In $14.8 million deal, Tahoe shopping center sells for second time in 5 years
SOUTH LAKE TAHOE, Calif. — The Crossing at Tahoe Valley has been sold again, about five years after Sacramento-based Sutter Capital Group originally purchased the property.
JLL Capital Markets, who marketed the property on behalf of the seller, announced in a press release Jan. 22 the closing of the sale.
The 46,041-square-foot nearly full shopping center that was originally constructed in 1973 and redeveloped in 2017 was purchased by a private investor in a 1031 exchange.
The strip mall was marketed as a “destination lifestyle shopping center” and purchased for $14.8 million, according to a source close to the deal.
The new owner of the property is Second Bay Holding Tahoe, LLC, based in Redwood City, Calif., according to Scott Fair, manager of NAI Tahoe Sierra, which serves as the property manager.
“The new owner is seeking to make this a passion project focused on community and is looking to let property managers take the direction which are more in tune and local,” Fair said.
The property has just a few open spaces and already is home to Sierra-at-Tahoe, Big 5 Sporting Goods, AleWorX Lake Tahoe, The Pour House, Mountain West Sports, Verde Mexican Rotisserie, T-Mobile, Bank of America, Emanate Gallery, The Barn, Replenish Tahoe, Omni, Elevate Wellness and Rah Hair Studio, according to the shopping center’s website.
The Crossing at Tahoe Valley is situated on 4.9 acres at 2014-2062 Lake Tahoe Blvd.
The JLL Retail Capital Markets team representing the seller was led by Senior Director Eric Kathrein, Managing Director Bryan Ley, and Analyst Jake Dempsey.
“During the marketing process The Crossing saw significant interest and received multiple competitive offers due to the irreplaceable location and best-in-class tenant line-up in South Lake Tahoe,” Kathrein said in the release.
“Sutter Capital Group was able to reposition the property into something special that has resonated very well with the local community and investors,” added Ley.
Sutter Capital Group initially acquired the property late in 2014.
On April 1, Nevada Gov. Steve Sisolak formally issued a “Stay at Home” directive for Nevadans and extended closures of nonessential businesses, gambling and school closures to April 30.