The building that now houses the Palo Alto (N. Calif.) Apple retail store is available for lease at over $530,000 a year, and will be available in March 2013 or sooner according to new on-line advertisements for the property. The building will become available after Apple’s store operations move about two blocks west and across the street, into a building now in the final stages of construction. The building at 451 University Avenue was originally occupied by Swain’s House of Music, a retailer that played a role in the early history of The Grateful Dead. The property continues to be owned by members of the Swain family. The Apple store opened as the ninth location in the chain on October 10, 2001. Apple’s lease on the property will expire on February 28, 2013, according to the lease ads that have appeared over the past week, indicating a possible 10-year lease, plus a two-year extension option. The downtown building is described in one listing as a “rare opportunity,” with 4,800 square-feet on the ground floor of the corner building, and 2,000 square-feet on a partial upper level. The official leasing brochure for the property notes that the building is currently occupied by an Apple store, with the notation, “Moving to a larger location” and a map showing the future location. The brochure also confirms the wealthy surroundings: the average household income within one mile of the store is $162,255, arguably the highest of any Apple store location. Sources say the new Palo Alto store could open by the end of October. Download (pdf) the marketing brochure for more building information and demographics of the surrounding region.
Store Building Is Up For Lease Before Move-Out
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