{"id":1004134217,"date":"2016-01-06T10:41:16","date_gmt":"2016-01-06T18:41:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004134217"},"modified":"2022-12-08T21:06:39","modified_gmt":"2022-12-09T05:06:39","slug":"marinita-makes-first-retail-retrofit-in-cali","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/marinita-makes-first-retail-retrofit-in-cali\/","title":{"rendered":"Marinita Makes First Retail Retrofit in Cali"},"content":{"rendered":"<p>By Gail Kalinoski, Contributing Editor<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/SunLakesVillage-MarinitaDevelopment.png\"><img decoding=\"async\" data-attachment-id=\"1004134219\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/marinita-makes-first-retail-retrofit-in-cali\/sunlakesvillage-marinitadevelopment\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/SunLakesVillage-MarinitaDevelopment.png\" data-orig-size=\"1088,165\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"SunLakesVillage-MarinitaDevelopment\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/SunLakesVillage-MarinitaDevelopment.png?w=1024\" loading=\"lazy\" class=\"alignright size-medium wp-image-1004134219\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/SunLakesVillage-MarinitaDevelopment.png\" alt=\"SunLakesVillage-MarinitaDevelopment\" width=\"300\" height=\"45\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/SunLakesVillage-MarinitaDevelopment.png 1088w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/SunLakesVillage-MarinitaDevelopment.png?resize=300,45 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/SunLakesVillage-MarinitaDevelopment.png?resize=768,116 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/SunLakesVillage-MarinitaDevelopment.png?resize=1024,155 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Marinita Development Co. has been building and managing neighborhood shopping centers in California and Nevada for decades, but it\u2019s making its first dip into the retrofit pool with a vacant Kmart in Banning, Calif., and it probably won\u2019t be the last time now that the company successfully preleased all the space to four major retailers before closing on the property.<\/p>\n<p>The former store in the Sun Lakes Village Shopping Center is being turned into four separate <a href=\"https:\/\/www.commercialsearch.com\/news\/retail\/\">retail <\/a>spaces ranging in size from 10,500 square feet for Big 5 Sporting Goods to 43,859 square feet for Hobby Lobby. Marshalls is taking 23,000 square feet and Party City, 20,020 square feet.<\/p>\n<p>The store, located in the Banning\/Beaumont trade area halfway between Palm Springs, Calif., and Riverside, Calif., has been empty since Kmart closed last June. Marinita Development, based in Newport Beach, Calif., went into contract with the owner and recently closed on the acquisition. Because it is a private company, numbers on the acquisition and cost of the retrofit were not released.<\/p>\n<p>Scott Fawcett, president and co-founder of Marinita Development, told <em><a href=\"https:\/\/www.commercialsearch.com\/news\/\" target=\"_blank\" rel=\"noopener\">CPE<\/a><\/em> prospective tenants began reaching out to them before they even began marketing the property.<\/p>\n<p>\u201cTenants came to us and said, \u2018We want to be there.\u2019 It\u2019s very unusual before you close escrow to have the whole building preleased.\u00a0 If you get half of it preleased, you\u2019re happy. This was a real pleasure,\u201d he said.<\/p>\n<p>Two of the retailers \u2013 Party City and Big 5 \u2013 had been in contact with the previous owner before he decided to sell the building, Fawcett said.<\/p>\n<p>\u201cWe had the contact with Hobby Lobby. We were able to pick them up and Marshalls too,\u201d he said.<\/p>\n<p>This was the first time Marinita did not do a ground-up project, Fawcett noted. He said they decided to keep the existing structure rather than demolish it because Kmart had remodeled the store in 2007.<\/p>\n<p>\u201cIt was another advantage for us,\u201d Fawcett said. \u201cThey had put in a brand-new roof and air conditioning and it was still in very good condition.\u201d<\/p>\n<p>Still, Fawcett notes there were challenges dealing with an existing structure, particularly the depth of the building. He said normally they would build a retail store with a depth of 150 feet and the Kmart had a depth of 250 feet.<\/p>\n<p>\u201cIt took a long time with the four tenants to get the right configuration, but it all worked out,\u201d he said.<\/p>\n<p>Construction work began about a week ago. He said Marinita needs to finish its part of the redevelopment in time for the retailers to begin their own tenant improvements and get their stores ready to open by the summer. For example, Fawcett said Party City needs its store open by August to begin preparing for Halloween sales.<\/p>\n<p>Fawcett said city officials have been very cooperative with the company. The Kmart used to hire about 90 workers but the four new stores are expected to provide more than 150 jobs, he said. Located on Highland Springs Avenue just south of Interstate-10, the shopping center is anchored by an Albertsons grocery store and Rite Aid.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Marinita Development has retrofitted a vacant Kmart and successfully preleased all the space to four retailers before closing on the property. <\/p>\n","protected":false},"author":1068,"featured_media":1004134220,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21782,21808,21742,21749,15],"tags":[],"class_list":["post-1004134217","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-development","category-featured","category-latest","category-retail","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. 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Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. 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