Thursday Nov 17 2011
Quarry Ponds under new ownership
By: ToLewis, The Press Tribune
Less than one year after being sold in a foreclosure auction, Granite Bay’s Quarry Ponds Shopping Center was purchased by new owners last week. Capital Pacific, a Granite Bay-based company that deals in commercial real estate, purchased the five-acre shopping center at 5550 Douglas Blvd. for an undisclosed amount. The deal was finalized on Nov. 10, according to Capital Pacific owner Tony Cardoso. Former owner and developer of the center Lisa Powers filed for Chapter 11 bankruptcy protection in November 2009, after which her loan from Lasalle Bank was sold to Morgan Stanley, and from there, to New York Mellon. New York Mellon bought back the property Dec. 6, 2010, in spite of Powers petitioning to block the foreclosure sale. Cardoso said there was an existing loan of $19.2 million on the bank-owned property, and that his initial investment was $25 million, but would not disclose the final purchase price. The center, which opened in December 2006, is 75 percent occupied, with many original tenants who stuck around even after the foreclosure. Capital Pacific has been involved in many aspects of real estate — single-family residential, commercial retail, medical and office industrial — locally for 35 years, Cardoso said. Co-owner Sue Cardoso said they are “hands-on” landlords who live in Granite Bay and like to take care of what they own. “We are just a mom-and-pop company,” Sue Cardoso said. “We’ve worked hard all of our lives and we just want to make a go of it.” Cricket Ogren, owner of The Clay Corner, said while New York Mellon had property managers who did a satisfactory job of managing the center, it remained largely under the radar because of a lack of advertising. “I think it was really awful and sad that the original owner lost it,” Ogren said. “But I think it will be a big difference to have a local owner. I think they will have more of a stake in it.” Sovy Medved, owner of Pullman Kitchen and Catering at Quarry Ponds, said she feels much more secure in her business now that new owners have taken over from the bank. “We are very fortunate to have both of them local and care about this place,” Medved said. “They seem to care so much about this property. They want all of us to be successful.” Tony Cardoso said he plans to create a more family-friendly environment at the center by bringing in a variety of new businesses to fill the vacant spaces that offer something for everybody. He also said he hopes to garner public support in petitioning the California Highway Patrol and Placer County to lower speed limits on Douglas Boulevard to improve the safety for those coming and going from the shopping center. “Granite Bay is a relatively small and tight-knit community,” Cardoso said. “I think with this high traffic speed, it takes away from some of that. Ultimately it comes down to safety.” The Cardoso’s say their ultimate goal is to provide affordable rents to their tenants, to create positive synergy in the center and to do what they can to make the center thrive so that all are successful in the end. “It was the previous owner’s dream to have a market like this,” Sue Cardoso said. “So we are going to try and keep it going and see if we can make it work.” Toby Lewis can be reached at firstname.lastname@example.org. Follow him on Twitter @TobyLewis_RsvPT.