January 15, 2016
Marinita Development Company has reportedly closed escrow and fully leased a vacant Kmart lot in Beaumont encompassing 95,679 square feet to four separate tenants, including Big 5 Sporting Goods, Hobby Lobby, Marshalls and Party City.
Beaumont’s unique location, halfway between Palm Springs and Riverside, prompted an unusual negotiation process resulting in the entire space becoming fully leased before escrow even closed.
President and Co-Founder of Newport Beach-based Marinita Development Co., Scott Fawcett, told Connect Media, “This was an off-market transaction that greatly benefited us. Kmart closed about a year ago, and the former owner had plans to do what we are doing, but decided to sell at the last minute.”
Development is planned to begin next week, in an effort to have tenants up-and-running by summer.