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| The "hero investors" who rescued Warwick's. | |
What a way to start to celebrate a 125th anniversary: a group of more than 30 investors have purchased the building where Warwick's, La Jolla, Calif., has been for 70 years, to protect the site from possible development and to insure the store's long-term viability.
As recounted in a letter to customers from Nancy Warwick, fourth-generation owner of Warwick's, in February she had expected to sign another 10-year lease for the 10,000-square-foot space, but learned that the building's longtime owners "had accepted an unsolicited offer to sell the building to an unnamed buyer--all cash." That offer was for $8.3 million, according to the San Diego Union-Tribune, an amount far beyond the Warwick family's means.
"The news was dire," Warwick continued. "We were offered only a three-year lease, a time frame which suspiciously suggested that the buyer planned to pull permits to completely rework the building--a result which would have permanently ousted Warwick's from its historic home, and possibly left Warwick's without a place to do business. We were given no assurances to the contrary."
But there was "a slender reed of hope--Warwick's had 15 days to present a better offer from a 'Warwick's friendly' buyer." Led by Warwick's real estate broker Steve Avoyer and civic leader and investor Jack McGrory, both "loyal customers," the group organized, bought the property and gave the store a new 10-year lease with two five-year options to extend.
The group's offer was for $8.35 million. McGrory told the Union-Tribune: "It's not a barn-burner investment, but it's good enough. Nancy is a good businesswoman. The store survived the '08 recession, it survived Amazon. It's in good physical shape. Even in the pandemic, it has a good balance sheet."
Nancy Warwick called the purchase "an incredible story of community, and my family could not be more honored." On Saturday, the store celebrated its "hero investors," who include several staff members.
As if that's not enough to mark the store's 125th anniversary, Warwick's is also celebrating by having a new history wall painted by local artist Lori Mitchell; publishing its first online history album and guestbook; offering originally designed dog bandanas; creating a commemorative children's bookmark; hosting a 125th anniversary tea time; and holding a holiday open house with author visits and $125 gift cards as raffle prizes.