Wednesday, April 24, 2024

Village at Riverstone sold

Staff Writer | December 12, 2020 1:08 AM

COEUR d’AENE — All-Terr, LLC., based in Bellingham, has been looking for investments outside Washington state.

It found a good one at Riverstone in Coeur d’Alene.

“It appeals to us, it’s not in the state of Washington,” said Ryan Allsop, managing member of All-Terr in a phone interview with The Press.

Kiemle Hagood announced the sale of the Village at Riverstone on Friday. The 93,022-square-foot, mixed-use property was purchased from Idaho Retail, LLC and John Stone, the man behind the Riverstone development that began 20 years ago.

The Village of Riverstone consists of restaurants, shops and professional offices located off Northwest Boulevard.

Main Street businesses there include The Well-Read Moose, The Spice & Tea Exchange, Escape Outdoors and Grooveberries Frozen Yogurt.

Casey Brazil with Kiemle Hagood–CDA, the management company for the property which handled the sale, said the deal closed Thursday. He declined to give the purchase price.

He said it includes the shop space under the condominiums.

Brazil said the opportunity to purchase the Village at Riverstone came up about two months ago. He said it wasn’t even on the market yet.

“We put it together pretty quickly,” he said.

All-Terr, LLC is an investment group with family and business ties in North Idaho.

“We think more like we’re from Idaho than Washington,” Allsop said.

Allsop said they had been looking in North Idaho for an investment property. He said they visited Riverstone, toured Coeur d’Alene and surrounding towns, and liked what they saw and the business mindset they encountered.

Allsop said it was a bigger property than what they were looking for, but “they fell in love with it.”

He said they don’t plan to change anything.

“We look forward to being part of the community,” he said.

Riverstone was the vision of John Stone, who with SRM bought the 160-acre site in 1999 that used to be home to a sawmill and had become a desolate chunk of property.

Today, it is home to about 100 businesses, medical offices, health care, restaurants and financial services. There are about 900 residents living here.

John Stone, in a phone interview with The Press Friday afternoon, said he was grateful for the years of support from the community and their tenants.

“We decided it was time to bring the hay into the barn,” he said.

He said in the past 20 years Riverstone survived the economic decline after Sept. 11, 2001, and the Great Recession from 2007 to 2009.

“We navigated some pretty hard times,” he said.

He said they are proud of how Riverstone developed and withstood challenges.

“It was a mutual caring,” Stone said. “We care for the people in the community and people care for Riverstone.”

Everything there, the pond, the condos, the shops, the eateries, is part of the live, work and play concept behind the development near the Spokane River and the North Idaho Centennial Trail.

It worked out as envisioned, Stone said,

“The project is 100% full right now,” he said.

Stone praised partners Nikole Cummings, Ryan Martin and son Brad Stone.

Cummings in turn thanked Stone for his leadership.

“He’s carried us along this journey,” she said. “His vision is legendary and fun to watch.”

Martin said there is only 3.5 acres left undeveloped at Riverstone.

“It’s just a beautiful development and I loved being a part of it,” he said.

John Stone said he's not parting ways entirely with Riverstone. He is involved with a project there, though he declined to give details.

Stone said they are leaving Riverstone in great shape and the new owners will do well.

“I’m happy for them and happy for us,” he said.

Allsop called John Stone a visionary.

“We truly believe what he did over there is something we would like to see in our own town," he said.