Community Corner

Large Vacant Storefront May Be Subdivided

Owner seeks $5,400 for 2,700 square feet of space.

This story was last corrected and updated at 11:30 p.m. on 10/23/12.

This story was written by Jeff Lipton
.

A huge commercial property on East Park Avenue that has remained vacant for about a year may be subdivided to draw more interest, according to the broker/owner.

The storefront, at 167 E. Park Ave., was previously a Quiznos sandwich shop. It boasts 2,700 square feet and could easily be divided into two commercial units, said Tony Chiaravalloti, broker/owner at Coldwell Banker Beach West Realty.

The owner seeks $5,400 a month or $24 per square feet for the entire unit, which he said might be scaring away some prospective tenants. Split in half, the unit could easily be affordable, Chiaravalloti believes.

He said the property is located among prime real estate, with the theater nearby as well as upscale restaurants, a new coffee shop and a bank. He expressed some surprise that the space remains unoccupied.

“I just don’t understand why people have not jumped on it,” he said.

While potential tenants have expressed interest in the vacancy, there’s been no real commitment on their part, Chiaravalloti said. “I think they are looking for much lower rents. They feel there’s a high level of risk involved in starting a new business.

“The space is fairly substantial, which is why we may look into a subdivision,” he continued. “Most businesses are looking for a smaller space so the rent would be divided in half and be more manageable. That is the approach.”

The Harriet Eisman Community School of Long Beach, which has operated for about 40 years, is located right above the huge unit.

“There are people looking at it from time to time,” said David Leiter, a teacher at the school. “It seems like it’s been vacant a long time. I don’t think it’s a problem because it’s not like there’s many vacant places here.”

Leiter said it makes no difference to the school whether the ground-floor unit is vacant or not.

Chiaravalloti believes the unit would be ideal for a food place, maybe something ethnic but other than an Italian or Chinese restaurant. He said the sandwich shop lasted only about two years, while a Portuguese restaurant that opened in Island Park has done extremely well. Other suitable options are a professional or medical office.

The prolonged weakened economy has also frightened away prospective business owners, but it may not be long before they come back, according to Chiaravalloti.

“If you’re listening to business reports, consumer optimism is increasing and consumer activity is picking up as well,” he said. “If sales pick up, it sends the right message. It’s been a long haul.”

As a result of the prolonged recession, he added, rents have been slowly declining. He also has had to lower the rent at 167 E. Park a couple of hundred dollars to make it more attractive to prospective tenants. Landlords have made slight adjustments to try to meet what the market bears.

“Landlords are willing to negotiate for the right business and the right caliber business person,” Chiaravalloti said.

Right now the property is not for sale but that could change down the road.

“I’m optimistic for Long Beach to bounce back,” he said. “Unfortunately, we do have a couple of retail spots available.”


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