30-50k retail lease rates in rural markets, former JCP.
What’s the average retail lease rate in an outlying market? Population 60k in county. Former JCP retail store.

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[{"id": "hj6n4cc", "text": "I mean probably not much if it\u2019s freestanding in a super small county. Would take whatever a tenant offers, but if free standing might be worth more as a scrape site depending on demand for something else, which sounds tough if you\u2019re that rural. \n\nI honestly don\u2019t know what you\u2019d do with an empty big box in a rural market. I guess hope / pray you can get a grocer or set up for some last mile DC for people in the county?", "replies": [], "depth": 1}, {"id": "hj6q4bv", "text": "What does a house cost?", "replies": [{"id": "hj6qr60", "text": "$75-$150k. One might call this market economically depressed.", "replies": [{"id": "hj7eqr8", "text": "Interesting, because that's the down payment in my area.\n\n*(I wonder if this may be alluding to the possibility that....location is an important aspect of your question.  Hmmmmmmm.  I could be wr....wrrr...wro....w.....ehhhhm....misinformed).*", "replies": [], "depth": 3}], "depth": 2}, {"id": "hj74ekv", "text": "How long is a string?", "replies": [{"id": "hj76l4j", "text": "Well it has to be long enough to get to the other end of the string.", "replies": [{"id": "hj7etmc", "text": "*This* is why YOU sit in the BIG chair!", "replies": [{"id": "hj7fcva", "text": "This is one of those little Reddit interactions that I'll chuckle about once in a while over the next week or so.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hj6qswq", "text": "I did a Lease on a 30k sf old Kroger box in North Georgia on a 10 year deal with year one starting right at $10/sf", "replies": [{"id": "hj7u4qx", "text": "Curious as to who the tenant is?  I might have a similar space available.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hj6ryj2", "text": "So market dependent. I'm in a rural 60k county, and if the absentee owner would let go of the vacant local JCP, I could lease it out as industrial at $10/ft in a heartbeat. Land where you can build industrial is limited. But as retail it just sits. \n\nIn contrast, look at all the ShopKo boxes that were liquidated over the last year across the midwest. Most of those I suspect you'd be lucky to get $2-3/ft!", "replies": [], "depth": 1}, {"id": "hj7ibun", "text": "Convert to industrial or warehouse. \n\nOr following the trend of the Great Resignation, convert to small business \u201chotel\u201d space. I\u2019ve seen health/beauty leases do very very well where you have maybe 20-30 independent operators each leasing 200 sq ft. Hairdresser, wax, nails, etc. You provide common areas and bathrooms and let the independent operator build out their own space. \n\nCould likely do the same with more general purpose retail, too. Think of a night market in Asia, but the 1st world capitalism version. A mini-mall where startup cost is low for new entrepreneurs.", "replies": [{"id": "hj7ipdr", "text": "Great idea. I see a lot of post Covid entrepreneur, now or never type start ups. And they\u2019re all looking for the first step, low rent, low commitment.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hj82lqg", "text": "Are there any co-tenants?  Are you the LL or the tenant?  What kind of business are you planning to put in place?", "replies": [{"id": "hj84c3g", "text": "Broker, working on a listing. All remaining tenants are local; insurance, dance theater, pediatrician, auto shop, couple restaurants. \nThere\u2019s potential for medical office redevelopment. If I get the listing, I\u2019ll shop it around to all potential users I can think of.", "replies": [{"id": "hj857fr", "text": "I\u2019d say probably $5 psf then.  Maybe if you could get a regional player interest you could get a bit more but leasing that much space is the problem. I\u2019ve seen lots of former mall anchors being in churches, or \u201centertainment zones\u201d like bowling or indoor go karts.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}]