The Kroenke Group, a Columbia, Missouri-based development firm, quietly bought the SLO Promenade on Madonna Road early this year, but so far local store owners say they haven’t seen any changes to the center.
The San Luis Obispo shopping center — which consists of 22 retail spaces including Forever 21, Bed Bath & Beyond and Cost Plus World Market — is the sixth largest center in San Luis Obispo County with about 256,000 square feet of retail buildings, according to the center’s leasing brochure.
It was previously owned by a local group of investors, including John M. Wilson, managing director for CenterVest Capital, LLC. Wilson did not respond to calls for comment.
The center’s former leasing representative, Malissa Arceneaux, confirmed the center was previously managed by CenterVest’s commercial real estate branch, CV Commercial Real Estate, but declined to disclose the names of the former owners. She said the company is no longer managing the site.
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A few store managers contacted by The Tribune said they were given very little information regarding the sale.
Mike Kurkeyerian, who co-owns Mike’s Shoes in the shopping center, said The Kroenke Group sent out several representatives recently to meet with the local businesses. The representative told him no changes were going to be made to the SLO Promenade but gave him no other information on the sale, he said.
Crushed Grape Wine and Gift Shop owner Gretchen Gonyer said the representatives “were very nice, but they didn’t give us any information on any changes.” So far, she said it doesn’t seem like the deal will affect the businesses in the shopping center much.
“We’d love to have local ownership, but it’s business,” she said. “We’ll deal with it.”
Both Kurkeyerian and Gonyer said they not were given any indication that rent would increase for tenants in the center.
The Kroenke Group is a venture of billionaire real estate developer E. Stanley Kroenke, who also owns several Colorado sports teams. It manages about 200 shopping centers across the United States.