To: MAYOR AND CITY COUNCIL
From: GREG KAPOVICH, WATERFRONT & ECONOMIC DEVELOPMENT DIRECTOR
TITLE
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ADOPT BY TITLE ONLY RESOLUTION NO. CC-2508-057, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDONDO BEACH, CALIFORNIA, LEASING CERTAIN PROPERTY TO INTEGRATIVE PEPTIDES, LLC
APPROVE A LEASE WITH INTEGRATIVE PEPTIDES, LLC FOR THE PREMISES AT 123 W. TORRANCE BLVD., SUITE 201, FOR THE TERM AUGUST 5, 2025 THROUGH AUGUST 4, 2028
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EXECUTIVE SUMMARY
In March 2012, the City purchased the Pier Plaza leasehold and began the process of direct leasing to various tenants. Pier Plaza is comprised of several buildings totaling approximately 75,000 square feet of office and retail uses. The space at 123 W. Torrance Blvd., Suite 201 (Premises) is approximately 2,062 square feet in size.
The City has negotiated a new lease with Integrative Peptides, LLC (Integrative Peptides), a company that provides high-quality, professional-grade peptide supplements for healthcare providers and their patients. All sales of supplements are performed online and the tenant space will be utilized as an administrative office only. The proposed lease would allow for a three-year term for the space and includes an option for the City to terminate with a 12-month prior written notice. Monthly rent for the lease, which would accrue to the City’s Harbor Uplands Fund, is $5,670 with an annual 3% increase on the anniversary date.
BACKGROUND
The Pier Plaza leasehold includes buildings 103 to 131 West Torrance Boulevard (on the top level of the Pier Parking Structure) and totals approximately 75,000 square feet of space. The property is comprised almost entirely of office uses, with the lone exceptions being a restaurant and child care center. Integrative Peptides is a company founded in 2018 that specializes in professional-grade peptide supplements for licensed healthcare providers and their patients. They offer a wide range of oral peptide formulations, each rigorously tested to ensure purity, consistent quality, and affordability.
The proposed lease carries a three-year term with a minimum monthly rent of $5,670, or approximately $2.75 per square foot, with an annual 3% increase on the anniversary date.
COORDINATION
The Resolution and lease documents were reviewed and approved as to form by the City Attorney’s Office.
FISCAL IMPACT
Lease revenue from the property would accrue to the City’s Harbor Uplands Fund. The proposed lease would result in a minimum monthly rent of $5,670 during the first year, with an annual increase of 3% to the base rent each year thereafter. Over the 3-year term of the lease, revenue to the Harbor Uplands Fund would be $210,305.
APPROVED BY:
Mike Witzansky, City Manager
ATTACHMENTS
• Reso - No. CC-2508-057 Leasing Certain Property to Integrative Peptides, LLC
• Agmt - Proposed Lease Between the City of Redondo Beach and Integrative Peptides, LLC