Round Hill shopping center on market for $32.35 million at Tahoe
ZEPHYR COVE, Nev. — The epicenter of commercial activity on Lake Tahoe’s southeastern shore in Nevada is on the market.
The Round Hill Square Shopping Center in Zephyr Cove been on the commercial real estate market now for over three weeks. According to a listing by Dickson Commercial Group (DCG), the property is for sale for $32.35 million.
The shopping center is anchored by Safeway, which at 39,398 square feet is the largest tenant. The grocer recently renewed its five-year lease option, according to the listing.
Other notable names housed in the center — which boasts a current occupancy rate of 96.9 percent — include USPS, Dollar Tree, Subway and Barton Health, among others. The total lot size is 10.20 acres.
The property has been owned by ROIC Zephyr Cove LLC, which the state identifies as a “retail opportunity investment group” based in Purchase, New York, since 2011.
Prior to that, the property had multiple owners including a limited liability company based in Reno and another based in Roseville, Calif., according to records with the Douglas County Assessor’s Office. The shopping center was built in 1998.
Chris Shanks with DCG said the current owners are looking to sell the property because it doesn’t really fit within their portfolio of investments, which are largely centered on the East Coast.
Shanks said he has already heard from some interested parties in the short time the property has been on the market.
The new owner of The Crossing at Tahoe Valley is Second Bay Holding Tahoe, LLC, based in Redwood City, Calif. The 46,041-square-foot center was originally constructed in 1973.