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Retail to restaurant conversion - is this lease rate gap normal or am I getting played? (Seal Beach, CA)

Looking at a 5200 sqft spot right on Main St in Seal Beach. Currently retail, but the listing claims restaurant permitting is "underway".

The rent they are asking is throwing me off. They quoted $2.50 to $4.00 PSF (plus $0.70 NNN). That is a massive spread. I get it depends on if they hand it over as-is or as a warm shell with some TI, but is a $1.50/sqft difference actually worth it just to have the landlord do the bare minimum buildout?

Should I just take it as-is for the $2.50 and handle the restaurant conversion myself?

Also, anyone have experience with the city of Seal Beach? "Permitting underway" sounds like broker-speak for "you'll be paying rent for 9 months while waiting on the city."

Appreciate any insight.

submitted by /u/_sandeep1995
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source https://www.reddit.com/r/RealEstate/comments/1rqnjiw/retail_to_restaurant_conversion_is_this_lease/
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