Vern Eide to purchase east-side Shopko property
Jan. 30, 2020
Vern Eide Motorcars plans to purchase the former east-side Shopko property.
The auto dealer has started construction on the building at Arrowhead Parkway and Sycamore Avenue and plans to move its Mitsubishi dealership, body shop and reconditioning center to the property.
“We’re very excited about the east side. There’s millions in retail going in out there on Arrowhead and (with) the interstate system connecting and that exchange open, we’re betting big,” CEO Jim Lake said.
“We had the opportunity and think that corner is a really outstanding piece of real estate, lots of traffic going both ways on Sycamore and Arrowhead.”
The Mitsubishi dealership is at 5200 S. Louise Ave. Vern Eide also is moving its pre-owned inventory to the Shopko site.
“This was Vern Eide’s opportunity to put themselves on a big corner on the east side,” said Ryan Tysdal of Van Buskirk Cos., who is representing Vern Eide in the transaction. “The high-profile visibility was an absolute draw for Vern Eide.”
Mitsubishi will be adding a new wave of products, “and the first is supposed to hit this summer, so we wanted a place for (it),” Lake said. “And we wanted to go big in the used-car operation, so you’ll see an operation with 200 to 250 cars in inventory on that side of town.”
The body shop will be moving from 3809 E. 10th St., where it’s next to Pizza Ranch.
The auto dealer’s purchase of the 95,000-square-foot property is scheduled to be completed in early April.
“After the body shop moves, Pizza Ranch is planning an expansion, and we are already negotiating with a national tenant to take half of the body shop space,” Tysdal said.
There’s a 17,000-square-foot retail space left to lease.
Vern Eide’s reconditioning center is currently located at its 24th Street and Minnesota Avenue location, which the dealership has for sale. Lake said the business has outgrown it.
“It’s a great building, and the property spans two entire city blocks,” according to Tysdal, who has the property listed.
Vern Eide expects to be open in its new location in midsummer, he said. Since Shopko closed last spring, several businesses have looked at the building, according to Raquel Blount of Lloyd Cos., who represented the property.
“We had a great amount of interest, which shows the strength of our retail environment,” she said. “It’s exciting to have another box filled in our market.”
She said there is about 10,000 square feet left to lease in the plaza, on the far east end of the main building.
“And I have interest in that remaining space,” she said.
The deal takes both former Shopko stores off the market. The one on West 41st Street was filled with At Home, which opened this week.
