An empty Sears store in California is bracing for a major makeover that will transform it from a general merchandise retailer to a luxurious place to drink, eat and work. This piece of commercial real estate in Santa Monica will therefore soon feature offices available for rent. In addition, a garden will be created atop the building's roof, and a new market hall will allow vendors to sell items such as clothing, books, food, drinks and more.
This new development will be called Mark 302. The renovation will cost $50 million and is an example of developers' eagerness to repurpose large stores left vacant by a retailer's insolvency. These sorts of renovations seem to be happening more in particularly desirable locations.
When the Sears store opened back in 1947, it was within a business district in a beach town featuring blue-collar workers. Now, the location is one of California's wealthiest. The building is near a rail line terminal, not far from the Santa Monica Pier, and is also across from a bustling shopping center. It is predicated that one tenant will claim the office spaces spanning 50,000 square feet.
As California commercial real estate deals continue to be executed successfully, more business owners may be able to take advantage of leasing options in highly desirable areas. However, entering into a lease without the proper preparation may be more helpful than harmful financially in the long run. A qualified attorney can provide the guidance necessary for understanding and negotiating leases before a business owner signs on the dotted line.
Source: latimes.com, "Vacant Santa Monica Sears getting a second life with a $50-million makeover," Roger Vincent, Nov. 26, 2017