New owners purchase Round Hill Shopping Center at Lake Tahoe (updated) | TahoeDailyTribune.com

New owners purchase Round Hill Shopping Center at Lake Tahoe (updated)

An aerial view of Round Hill Square Shopping Center.

After months on the market, Round Hill Square Shopping Center is under new ownership.

The sale of the property, home to Safeway and other businesses, closed in September for $28 million, according to the sale deed.

The property was listed for sale in late March for $32.35 million, the Tribune previously reported.

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.

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Alan Mann with Round Hill SC said the plans are to keep operating the center in its current form, while making improvements along the way.

He noted many of the tenants still have years in their leases.

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.

Mann said the diversity and strength of the tenants made the property that much more attractive.

"Good solid base with anchor tenants, just a few fillers here and there," he said.

ORIGINAL POST: New owners purchase Round Hill Shopping Center at Lake Tahoe

After months on the market, Round Hill Square Shopping Center is under new ownership.

The sale of the property, 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, the Tribune previously reported.

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.

The Tribune was unable to contact any of the new owners.

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.