The well-located center, which is at 12047 Donner Pass Rd., was 70% leased at the time of sale. Tenants include Van Heusen Group, Geoffrey Beene, IZOD, Domino's and Citizens Bank.
Michael Federle, Nicholas Bicardo and Colin Federle of Grubb & Ellis' San Francisco office represented the seller in the transaction. The buyer was represented by the Morrison Group of Truckee.
"The property was pretty much underutilized because the factory store concept works better with a large critical mass of retailers," Federle tells GlobeSt.com. "It was also on the wrong side of the street, on the route back from Tahoe, when people are coming home tired and broke."
That having been said, Federle says it's in a terrific location to be a more normal community center, which is exactly how the new owners plan to reposition it.
"There's $6 billion of new housing planned or under construction between this place and Northstar resort, and the bottom line is it's a real fight to get entitlements (for commercial development) around here. There's not a lot of retail around here; it's hard to build more and there's a huge wave of new (residential) investment in town."
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