseholds across restaurant, retail, and office uses, and generates an average of approximately $2,580,000 in gross revenue annually. These properties collectively represent a significant source of revenue for the City's Tidelands and Uplands funds. In addition to these three multi-tenant properties, the City's broader waterfront leasehold portfolio includes a number of single tenant properties at varying stages of their lease term. These properties may be added to the selected firm's portfolio on a case-by-case basis as their leases approach expiration. The Portfolio consists of a diverse mix of restaurant, retail, office, and marine-related tenants, several of which are currently vacant, underutilized, or nearing lease expiration and will require active marketing to prospective tenants. Many tenants are operating on month-to-month agreements, and the City seeks to transition these occupants into formal lease agreements. The Portfolio is located within the California Coastal Zone, over and adjacent to coastal waters, and is subject to the City's Local Coastal Program (LCP), and the jurisdiction of the California Coastal Commission. The City of Redondo Beach is seeking proposals from qualified real estate brokerage firms or teams to provide marketing, leasing, and lease transaction management services for the Portfolio. Our goal is to ensure professional and proactive representation that maximizes occupancy, achieves market-competitive lease terms, and delivers transparent, timely reporting on leasing activity and commission payments. In addition to existing filling vacancies, the selected firm will need to provide leasing services as new vacancies arise. The City aims to curate a tenant mix that reflects the character and scale of each space and supports the long-term economic vitality of the Pier and surrounding waterfront area. Separately, the City is conducting a competitive process for Property Management Services and Marina Operations Management Services. The firm selected in this solicitation will not be responsible for day-to-day building operations, tenant/concierge services, or marina operations. Real estate brokerage services solicited under this RFP/Q will require coordination with the City's designated Property Management and Marina Operations firms, as well as outside real estate counsel to support effective real estate brokerage operations. However, the Marina Operations Management firm, the Property Management firm, and the Real Estate Brokerage firm shall each report directly to the City. Proposers may apply to this RFP/Q individually or in combination with the Waterfront Property Management Services RFP/Q (#2627-001) and/or Marina Operations Management Services RFP/Q (#2627-003). Proposals that demonstrate efficiencies or cost savings through bundled services or coordinated work across multiple RFP/Qs may be evaluated favorably for potential economy of scale.