Deals in the works for former Weaver Grass Valley property
June 3, 2013
One of Grass Valley's most prominent commercial properties, which currently stands vacant, is near to having a pair of occupants ready to open shop.
Two different buyers are in escrow for the 30,000-square-foot former Weaver Truck and Auto Sales building at 400 Idaho-Maryland Road, according to Lock Richards, managing director for real estate firm Sperry Van Ness Highland Commercial.
Richards said he was contractually prohibited from discussing the identities of the buyers. But he did disclose that the back building is slated for auto-related light industrial use, and the former showroom will be converted to office space.
Both companies currently in escrow are locally owned businesses, Richards said.
The deals are contingent on factors including other sales of properties and title issues lingering from the lot line adjustment executed by the city of Grass Valley at the end of January, Richards said.
Details of the purchase and the buyers will be made available if and when the sale is finalized, he said.
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The current owner of the property, Donald P. McCredie of Hemet, Calif., purchased the property for $5.1 million on March 26, 2012.
McCredie is listed as an owner of Tri Buick Pontiac GMC car dealership in Hemet. According to the California Secretary of State website, Tri Automotive Inc., the corporation name for the dealership, was dissolved on Sept. 2, 2011. McCredie also has another limited liability company called McCredie Land, LLC.
McCredie bought the property, which was encumbered with millions of dollars in unpaid debt at the time of the purchase, as a real estate investment.
Weaver Truck and Auto Sales operated for several years on a tiny lot on East Main Street in Grass Valley before brothers Tom and Matt Weaver built their 30,000-square-foot facility of stucco, concrete and rock at nearby 400 Idaho-Maryland Road, opening in August 2006. The General Motors dealership took on Chevrolet in 2007, employing about 45 people at its height.
But the economic downturn hit the automotive sector hard. General Motors Acceptance Corp., the financing arm of GM, pulled the rug out from under many of its smaller-volume dealers. It seized Tom Weaver's fleet of vehicles in October 2008, though Weaver retained his dealer's license. By then, Matt Weaver had left the business.
Staff Writers Jennifer Terman and Christopher Rosacker contributed to this report. To contact Staff Writer Matthew Renda, email firstname.lastname@example.org or 530-477-4239.