Furniture store to fill void at Valley River Center.Byline: Edward Russo The Register-Guard
Valley River Center Valley River Center is a shopping mall located in Eugene, Oregon. As the largest shopping center south of Portland and north of San Francisco, this mall comprises over 130 local and national stores and restaurants. has found a local furniture retailer to fill most of the former Montgomery Ward store, at least until the mall attracts long-term Long-term
Three or more years. In the context of accounting, more than 1 year.
1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. tenants that would prompt a renovation of the big building.
Rife's Home Furniture will open in the former Ward's spot, perhaps the day after Christmas, owner Kevin Rife said Monday.
Rife will move his present furniture outlet on Goodpasture Good·pas·ture , Ernest William 1886-1960.
American pathologist who developed the technique for cultivating viruses and rickettsia in fertile chicken eggs, thus enabling the development of a number of vaccines. Island Road in Eugene to the mall. Rife had to find a new home for his store because the building he leases was bought by a development arm of Kendall Automotive Group. Kendall plans to convert the building into an auto mall for three dealerships next year.
Rife doesn't expect to be in the former Ward's for long. His lease there lasts just one year, starting Jan. 1. Any time during the year, the landlord can end Rife's tenancy A situation that arises when one individual conveys real property to another individual by way of a lease. The relation of an individual to the land he or she holds that designates the extent of that person's estate in real property. with 30 days' notice, said David Olson, a senior vice president with mall owner Grosvenor, a London-based property investment firm.
The vacant Ward's space had been tied up in the Montgomery Ward & Co. bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most for more than two years. The land under the building has long been owned by Grosvenor, but until a bankruptcy judge in late spring transferred the building ownership to Grosvenor, it could not actively seek new tenants.
Rife's will occupy about 60,000 square feet at Valley River Center, and about 35,000 to 40,000 square feet of that will be showroom.
Grosvenor and the mall's management firm, General Growth Properties General Growth Properties (NYSE: GGP) is a publicly traded real estate investment trust in the United States. It is based in Chicago, Illinois. History
The company was founded by two brothers, Martin and Matthew Bucksbaum, in 1954. , hope to work a deal that will ultimately involve renovating the 98,234-square-foot former Ward's space.
Mall managers have thought about filling the building - which sits at the back of the mall near the Willamette River Willamette River
River, northwestern Oregon, U.S. It flows north for 300 mi (485 km) into the Columbia River near Portland. Oregon's most populous cities are in its valley. The Fremont Bridge, a steel arch with a main span of 1,225 ft (373 m), crosses the river at Portland. - with entertainment venues, such as movie theaters, or with restaurants, because they would bring people to the mall for reasons other than shopping.
Olson on Monday confirmed that one proposal would move the Cinema World 8 theater, another Valley River complex tenant, from its building near Delta Highway The Delta Highway is a short limited-access freeway in Eugene, Oregon, United States, linking downtown Eugene with the Beltline Highway, northern Eugene and the Riverridge golf course to the north. to the former Ward's space. But he said that deal isn't certain.
Other potential tenants are retail-oriented, Olson said.
"Hopefully, we can announce something by early next year," he said.
Rife's new outlet will be larger than the Goodpasture Island Road store and Rife's Leather & More, which Rife opened last July in Springfield. Both of those are 20,000 square feet. Rife's Home Furniture in Sutherlin is 12,000 square feet.
Kevin Rife says Rife's Home Furniture will open in the vacant Montgomery Ward space at Valley River Center.