Outdoor gear will replace toys in downtown Santa Monica, as the CIM Group has leased 32,000 square feet in the former Toys “R” Us building at 402 Santa Monica Boulevard to Recreational Equipment, Inc. (REI).
The building was acquired by CIM in January from Toys “R” Us. The toy store closed in April.
REI’s new two-level store will occupy approximately 75 percent of the former Toys “R” Us. To open in the spring, it will be the company’s seventh store in the Los Angeles area.
A footwear test trail will be among the new store’s features. It will also rent gear.
CIM is currently marketing the remaining 17,500-square-foot, two-level retail space.
“Our quick leasing of the space demonstrates the continued strength and appeal of this shopping district. This property is on a dominant corner near the Third Street Promenade,” said Jeff Kreshek of CIM. “The 17,500 square feet still available for lease is perfect for a business interested in attracting a high-volume of foot traffic from residents and tourists.”
Built in 1995, the two-story structure replaced Henshey’s, a longtime Santa Monica department store.
CIM Group is a real estate investor with in-house acquisition, development, finance, leasing, and management capabilities. It focuses on areas with high population density, ranging from downtown districts in large cities to Main Street districts in smaller suburban cities.Since its founding in 1994, it has invested in San Diego, Pasadena, Brea, and Hollywood, as well as Santa Monica.