Local firm buys Truckee Factory Outlet complex
The Factory Outlet Stores Center on Donner Pass Road was recently sold to G.W. Kromer and Associates of Truckee in a $12.3 million deal that will transfer the center from out-of-area to local ownership.The 38,043-square-foot shopping center was 70 percent leased at the time of the sale, with tenants that include Van Heusen Group, Geoffrey Beene, IZOD, Dominos (opening July 7) and Citizens Bank.They didnt sell it because it was struggling, said Mike Federle of Grubb & Ellis, who represented the seller. The property needed more attention and the owners lived in the Bay Area and the new owners live up the street. The property will get more attention because local ownership will be able to be a better steward to the property.The future of the center is still under discussion, but Christy Morrison, who represented G.W. Kromer and Associates, a Truckee-based private investment firm, said she believes the change of ownership will benefit the centers current tenants as well as the community.
We are looking to do a blend between some restaurants, some retail stores as well as some professional offices, Morrison said Monday. We really want to make use of the space and serve the communitys needs.Morrison added that the stores already located in the Factory Outlet Stores Center will not be displaced unless they choose to leave. She said the new owners do not intend to expand the center, keeping it the same size despite the possibility of new businesses entering the center.Weve contacted stores in the Sacramento, Reno and South Tahoe areas, said Morrison.Federle commented that the center was an asset that wasnt getting the attention it needed; now it is.One of the centers tenants agreed with that assessment.Weve seen more done here in the last few months than the last few years, said Assistant Manager Kathryn Shye of the Leggs/Hanes/Bali outlet. The new owners have repaved the parking lot as well as adding a Dominos pizza franchise to the tenant mix.
Shye said she believes that new ownership will benefit the center. Its better because theyre local, Shye said Monday. [The previous owners] werent that involved. They were long distance so it was harder to communicate.Yet to be decided are which stores will be added to the center, as well as what the centers new name will become.
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