Steamboat Pilot & Today
Riverside Plaza Shopping Center on the west side of Steamboat Springs has sold for $2.275 million to a group of investors who were also involved in the recent Snow Bowl bowling lanes acquisition and renovation.
“Expect to see improvements in the street appeal,” said Corey Wagner, Executive Vice President with Western Centers Inc., which will manage the property.
Western Centers is a real estate investment company that purchases and manages retail shopping centers in Colorado. It is owned by longtime Steamboat resident Arnie Meranski. He and his son Joel are two of the investors who bought Riverside Plaza under a new entity called River Plaza Partners, LLC.
Sellers were listed as Mototainment Partners, LLC, owned largely by another longtime Steamboat resident Randall Reed and his family.
Wagner said Western Centers plans on updating the landscaping and facade of the building, which was built in 1983. Riverside houses 32,875 square feet of retail, office and warehouse space that includes Sharon’s Cafe, Steamboat Sticker and Steamboat Sk8 Church.
Commercial real estate broker Ron Wendler of Colorado Group Realty said the previous owners had already made substantial improvements to the building during the past five years and that the new owners got a “helluva deal.”
“With Brynn Grey and other (housing) developments coming in the next 10 years, it will be a sought-after area for tenants to get in there and get established,” Wendler said. “It’s the only way town can grow out west.”
Wagner sees “Amazon-proof” businesses as the type of tenants that would utilize Riverside Plaza, including more service-oriented businesses like current tenant Yampa Valley Chiropractic Center.
“It’s also done a great job of providing offices and warehouses,” Wagner added.
Management plans to reconfigure some of the square footage to make it easier for current tenants to expand and to make space for new businesses.
“When everything shakes out, we’ll have spaces from as small as 1,000 square feet to 2,500 to 3,000 square feet,” Wagner said.
Wagner agrees with commercial brokers that significant growth to the west of Steamboat means more services will be needed on that side of town.
“The recent completion of the city and county (combined law enforcement) facility, along with long-established businesses such as Ace Hardware, Steamboat Power Sports, Steamboat Motors, Storm Peak Brewery (Brewing Co.) and Snow Bowl entertainment/dining venue, make the west end a desirable area in the Steamboat Springs market,” Wagner said.