Round Hill Shopping Center sells for $28 million
ZEPHYR COVE, Nev. — After months on the market, the Round Hill Square Shopping Center on Lake Tahoe’s southeast shore is under new ownership.
The sale of the 10.20-acre property in Zephyr Cove, home to Safeway and other businesses, closed in September for $28 million, according to the sale deed.
The shopping center was listed for sale in late March for $32.35 million, according to previous reports.
ROIC Zephyr Cove LLC had owned the property, which includes a 115,984 square foot center on 10.2 acres, since 2011.
Records with the Douglas County Assessor’s Office identify the new owners as: Round Hill SC LLC, with 41 percent ownership; Davidson Retail I LLC with just over 15 percent ownership; and Davidson Retail II LLC, which has nearly 44 percent ownership.
All three businesses filed with the Nevada Secretary of State’s Office in August.
The center boasts an occupancy rate of 96.8 percent, according to Dickson Commercial Group, which represented the seller in the transaction. Scott Shanks with DCG said the limited supply of commercial space was both a positive and a negative.
“The lack of supply of commercial space in the Lake Tahoe Basin provided for opportunities in marketing Round Hill Shopping Center, but that same lack of supply also had challenges in locating a buyer that could maximize the competitive data and the positioning of the asset into the future,” Shanks said in a press release.
Other current tenants include the U.S. Postal Service, Wells Fargo, Dollar Tree, Subway, WorldMark by Wyndham and Barton Health Lake Tahoe Surgery Center.
The introductory 80-hour program — announced in May as one solution to Nevada’s oft-lamented skilled labor shortages — is designed to train people in construction, building maintenance and related trades.