City Still Discussing Tenant for PCH/Webb Way Building

BY BILL KOENEKER

The Malibu City Council is set to once again discuss, in closed session next week, what might be the right tenant for the city-owned property at 23661 Pacific Coast Highway, the building located at the corner of PCH and Webb Way.
The building was formerly occupied by Coldwell Banker, which moved out last year. Since then the city has been trying to find a new tenant.
Currently, six businesses have come forward to offer bids and proposals for what they would do.
Those include two lumber stores: Anawalt Lumber and Ace Hardware; an urgent care—Dr. David Frankle, who owns Malibu Urgent Care; a pharmacy, the city has been talking to Tom Park who speaks on behalf of Super Care Pharmacy; a furniture store, Room at the Beach, owned by Elizabeth Lamont; and a developer, Richard Weintraub, who partnered with the city on the conversion of the former lumberyard into a high end shopping mall.
Frankle and Super Care Pharmacy represent two new players in the bid for the building, which is encumbered by several limitations because of a complicated wastewater system restrictions.
City officials confirmed the council discussed the matter at its last session on Oct. 12 and had apparently reached no conclusions. The council is scheduled to continue to discuss the matter in closed session next Monday.
The council has discussed the matter several times over the last six months. A request for a proposal had been issued in April, but at that time the city had received only one reply from Anawalt, who was initially turned down, and the deadline for the RFP was extended.
The nearly half-acre commercial zoned property was the focus of attention when the realty firm decided to move out when the city raised the rent and the realty firm consolidated its offices on Malibu Road.
Coldwell Banker was leasing the site for $5.83 a square foot, which is about $337,000 per year. The city requested a minimum amount of $428,000 which is $7.37 per square foot.
Malibu officials have stated they are looking for a long-term partnership for the stand-alone building consisting of 4949 square feet.
They are seeking a lease term of 20 to 35 years, and want the minimum annual lease amount plus triple net.
With the acquisition of the former Performing Arts Center, the city has become a major player and force in the commercial property sector in the Civic Center.