City Finally Gets Tenant for Its Vacant Building at PCH and Webb Way

• Local Business Takes 10-Year Lease

BY BILL KOENEKER

The Malibu City Council at its regularly scheduled meeting next week is expected to approve a lease agreement with Super Care Drugs, Inc. for a 10-year lease agreement for a 3000-square-foot space in the building located at 23661 Pacific Coast Highway.
Besides providing expanded quarters for a local business, the arrangement promises a steady rental income stream to the city. The new store is expected to open in about six months, or no later than Aug. 8, according to a staff report.
The fixed minimum lease will initially start at $144,000 per year, and by the tenth year the rent will run at $182,416 per year.
The total square footage of the site is 4848 square feet. The staff report indicates the city is continuing to seek a tenant for the remaining 1848 square feet and the staff will bring back to the council another tenant for a final agreement on the package.
The council is scheduled to meet in closed session to consider an application from Malibu Business and Shipping Center for the additional space.
The building has been vacant for a year as city officials considered who might rent the high-profile structure located on the corner of PCH and Webb Way that was first constructed to house Malibu offices for a bank. The current economic climate in Malibu was another factor in the timetable.
At one time, several hardware stores had presented bids, and the city also was considering renting the building out to several other applicants, including the developers of the Malibu Lumberyard, to use the site for a mini-shopping center.