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7/31/15
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Three retail leases have been signed at a 137.2k sf retail development site in Oxnard. The property, a vacated Kmart box, is located at the corner of Ventura Rd and Channel Islands Blvd.
LA Fitness, Smart & Final and Star World, a new appliance and electronic company, each signed 15-year leases and will occupy 37.5k sf, 31k sf and 26.5k sf spaces, respectively. Vacated by Kmart in 2008, the property will be renovated and redeveloped into an anchored multi-tenant retail center.
CBRE retail experts Scott Siegel, Larry Tanji and Lisa Engel along with Kristin Ambrose of Red Mountain arranged the leases on behalf of the investor, Red Mountain Group.
”Having converted several Kmart properties and other adaptive re-use properties throughout the U.S., we felt very strongly about the site fundamentals,” says Graham Allchorn of Red Mountain. “It measured well within our acquisition criteria, especially with the demand for quality retailers in south Oxnard.”
Scheduled to be completed the second quarter of 2016, the proposed renovations include new storefront elevations, parking lot, landscaping, and lighting, as well as a new drive thru pad built along Ventura Rd. The new tenants are scheduled to open for business in 2016. Several restaurant and shop spaces will be available for lease ranging in size from 1.2k sf to 15k sf.
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