Jack London Village on market
The historic Jack London Village commercial property, on Arnold Drive in Glen Ellen, was recently put on the market for $2.95 million by its owner Bernard MacElhenny of MacElhenny, Levy Real Estate, Inc.
MacElhenny, who also owns Morton's Warm Springs Resort, said last week that a dispute with Westamerica Bank led him to decide to sell the Jack London Village property, which currently has 17 tenants. "They wanted to charge me 16 percent interest to renew my loan," MacElhenny said angrily.
Instead, he is choosing to sell the property, which was developed starting in 1969, when Charles Beardsley and David Fritscthi purchased the site from the Pagani family. The original structures, built before 1860, are among the oldest in Sonoma County. A working waterwheel once powered the old mill. It was later turned into a distillery by Frenchman Joshua Chauvet, who added the winery in 1881. The Pagani family acquired it in 1913 and ran it as a winery until the 1960s.
Located at 14301 Arnold Drive, Jack London Village includes the old winery building and gristmill, complete with a 25-foot diameter waterwheel, and has approximately 23,147 square feet of retail space on two parcels with a combined area of approximately 3.52 acres.
The 17 tenants include three restaurants (Grist Mill Bar and Grill, Yeti Restaurant and Olive and Vine). The site has several outdoor patios, wine tasting rooms, art galleries and a host of other services.
Occupancy is at approximately 83 percent.
For more information, contact MacElhenny Levi Real Estate at 933-3055 or visit macelhennylevyrealestate.com.