Old Kmart Box Gets New Retail Life

ST. AUGUSTINE, FL—Seabridge Square is getting a new look—and a new collection of national tenants. Seabridge, the retail center's owner, is pushing a $10 million renovation that will pave the way for PetSmart, Ross Dress for Less, Staples, Ulta Beauty, and at least one full-service restaurant, to join the existing anchor, Marshalls.  

“As part of the makeover, we also plan to convert a large parcel into a number of new retail spaces,” says Bonnie Dean, vice president and director of construction at Selig. The redevelopment, which includes a new facade for the entire shopping center, as well as updated landscaping and a repainted parking lot, should be complete by Feb. 2014.

“With a new look coming to this high-visibility plaza, we've had no trouble attracting new tenants and infusing new life into this retail hub,” says Stephanie McCullough, senior leasing advisor, The Shopping Center Group (TSCG), the exclusive leasing agent for the retail property.  “We've already managed to increase Seabridge Square's occupancy from 35% to 78% in just 12 months, and we expect to have an additional 19,000 square feet leased by May bringing the occupancy to 90%.”  

The demolition of the former 92,000-square foot Kmart space plus an additional 8,500 square feet of adjacent space makes way for the junior anchors. PetSmart signed a lease for 14,164 square feet situated between Ross and Staples, while Ross and Staples took 25,029 square feet and 15,524 square feet, respectively. ULTA Beauty leased 10,009 square feet between Marshalls and Ross. All stores plan to open early 2014 once renovations are complete.

In addition to the 957 square feet to 3,600 square feet of available small shop space, TSCG is negotiating with another junior anchor to be positioned at the end-cap adjacent to Staples, according to Sumner. Lease negotiations are also underway with a national credit restaurant and service provider to be located in the new, 6,000-square foot, multi-tenant outparcel building adjacent to Burger King.  

St Augustine draws 6.5 million visitors per year. Located just north of State Route 312 on the west side of US Highway 1, Seabridge Square has several access points with exceptional visibility at a signalized intersection. A solid, five-mile, residential population of more than 61,000 with an average household income exceeding $64,000 is reinforced with a daytime population supported by Flagler Hospital, located less than a half-mile from the center with 335 beds and 1,689 employees.