Kacy Logeais, who opened the store in September 2007 with her husband, Shain, said part of the closure is related to debt on the store.
She said she spent the last six months trying to sell Riley’s, but deals with two potential buyers fell through during lease negotiations with West Bend Property Co., which manages NorthWest Crossing.
“We felt it was futile to try to sell it,” Logeais said after those deals didn’t work out. She said West Bend Property Co. did try to help the couple stay in business when the economy took its downturn, discounting rent from $2.35 per square foot to charging 5 percent of sales.
Ford said another deal recently fell through with two people who wanted to add lottery and tobacco sales to the store, sales that have been prohibited in NorthWest Crossing by West Bend Property Co.
The West Bend Property Co. board of directors approved the lottery sales but denied the tobacco sales, citing NorthWest Crossing’s intent to be a healthy, sustainable community, Ford said.
The general manager of NW Crossing wouldn’t disclose the current rent per square foot for the Riley’s space, but considering this property across the street (via LoopNet) is going for $1.75 to $1.95 per square foot, I can’t imagine it’s much more than that—if not entirely less.