Receiver Appointed For Argonne Village Mall
Argonne Village shopping center went into receivership Monday. Spokane County Superior Court named James S. Black as receiver, property manager and exclusive leasing agent for Argonne Village, located at Argonne and Montgomery.
A receiver is appointed by the court to preserve an asset during legal proceedings against a property owner.
GVL Investors Partnership, a San Francisco investment company, owns the property.
“We have been attempting to attain modification on a loan,” said Gary Christensen, GVL’s asset manager. The lender has sued GVL for foreclosure.
Argonne Village store managers want to make sure that customers know they aren’t going out of business.
“It’s too bad that it had to change hands,” said Kevin Olson, manager of Super Save Drug Store.
But, he said, “Everybody here is looking forward to (James S. Black) coming in.”
Olson, who is also president of the Argonne Village Merchants Association, said he hopes that new management will bring new tenants to the center’s vacant spots.
The neighborhood shopping center was constructed in 1961 and was remodeled in 1982.
Albertson’s Food & Drug Store moved from the strip mall in December of 1992 and others have followed.
The center’s remaining tenants include Super Save Drug and The Hungry Farmer restaurant.
John Bennett, senior vice president at James S. Black, said he was confident of the site’s longterm potential.
“We’re hoping they’ll be able to get different people in here,” Olson said. “There’s light at the end of the tunnel.”
Olson said he hoped that efforts to improve the mall won’t be hampered by a major project to reconstruct Argonne Road and build a railroad bridge. That project is scheduled to begin in May.
James S. Black merged with Tomlinson Realtors this week. The combined property and asset management entity will operate as Tomlinson Black Management, Inc.
James S. Black Management has served as a receiver for other major Spokane commercial properties, most recently for Shadle Center, which emerged from receivership in 1994.
The management company is planning a redevelopment of Shadle Center.