The block-long, historic Emporium building in downtown Point Reyes Station was sold recently in a $2.3 million deal to four West Marin residents who hope to keep rents affordable for the longstanding businesses housed there, the Point Reyes Light reported.
One of those tenants, Point Reyes Books, was enthusiastic about the change, posting on Facebook: "We're delighted and grateful to share the news that our building, the Point Reyes Emporium, has been sold to a collective of locals who will preserve its historic nature and role as a center of the community. It's not every day you get to share feel-good real estate news!"
The investors are helping Leslie Kruth--whose parents, Jean and Larry Marks, bought the building in 1991--and her husband, Hal, buy out the other heirs. The new owners intend to keep all the same tenants. Point Reyes Light reported that the "rent has been kept below market value for years and will remain that way for the foreseeable future, though increases will be phased in over the next five years in part to fund needed upgrades. (All tenants were consulted... and indicated they could survive the hikes.)"
"We'd like to keep this building in the community," said Dick Lemon, one of the investors. "This isn't a real estate investment by itself. There's a double bottom line: it's also an investment in the health of the community."