Pismo Coast Plaza LLC and Tai Martin, senior vice president of commercial brokerage firm Colliers Internationals Central Coast office, are considering multiple offers from strong grocery anchors and weighing the best alternative for the local community and the co-tenants at the Pismo Coast Plaza center on Five Cities Drive, according to a news release.
They have been actively marketing to and negotiating with several grocery retailers for the past several months, the release stated.
Grocery stores typically generate the most customer traffic into a center, which helps all co-tenants, Martin said in response to questions from The Tribune. A typical household, he added, visits a grocery store three-and-a-half times a week.
Other tenants in the 112,737-square-foot center include Rite Aid, Starbucks, Subway, Collections clothing boutique, and Broadway Bagel, among others.
More information will be released after a lease is signed with a new tenant to fill the 39,498-square-foot building, and after terms with Scolaris are finalized, Martin said.
Scolaris announced Thursday that it plans to close all four of its California supermarkets in Paso Robles, Pismo Beach, San Luis Obispo and Santa Barbara after more than 60 years on the Central Coast.
Local developer Nick Tompkins of San Luis Obispo-based NKT Commercial has purchased the properties in Paso Robles, San Luis Obispo and Santa Barbara from Joe Scolari, who has not been in the operation of Scolaris Food and Drug Co. for several years and did not own the Pismo Beach property. Tompkins told The Tribune on Thursday that he is in discussions with retailers and grocers who might be interested in leasing the sites but declined to elaborate.