Round Hill Square Shopping Center at Lake Tahoe on the market for $32.35 million |

Round Hill Square Shopping Center at Lake Tahoe on the market for $32.35 million

The Round Hill Square Shopping Center is on the market for $32.35 million.
Rob Galloway / Tahoe Daily Tribune

The epicenter of commercial activity in Zephyr Cove is on the market.

The Round Hill Square Shopping Center has 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, 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.

Support Local Journalism

Support Local Journalism

Readers around the Lake Tahoe Basin and beyond make the Tahoe Tribune's work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.

Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.

Your donation will help us continue to cover COVID-19 and our other vital local news.

Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User