Marineland Escapes from Foreclosure and Gets a Revamp

by San Antonio Attorney

Marineland Village, a well-known shopping center in Kennewick, Washington, is slated to be remodeled after certain investors saved it from foreclosure before.

The new name of the building is Marineland Plaza, which is getting a revamp sponsored by a group of investors headed by Manuel Chavallo.

The group of investors is called Clearwater Professional Suites LLC.  They acquired the shopping center after offering $3.4 million bid in an auction in December 2015.

The 54,500-square-foot property will become a modernized center and attract tenants to perk up its revenue after many years of distress.  The former owner, Del Mar Equity Partners Inc., purchased Marineland in 2005.

Del Mar’s debt reached $5,000 in March 2014, causing the lender to foreclose on the property.   Marineland was placed receivership and a public sale was planned.

The new owners of Marineland saw a great potential with the shopping center despite its old exterior and many vacancies.

Marineland is located at the center of Knnewick.   The property has three buildings that were built by Warrant Luke.
Nonetheless, it has been 18 months in foreclosure so leasing has chilled.  When the auction happened, 14 storefronts were unoccupied, which is up to 2,000 square feet of available space.

The improvements include a new basic frontage with copper-colored overhangs and LED lights in the parking space.  The palm trees were removed a long time ago and they will not be coming back, according to Chavallo.

The construction work has been troublesome for the tenants, but the end result is going to be worth it, one of the tenants said.

The cost of the improvements has not been disclosed but Chavallo said more tenants have become interested in the property.

Finishing the improvements is the new main priority of the new owner.  In the longer term, the investors plan to build more pad space.

 

 

Leave a Comment

Previous post:

Next post: