Investors buy former Sam's site in Louisville
Last Updated: 16:02 February 4, 2014
A pair of entities - Centennial Valley Investment LLC and Seminole Land Holdings Inc. - paid Sam's Club $3.65 million for the building and 13.2 acres on which it sits, according to Boulder County records.
The sale comes four years after Sam's Club - a national chain of membership-only retail clubs owned and operated by Walmart - shuttered the store in Louisville. The 127,000-square-foot building has been mostly dormant since.
"To have an active owner is something tremendously positive," said Aaron DeJong, economic development director for the city of Louisville.
DeJong noted that Centennial Valley Investment led the purchase, but said he could not disclose who is involved in the ownership group. He did say the city has been engaged throughout the purchase process and will remain involved in helping the owners find a tenant.
Denver attorney Lance Vanzant is the registered agent of Centennial Valley Investment, and said he represents the investors behind the company. Seminole Land Holdings is an entity formed by Thomas Garvin of Boulder.
Garvin is the former owner of Thomas Garvin and Associates, a used office furniture dealership that he sold in the early 2000s. Garvin could not be reached Tuesday. But his son Travis Garvin, who owns a similar Boulder-based business called Low Cost Office Furniture, said that he would be leasing space in the Sam's Club building in the short term.
Travis Garvin said his company is home-based right now and leases warehouse space as needed. He said operations will move to the Sam's Club building. Low Cost Office Furniture's presence there will be temporary until a long-term tenant is found, according to DeJong.
No redevelopment plans for the site have been filed with the city. DeJong said the ownership group is looking to fill the building, not scrape it and fully redevelop the site. He said the priority is on finding a single tenant rather than breaking up the building.
Troy Russ, director of planning and building safety for Louisville, said the Sam's Club building has hosted special-use sales from time to time over the past four years. In the wake of last fall's devastating flood, the building housed an AmeriCorps team that was part of the Federal Emergency Management Agency's response efforts.
Russ said the property is zoned Planned Community Zone District-Commercial, which lends it to a wide variety of commercial uses. But both he and DeJong noted the city's desire for the site to generate sales-tax revenue, making retail a high priority.
When Sam's closed in 2010, Louisville city manager Malcolm Fleming told the Business Report then that the store had generated more than $500,000 annually for the city's general fund.
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