Tahoe City’s Boatworks Mall acquired by Sacramento real estate company
TAHOE CITY, Calif. — MJD Capital Partners announced last week it recently completed the acquisition of the Boatworks Mall in Tahoe City.
According to an Aug. 28 news release from the Sacramento-based real estate firm, MJD Capital Partners intends to continue “existing operations while evaluating long-term development options for the property.”
Terms of the sale were not disclosed.
“We are excited to complete this transaction and assemblage and begin working toward the highest and best use of these properties,” Marie Murphy, founder and CEO of MJD, said in a statement. “As excited as we are, we have no plans to move forward with any future development until we have consulted with our neighbors, satisfied the strict requirements of Placer County and the TRPA, and ultimately decide what is in the best interest of the Tahoe City community and Lake Tahoe.”
The Boatworks Mall, constructed in 1978 and located at 760 North Lake Blvd., is home to roughly 20 business and restaurant brands, including Jake’s on the Lake and Hacienda Del Lago.
“It may take us two or three years to arrive at final plans for this very special location,” Murphy added in her statement. “We will take all the time needed so that we can be good stewards of the property and long-term custodians of the lake.”
MJD, which has offices in San Francisco, Sacramento, Tahoe City and Reno, previously acquired the adjacent 34-room Tahoe City Inn in late 2018.
“They are all prepared to be our future leaders and decision-makers and will see first-hand the complexities of a growing and industrious region,” says Chamber CEO Ann Silver.