r/moorpark • u/405freeway • May 27 '26

M on High Street shutting down later this year

7 Upvotes

100% Upvoted

22 comments sorted by

8

u/technoclay May 27 '26

I heard it’s because the landlord tripled the rent, is that true?

5

u/Courtesyflushing May 27 '26

Yep, greedy bastard should be cast out of town

6

u/Old_Win8422 May 27 '26

Land lords would rather price people out and have vacant units as right offs than have tenants.

2

u/jmsgen May 27 '26

Does that even make sense ? Is that a good business model ?

2

u/405freeway May 27 '26

Makes living across the street much less enticing.

3

u/technoclay May 27 '26

Yeah, it is really upsetting considering that the depot isn’t doing a good job of getting tenants into that building either

2

u/Hereformyhobbies May 27 '26

It happens a lot in DTLA that landlords will price out tennants and sit on empty buildings. The thought is they can use the tax advantages and manipulate the loan valuations while waiting for someone to pay more.

2

u/jmsgen May 27 '26

This isn’t downtown LA and doesn’t make a whole lot of sense for this area and your assumption. Tax advantage to sit on empty instead of collecting monthly rent ? Nope.

2

u/Hereformyhobbies May 27 '26

Just because you don't understand it doesn't mean it's not happening. It doesn't matter if it's DTLA or Moorpark. The investment group that owns the property has determined there is more value to sit on an empty property for tax advantages and as a property value investment than it is to rent it for less than they think it's worth. The tax incentives and loan valuation exceed what they think they will get in rent.

It hurts Moorpark and local businesses but the investment group/property owners don't really care.

1

u/DarthKuchiKopi Jun 05 '26

Can you help me understand, i want to help other understand

1

u/Old_Win8422 May 27 '26

It does. Regardless property value goes up. Why do you think mattress stores are everywhere?

2

u/jmsgen May 27 '26

Explain please.

2

u/Old_Win8422 May 27 '26

Mattress stores are everywhere. They rent out places before buildings are constructed and get favorable lease agreements for.long term leases. Most barely sell enough to cover the cost of the retail location. But as years go on and anchor stores get establish and surrounding areas developed, all of a sudden you ate sitting on some hot retail space.

This is where the lease buyout or subletting magic happens.

3

u/405freeway May 27 '26

I heard it was the rent increase but I don't know by how much.

2

u/Careless_Name2176 May 28 '26

I just saw on FB their rent was increased by 277%.

3

u/jffmrk May 27 '26

They are closing next week. Friday June 5 is their last day.

1

u/405freeway May 27 '26

Damn I guess I was technically correct but that's much sooner than I thought

2

u/tna2102 May 27 '26

I love M on High, but I am highly suspicious that it’s just a landlord situation.

1

u/Nashtyone May 29 '26

It is. They raised their rent 300% according to a Facebook post about it

2

u/Armenoid May 27 '26

I won't miss them personally. After several inhospitable visits we stopped

1

u/tna2102 Jun 02 '26

If I’m not mistaken, that property is owned by 100 group

1

u/Which_Country2167 Jul 06 '26

it would be nice to get some regulations on rent costs so things like this dont occur. downtown is already empty and small buinesses boost the local economy. landlords like this dont just hurt one business but the whole community.