PORT ANGELES — The Landing, a waterfront amalgam of shops, restaurants, galleries and offices, is for sale.
Co-owner Sarah Cronauer has put the landmark, three-story wood-frame mall and a separate building that houses the Port Angeles Regional Chamber of Commerce offices on the market for $4.4 million.
“I feel sad about it in many ways,” Cronauer said Tuesday.
The East Railroad Avenue structures — a combined 49,240 square feet — are located on a 2.67-acre parcel in an area being redeveloped by Port Angeles.
The property, built atop tidelands, is just east of the MV Coho passenger ferry landing. It was purchased for $743,360 in early 2007 by Port Angeles Landing LLC.
The partnership included Cronauer’s late husband, Paul, a business leader and environmental innovator who died in August 2012 at age 63 after a long battle with cancer, and her son-in-law, Mark Craig of Seattle, who is in commercial real estate.
The sale “has to do with the issues involving my late husband’s estate,” Cronauer said, declining further comment except to say, “The listing price is commensurate with the appraisal.”
Kidder Mathews, a giant West Coast commercial real estate firm that is based in Seattle, is marketing the property.
“I was able to continue Paul’s vision for what he had in mind for Port Angeles,” Cronauer said.
“Paul saw that as an anchor to the community.
“It would be a lot of fun to continue to develop that.
“If I could, I would.”
Cronauer, who said she intends to remain in Port Angeles, is hoping for a purchaser “with the same kind of community-minded spirit that Paul had.”
Cronauer said all the leases are binding regardless of who owns The Landing and the adjacent building.
Its assortment of 15 tenants includes two art galleries, two restaurants, Arrow Launch, an excursion-boat dock and the offices of the state attorney general.
Also inside the mall: offices for the National Oceanic and Atmospheric Administration’s Olympic Coast National Marine Sanctuary.
Construction of The Landing mall was completed in 1986, according to the Clallam County Assessor’s Office.
Since her husband’s death, Cronauer has been running the property as “the de facto manager,” she said.
“The most difficult thing has been just the scope of what I’ve needed to learn and learn fairly quickly, and I don’t claim to have mastered that by any means,” said Cronauer, a clinical psychologist by training.
“The most pleasing aspect is, it’s like a little neighborhood, so I go to work and see my neighbors.”
Cronauer met with her tenants last week to break the news.
Among those in attendance was Downriggers restaurant owner Pat Davis, who has served food in the windowed dining room overlooking the Strait of Juan de Fuca for 24 years.
“She’s done a fine job, considering she didn’t really have any experience in that particular field,” Davis said.
“She’s been very responsive to the needs of the tenants.”
Davis is not worried about who will own the building.
“Most of us have long-term leases, so we are relatively protected as far as that goes.
“If they maintain the common area and the parking and so forth, it’s all good with me.”
Cronauer said there is some interest among potential buyers.
“It’s a specialty property, so I don’t think it’s going to sell right away.”
The Port of Port Angeles sold the building to her husband’s partnership because it was “underperforming” and the port did not want to own retail properties, longtime Port Commissioner John Calhoun said Monday.
The $1 million in renovations spearheaded by the Cronauers earned them the 2008 President’s Award from the Port Angeles Regional Chamber of Commerce.
They refurbished the dock, remodeled the interior, built a new entrance facade and opened Wine on the Waterfront, a wine bar with food and live music.
Senior Staff Writer Paul Gottlieb can be reached at 360-452-2345, ext. 5060, or at pgottlieb@peninsuladailynews.com.
