JLL closes sale of lifestyle center in South Lake Tahoe
The Crossing at Tahoe Valley is in one of the world’s most renowned tourist destinations
SAN FRANCISCO, January 22, 2020 – JLL Capital Markets announced that it has closed the sale of The Crossing at Tahoe Valley, a 46,041-square-foot, newly redeveloped trophy lifestyle shopping center in South Lake Tahoe, California.
Originally constructed in 1973, Sutter Capital Group guided The Crossing at Tahoe Valley through a transformative renovation in 2017 to become the recognizable destination lifestyle shopping center it is today.
The Center’s new design features an institutional-quality mountain contemporary buildout with a large outdoor communal plaza with casual seating, fire pits and an elevated stage that hosts daily live music performances. The Property is 87% leased to a mix of award-winning local restaurants, health and wellness services, boutique shops, as well as one of the top-performing Big 5 stores in the retailer’s portfolio.
The Crossing at Tahoe Valley is situated on 4.9 acres at 2014-2062 Lake Tahoe Boulevard, is in the center of one of the world’s most renowned tourist destinations and is less than two miles from Lake Tahoe’s southern shore.
The JLL Retail Capital Markets team representing the seller was led by Senior Director Eric Kathrein, Managing Director Bryan Ley, and Analyst Jake Dempsey.
“During the marketing process The Crossing saw significant interest and received multiple competitive offers due to the irreplaceable location and best-in-class tenant line-up in South Lake Tahoe,” said, Eric Kathrein.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Sutter Capital Group
Sutter Capital Group is a privately held commercial real estate investment management firm focused on identifying, acquiring and managing attractive investment opportunities in its native market of Sacramento, California. Visit suttercap.com for more information.