Industrious Partners With Seritage Growth Properties to Open 5 Locations
National retail and mixed-use developer Seritage Growth Properties is partnering with Industrious to bring premium flexible work spaces to five locations in the Seritage portfolio, with the first location set to open at the The Collection at UTC in La Jolla, San Diego, Commercial Observer has learned.
The outpost at 4545 La Jolla Village Drive will mark Industrious’ entry into the San Diego market.
“Industrious is a wonderful complement to the integrated mixed-use environments we are curating throughout our portfolio,” Benjamin Schall, president and CEO of Seritage Growth Properties, said in the release. “Our differentiated settings provide Industrious customers with enhanced amenities. These synergies are at the forefront of the transformation of retail redevelopment, and we are excited by the growth potential for our partnership with Industrious.”
The 29,000-square-foot coworking space is expected to be open by the second quarter of 2020, according to a spokeswoman from Industrious, who declined to provide further details on the partnership.
“The demand for an integrated community of work, life, and shopping is growing and, with Seritage, we have found a like-minded, innovative partner who shares our vision in creating high-quality customer experiences,” Justin Stewart, president and co-founder of Industrious, said in the statement.
The Collection at UTC was the brainchild of Seritage and Invesco Real Estate, which together own the 12-acre Sears parcel that included an auto center before being repurposed as a 226,200 square-foot, mixed-use center, anchored by high-end fitness brand Equinox.
A representative from Seritage did not return a request for comment as of publication.