A West Coast performance apparel company will open its first East Coast store on a major Soho corner. California-based Vuori has leased the former Burton space at 106 Spring Street, on the southwest corner of Mercer Street.
The new store has 4,880 square feet on the ground along with a 1,100-square-foot basement. Congratulations to Richard Skulnik and Lindsay Zegans of RIPCO, who represented the brand in its store hunt.
The Newmark team of Ross Berkowitz, Mitch Heifetz and Ariel Schuster represented the co-op unit’s ownership, Dallas-based investment firm Paceline Equity Partners.
Paceline purchased the retail co-op in March 2021 for $23.9 million after a UCC foreclosure auction overseen by Eastdil Secured.
At the time of its purchase, Paceline CEO Sam Loughlin called 106 Spring “a unique asset” that was well-placed to benefit from the city and neighborhood’s recovery from the pandemic.
The space had been owned by SL Green Realty, which paid 60 Guilders $79.5 million for it in 2019.
Headquartered in Encinitas, just north of San Diego, Vuori describes itself as a “premium performance apparel company” that is “inspired by the active Coastal California lifestyle; an integration of fitness, surf, sport, and art.”
At present, the brand only has stores in California, Colorado and Arizona.
That’s about to change. Fresh off raising $400 million from Softbank, Vuori founder and CEO Joe Kudla told Retail Dive in November the brand plans to open 15 stores in 2022, with two stores slated for New York, one in Boston and an international expansion expected in 2023.
In 2019, Vuori raised $45 million from Norwest Venture Partners. Kudla said sales tripled last year and are on track to more than double this year.
Vuori is represented by Los Angeles-based John Klein of Accelerator Advisors, which creates rollout plans for retail, lifestyle and wellness brands.
Read full article in The Real Deal: Outdoor Brand Leases Soho Corner for First East Coast Store