Goodbye, Blue Light Special; hello, blue granite flooring tile.
The old Kmart at the intersection of West Broad Street and Glenside Drive is getting new life after Floor & Decor, a flooring and tile retailer, signed a lease for 85,000 square feet at the shuttered property.
The deal closed Monday, said Read Goode, a broker with S.L. Nusbaum who represented the landlord, Glenside Associates.
“Glenside and West Broad is a big corner, and it’s nice to see an old property find a new use,” Goode said.
A building permit application filed by Floor & Decor with Henrico County shows the build-out will cost about $500,000.
Goode said the Kmart property, which has sat idle since the retailer pulled out in the fall, still has about 25,600 square feet vacant, in addition to an attached 4,000-square-foot former auto center. Goode continues to market that space.
The property, at 5432 Glenside Drive, was built on 1978 and sits on 10 acres.
Floor & Decor, headquartered in the Atlanta area, is aiming to be open by the end of the summer, Goode said. The company has 33 stores, but this would be its first in Virginia.
A spokesperson for Floor & Decor, Andrea Rizk, said the company planned to hire about 50 people. The retailer hasn’t selected a general contractor for the build out, she said.
This is the second major retail deal to close in the neighborhood in the past three months. Walmart closed Dec. 27 on a 10-acre parcel about a mile away at the Reynolds Crossing development for $6.1 million.
The developer, Reynolds Development, said in February that it planned to build between 50,000 and 60,000 square feet of supporting retail in the center.
CBRE brokers David Crawford and Martin Blum are representing the developers in leasing that property.
Meanwhile on the Southside, another shuttered Kmart at 6807 Midlothian Turnpike is still vacant.
Goode also represents that property and said he was having serious discussions with a potential tenant.