Los Alamos Co+op Market located at 95 Entrada Dr. Courtesy Photo
The Los Alamos Co+op Market today closed on the purchase of its 7,000-square-foot building at 95 Entrada Dr. The purchase price is $1.65 million.
Los Alamos Co+op Market has leased the building from Main Gate, LLC since it opened March 2, 2011. Main Gate was instrumental in providing the Co+op with an affordable and timely option when the Co+op was looking for a brick and mortar location nearly four years ago.
The Co+op Board and General Manager Steve Watts worked on the purchase for approximately six months after determining that it would be in the best interest of the Co+op member-owners to own rather than continue leasing. The purchase and loan agreements were reviewed by the Co+op attorney and evaluated by the COO of the National Cooperative Grocers Association.
There will be a substantial annual savings by owning the building, which will add to the phenomenal financial results the Co+op has enjoyed since it opened. Taking on a mortgage will not impact the Co+op’s ability to pay back member loans that were vital in opening the market. Repayment of the member loans begins in 2015.
The Los Alamos Co+op Market exists so that Los Alamos has a thriving marketplace where people want to shop, work and be. The Co+op strives to serve its communities by offering an array of local, healthy and natural foods. In so doing, it provides expanding opportunities to a variety of local producers. The Co+op also actively promotes environmental sustainability, as well as quality employment in an enjoyable, stimulating and cooperative environment.
The Los Alamos Co+op Market is at 95 Entrada Dr., next to the Holiday Inn Express. Visit losalamos.coop for more information or find the Co+op on Facebook for updates.
Co+op Board members standing from left, Secretary Ed Santiago, President Cecile Hemez, Vice President Tracy McFarland and Treasurer Karen Kendall look on as General Manager Steve Watts signs the purchase and loan documents at Stewart Title today. Courtesy photo
Co+op General Manager Steve Watts presents a check to Main Gate partner Rick Reiss for the purchase today of the Co+op building at 95 Entrada Dr. Courtesy photo