Penzeys Spices, 1138 Lake St., has announced it is closing its doors later this month, but the closure could result in a larger retail operation in the popular commercial corridor.
Penzeys, which announced last month that April 27 will be its last day at the 3,550-square-foot location, did not return calls requesting an interview, but a spokeswoman said in an email that the company is in the process of looking for a new location.
“We have some exciting ideas on where we’ll open in the area,” the email notes. A sign on the door of the business states that the company will “update our catalogue and website when we have further news to share. Thanks for the years of support, and we hope you stick with us as we find our new home.”
Brendan Reedy, a retail broker with Cushman & Wakefield who is marketing the space, said in a telephone interview that the spice shop could be leased on its own or in any combination with the vacant 3,196-square-foot Sprint store next door and the 9,400-square-foot office space to the rear that once served as headquarters for the Pioneer Press Oak Leaves newspaper.
“You can combine Penzeys with that office space to create an opportunity that is approximately 16,146 square feet,” Reedy said. “So there is a way that we can provide a retailer or a restaurant with approximately 16,000 square feet with Lake Street frontage.”
Reedy could not speculate as to why Penzeys, which has been on Lake Street for approximately 10 years, is closing but added, “I would suspect that the problem with Penzeys is not the real estate.”
The Sprint store has been vacant for more than a year, he said, and the building has been “through a pretty rough journey” in the last year.
“It was sold at auction out of foreclosure about a year ago or less,” Reedy said. “Maybe that is the reason Sprint is not a tenant.”
He added it could be several months before a new tenant signs a lease, but the space is available immediately.
“We’re pursuing a number of retailers and restaurants,” he said. “We just brought the opportunity to market, and we’ve gotten a good response from a wide variety of retailers and restaurants.”