OneCalifornia Bank purchases ShoreBank Pacific
Monday, August 23, 2010 10:19 AM (pst)
OneCalifornia Bank purchases ShoreBank Pacific
Shortly after the FDIC issued a press release stating ShoreBank had been shut down, Oakland, Calif.-based OneCalifornia Bank announced it was in the process of acquiring ShoreBank Corporation’s Pacific Northwest subsidiary, ShoreBank Pacific, headquartered in Ilwaco, Wash.
On Aug. 20, the FDIC issued a press release in which it indicated it had entered into a purchase and assumption agreement with the newly created Urban Partnership Bank in Chicago to assume all of ShoreBank Corporation’s remaining assets.
The following day, One California and ShoreBank Pacific announced they had signed a stock purchase agreement, which — while subject to regulatory and other approvals — will result in an institution with combined assets of roughly $300 million. Neither institution disclosed terms of the transaction.
“This is an important strategic acquisition for One California Bank of a valued pioneer of mission-driven banking,” said Harry Haigood, OneCalifornia Bank chairman and CEO. “With this purchase, we are committing to broaden our products and services as well as to extend our impact from California to Washington and Oregon. We applaud ShoreBank Pacific for its 13-year track record of fostering sustainable community development and remain committed to building the strength of the communities we serve.”
David Williams, ShoreBank Pacific CEO, said, “The biggest beneficiaries of this merger are the communities we serve. With a shared commitment to community banking and a host of complimentary services, this will bring a triplebottomline approach to community and environmental banking throughout California and the Pacific Northwest.”
ShoreBank Pacific, which, in addition to its Ilwaco headquarters, has offices in Portland in Seattle, was founded in 1997. It became a certified Community Development Financial Institution in 2009.
Founded in 2007 by Tom Stever and Kat Taylor of San Francisco, OneCalifornia Bank, also a CDFI, strives to improve economic opportunity for low-income people by helping businesses create jobs and enhance their financial strength.
Meanwhile, on Aug. 20, ShoreBank Enterprise Cascadia — a certified non-profit CDFI serving communities in Oregon and Washington, also based in Ilwaco — dropped the “ShoreBank” from its name to avoid confusion.
The newly termed Enterprise Cascadia is neither owned by, nor a subsidiary of ShoreBank Corporation ShoreBank Pacific.
—LeeAnn Neal
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Fort George lands $150K from state for beer canning operation
Tuesday, July 20, 2010 6:24 PM (pst)
by CRBJ
Clatsop Economic Development Resources recently announced that Fort George Brewery in downtown Astoria was the recipient of a “forgivable loan” in the amount of $150,000 from the State of Oregon Governor’s Strategic Reserve Fund.
Mark Thompson is CEDR’s interim executive director. He also wears the hat of business counselor for the Small Business Development Center. He said the funds will be used by Fort George to purchase beer canning supplies and to establish a beer canning line at its new brewery operation in the former Lovell building, adjacent to its restaurant and brew pub.
Fort George purchased the Fort George and Lovell buildings as well as some surrounding property last year as a step toward expanding its brewing operation.
“This money will assist Fort George to manufacture and can beer for distribution outside Clatsop County, bringing money back to the area,” Thompson said.
Thompson said the loan is fully forgivable as long as Fort George meets the job growth numbers outlined in the contract with the state’s Oregon Business Department. A total of 12 new full-time production and manufacturing jobs are estimated to be created with this infusion of capital. The company has until 2014 to hire all 12 new employees; to retain the entire $150,000 the company must keep them on full-time for eight quarters.
“The added jobs put people here back to work, and provide tax revenue back to the state,” Thompson said. “It’s a win-win…and an area of downtown Astoria that was previously blighted will be full of life.”
When CEDR and the SBDC approached Fort George owners Chris Nemlowill and Jack Harris with the prospect of the forgivable loan, Thompson said the duo was enthusiastic, and jumped in to help put the application together.
Nemlowill was emphatic that the Fort George property acquisition and brewery expansion would not have been possible without help from many people, institutions and organizations.
“The support we’ve received has been beyond our wildest dreams. People have come out of the woodwork to help us,” Nemlowill said. He specifically cited Mark Thompson, CEDR, and the City of Astoria as being “instrumental” in putting the project together.
Recently Fort George was the recipient of an urban renewal loan from the Astoria Development Commission in the amount of approximately $129,000 for various improvements to the Lovell building and surrounding property, as well as a $30,000 grant from the ADC for repair and painting of the Lovell and Fort George buildings. The total investment in the project is now near the $2.6 million mark, Nemlowill said.
“We were just a little bit short [of funds] for the canning line, so this loan is really helpful,” Nemlowill said.
Nemlowill is most excited about how this loan allows the Fort George expansion to fully come together.
“People will be able to eat and taste beer in our restaurant, and watch our brewing and canning operation. If someone is in Seattle or another city at a beer connoisseur bar they’ll be able to taste a Fort George beer and may want to visit our brewery in Astoria. It brings it full circle,” Nemlowill said.
Many breweries choose to shut down their smaller brewing operation when they expand to greater brewing capacity, Nemlowill said. Not so with Fort George.
“We’ll keep our eight barrel per batch brewery in the back of the restaurant so we can keep it small, and continue to brew small batches of specialty beers,” he said.
The new, larger brewing facilities and canning equipment in the Lovell building will provide the capacity for 30 barrels of beer per batch, or up to 360 cases of pint-sized cans per week. Nemlowill said the company will brew and can its popular Vortex IPA, Nut Red Ale, and a few others for wide distribution with the new equipment.
The beer canning process could also become a draw for passers-by and visitors to the brewery.
“People will be able to watch the canning process; it will be visible from outside,” Harris said.
Fort George should receive the funds from the state within a few weeks. Nemlowill said the canning equipment will be ordered from Calgary, Canada. Beer production in the new facility is slated for late fall this year, and canning operations should begin around year-end.
Thompson is pleased CEDR was able to help facilitate this Strategic Reserve Loan in concert with other recent funding awards.
“In the last year Bank of Astoria, ShoreBank [Enterprise Cascadia], the city’s urban renewal commission and now the State of Oregon have invested in Fort George. That, coupled with the significant investment the Fort George owners have made creates a very exciting project,” Thompson said.
“Who knows?” he said. “Someday you might be in New York City and see Fort George beer there.”
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Opsahls join Knutsen Insurance
Wednesday, July 07, 2010 1:09 PM (pst)
Longtime local insurance broker Terri Opsahl has joined Knutsen Insurance.
Opsahl, who previously worked for the insurance firm formerly known as Nevin Works & Associates, specializes in life and health insurance for both individuals and groups.
Also joining Knutsen is her husband, Charlie Opsahl, a customer service representative.
Jeff Canessa, a partner in Knutsen Insurance, said Terri Opsahl’s extensive background and knowledge of the complexities of the health insurance field will be a benefit to his firm’s clients.
“The health insurance field hasn’t been a focus of ours, but with Terri’s arrival we will be able to expand our services to meet the needs of our clients,” Canessa said.
In addition to her expertise in health insurance, Terri Opsahl is a former human resources manager.
Canessa said that experience will be valuable to his company’s business clients, especially small companies.
“Her knowledge of employee benefits, as well as her human resource skills, will be additional benefits to our business customers,” he said.
Knutsen Insurance, which has offices in Astoria and Seaside, has a staff of nearly 30 insurance agents and customer service representatives.
To reach Terri Opsahl call Knutsen Insurance in Astoria at (503) 325-1541 or by e-mail at topsahl@knutsenins.com.
by Greg Cohen
greg@crbizjournal.com
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Ownership change of historic Hotel Elliott completed
Tuesday, July 06, 2010 4:22 PM (pst)
Corrected version:
The change of ownership of Astoria’s historic Hotel Elliott was formally completed on Tuesday with the purchase of the 32-room boutique hotel by Sanders Elliott, LLC., from No. 10 Sixth Street, Ltd.
Chester Trabucco, majority owner of No. 10 Sixth Street, said the hotel changed hands at a valuation of “just under” $4.1 million.
Molly Sanders of Vancouver, Wash., is principal owner of Sanders Elliott, LLC.
Sanders, who previously was an investor in No. 10 Sixth Street, has had controlling interest in the hotel since January 2010, while No. 10 Sixth Street retained ownership of the property until July 6.
Trabucco said the transfer price represented the investment of Molly Sanders and the outstanding debt owed to the Bank of the Pacific.
“We are not unhappy with the negotiations,” he said. “We deem it a fair price.
Tuesday’s sale was the culmination of more than year-long negotiations between the two parties, Trabucco said.
“We began negotiations on an exhaustive pre-agreement at the beginning of 2009,” he said. Those negotiations resulted in a written agreement between the two parties this past October.
However, the completion of the assigment transaction was delayed by an environmental issue, namely the removal of a long unused heating oil tank that served the hotel during its early days. Trabucco said that once that project was completed and the work received approval of the Oregon Department of Environmental Quality, the assigment of the hotel was able to became final.
Trabucco said the sale had to go through a formal foreclosure procedure overseen by Clatsop County to clear the property’s title and to close out an unnamed investor in the hotel.
"It is our intent to make everyone whole via the proceedings," Trabucco said.
Trabucco said guests to the upscale hotel would not see any changes in operations.
North Pacific Management, Inc., of Vancouver, Wash., which has managed the hotel for the past 1-1/2 years will continue day-to-day management, Trabucco said. John Taffin, the hotel’s general manager, also will continue in his position.
Trabucco, a long-time Astoria resident and developer who now resides in Seattle, purchased the turn-of-the-century hotel in early 2000. After extensive remodeling, the facility opened to its first guest in 2003. It was the first of numerous older hotels to undergo major renovations in Astoria.
Even through the lengthy economic recession, Trabucco said the Hotel Elliott and No. 10 Sixth Street have remained profitable. He said No. 10 Sixth Street is currently enjoying an occupancy rate of between 96 percent and 97 percent.
Trabucco said the sale left him saddened but realistic that it was simply a business decision.
“The Hotel Elliott is my proudest achievement, except for raising my daughter,” he said. “I will always love the place. Yet business is business.”
Trabucco, whose company also owns other properties in Astoria, said he also is at work on the renovation of a large hotel in Aberdeen, Wash.
Sanders was unavailable for comment.
by Greg Cohen
greg@crbizjournal.com
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CMH, OHSU link to expand local treatment for cancer, blood disease patients
Friday, July 02, 2010 4:27 PM (pst)
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Dr. Sonny Park (left) shows Dr. Robert Raish of Oregon Health Sciences University where Columbia Memorial Hospital’s new Oncology Clinic will be built. The clinic, which is now under construction, will be located on the first floor of the Park Medical Building across from CMH. Photo: Greg Cohen
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by Greg Cohen
greg@crbizjournal.com
Officials of Columbia Memorial Hospital, the City of Astoria, Oregon Health Sciences University in Portland and OHSU’s Knight Cancer Institute on Friday announced the collaboration of the two medical facilities to bring "world-class" treatment to CMH’s cancer and blood disease patients.
Erik Thorsen, CMH’s executive director, said linking Columbia Memorial’s cancer program with the Knight Cancer Institute will make "world-class cancer treatment available (locally), saving patients a four-hour roundtrip" to Portland for treatment.
Dr. Robert Raish, OHSU's medical oncologist, will serve as medical director for CMH's new Oncology Clinic. Dr. Raish will provide close collaboration between the Astoria medical community and OHSU Knight Cancer Institute through access to multidisciplinary patient conferences, as well as provide the latest treatments available for cancer care to patients at the Astoria hospital.
"We will optimize the care of (CMH's) patients (through the collaboration) of a high quality medical team," Dr. Raish said.
Efforts to partner CMH and the Knight Cancer Institute has been the dream of Dr. Sonny Park, a local internist, who has been working on the effort for nearly two years.
Dr. Park said the creation of the clinic will ease the struggle for cancer patients by bringing advanced medical care to the local hospital.
Park said that eliminating the long-distance travel to Portland for treatment will be of great benefit.
"This will help patients live longer, and their families will suffer less," Park said.
CMH's new cancer clinic will be located on the first floor of the Park Medical building, owned by Dr. Park and located on Exchange Street across from the hospital. CMH has signed a long-term lease for the space. While the space is being prepared for a late summer opening, the cancer clinic will operate temporarily out of CMH's Specialty Clinic.
The announcement of the CMH-OSHU partnership was made in the foyer of the Park Medical building and witnessed by officials of the two medical facilities, as well as members of the Astoria City Council and city officials.
Astoria Mayor Willis Van Dusen called the collaborative endeavor "the most important [local] medical news in the last 50 years".
He said city officials have been working with both CMH and OSHU in a supportive role to see the venture to fruition.
Recently the mayor discussed with the city council the future possibility of a request for financing through the Astor East Urban Renewal District to develop the new cancer clinic. Bret Estes, the city’s economic development director, said Friday the city had not received any formal request for funding the project.
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ShoreBank Enterprise Cascadia drops bid for National Heritage Area, charts new course
Saturday, June 12, 2010 12:05 PM (pst)
ShoreBank Enterprise Cascadia drops bid for National Heritage Area, charts new course
Press Release: Ilwaco, Wash., June 11, 2010
ShoreBank Enterprise Cascadia (SBEC) will not seek congressional designation of the proposed Columbia Pacific National Heritage Area, but plans to move forward in another way. Officials from the local non-profit SBEC cite many factors for the decision.
“Due to the current administration’s official position to not support designation of new NHA’s until national policy is established, coupled with budgetary constraints on the NHA program, we believe it is not the right time to move forward with designation” SBEC Executive Vice President, Mike Dickerson, said.
SBEC plans to complete the feasibility study for the NHA and submit it to the National Park Service for review by the end of the month. The study proposes creating a new model for NHA’s, investing in local entrepreneurs to preserve heritage.
While it may be bad timing for the NHA, according to Dickerson, SBEC deeply believes in the proposed model and plans to carry out the investment concept in another way by committing $1,000,000 of SBEC resources to create a heritage-focused investment fund to spur economic activity and jobs in the lower Columbia region.
“We are committed to demonstrating the approach to rural economic development based on heritage that was proposed in the study. Our resource based future will require non-traditional investments that enable entrepreneurs to retain their livelihoods and develop new and innovative product, market and harvest opportunities,” Dickerson said.
SBEC plans to form a group of heritage-related entrepreneurs and community leaders to inform and advise on the development of the effort.
Dickerson said he hoped the NHA would unite residents in Clatsop, Pacific, and Wahkiakum Counties around the vision of a vibrant rural economy, based on traditional economies of a shared past, but the lack of a clear national policy on NHA’s created many questions amongst local stakeholders.
“One thing everyone agreed on is the importance of a strong economy offering secure futures and satisfying livelihoods, especially for the next generation. To ensure this we must get on with the job of seeking opportunities to support entrepreneurs and unite our regional economy,” Dickerson said.
SBEC plans to pursue ongoing partnership opportunities with the National Park Service and lower Columbia communities to explore, celebrate and market the region’s past and future.
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Developer proposes mini-mall across from Premarq Center in Warrenton
Friday, May 28, 2010 3:40 PM (pst)
by Greg Cohen
Clatsop County developer Kirk Fausett has disclosed plans to build a mini-mall on approximately five acres of commercial land near the south end of the Youngs Bay Bridge in Warrenton and across U.S. Highway 101 from the Premarq Center.
Fausett has formed a separate company, called Steadfast, LLC, which owns the development. He and his family own 90 percent of the project.
He told Coast River Business Journal he currently is working with the Oregon Department of Transportation (ODOT) to finalize plans to build an access road from the highway to his property.
“We’ve spent 1-1/2 years working with ODOT” for access approval, Fausett told CRBJ.
In addition to ODOT, the project also needs agreement from the Oregon Division of State Lands regarding wetlands mitigation, a process that is moving along, he said. Following approvals by the state agencies, the project still must go to the City of Warrenton for local land-use approval.
“It hasn’t been the economy” that has delayed the project, he said. “It’s our own government that is slowing us down, putting up hurdles.”
The site of the proposed commercial development is part of a larger 85-acre tract Fausett purchased in July 2008 from Art Riedel. Only about 10 acres can be developed.
Riedel, the longtime owner of Portland-based Riedel International, Inc., a major international marine construction and dredging company, said he purchased the property in the 1960s in a sheriff’s sale.
Originally, he thought the property “had great potential for a motel/hotel,” but environmental issues halted those plans, he told CRBJ.
Riedel, who retains a 10 percent interest in the development project, said he believes a mini-mall would be a good use for the property and that a road connecting to the highway not only would benefit the mini-mall site but by extension would provide access to nearby Port-owned property.
“The road is key to opening that whole side of (Highway) 101 to development,” Riedel said.
Fausett’s plans call for approximately 40,000 sq. ft. of retail/office space in four buildings. A two-story building would house Fausett’s company, Fausett Commercial Properties, Inc., which would be relocated from its present location in Astoria. The remainder of the building would be leased for commercial or office use.
A one-story retail building with about 8,500 sq. ft. already has a prospective buyer, Fausett said. The third building, totaling some 25,000 sq. ft., would have multiple tenants. The fourth building is being eyed for a restaurant.
Fausett said he hopes to begin mitigation work on the site this summer.
David Neys, Oregon Department of Transportation District 1 manager, was out of town and unavailable for comment.
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Clatsop Economic Development Resources hits the airwaves today
Thursday, May 27, 2010 10:20 AM (pst)
Clatsop Economic Development Resources, (CEDR), hits the airwaves on local radio station KAST 1370 today at 12:30 p.m. and 5:30 p.m. with the first in a series of monthly broadcasts.
The new program, CEDR Spot, will provide listeners with an examination of local business and economic development issues.
“We'll focus on the challenging economic development issues facing the citizens of Clatsop County,” said Mark Thompson, Director of CEDR’s Small Business Development Center, and the moderator for the first show.
”We'll also discuss the challenges and opportunities confronting local businesses,” said Rick Gardner, CEDR’s executive director. He added that CEDR will invite a variety of people to the show that have expertise helpful to business people.
“Our goal is to help businesses in Clatsop County, and we hope to provide some of that help via the CEDR Spot,” Gardner said.
Listeners will also have an opportunity to be part of the discussion by sending comments and questions to the CEDR Spot through an online form available on CEDR’s Web site.
“As time permits, we will read listener comments and address questions on the air,” said Thompson.
Examples of upcoming CEDR Spot topics include small business finance and access to capital, local economic development initiatives, information about the North Coast Business Park in Warrenton and how it will be used for economic development, and business management lessons from the "great recession."
For details on upcoming CEDR Spot programs, or to join CEDR’s email list to stay abreast of business and economic development events, visit www.clatsoped.com.
CEDR Spot airs on KAST 1370 AM on the fourth Thursday of every month this year at 12:30 PM and 5:30 PM.
According to its Web site, CEDR is a private organization that provides a variety of economic development services to businesses in the Clatsop County. The organization receives funding from public and private organizations in order to provide entrepreneurs and business owners with resources to improve their businesses.
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New Northwest Broadcasters petitions for voluntary receivership
Thursday, May 20, 2010 9:36 PM (pst)
Receiver says ‘not a bankruptcy’
On May 17 New Northwest Broadcasters, headquartered in Seattle, Wash., filed for a voluntary Assignment for Benefit of Creditors in King County Washington Superior Court, according to NNB company officials. An ABC effectively puts the company in receivership status, providing court supervision of an orderly restructuring of the company and payment of its debts.
In addition to stations in Alaska, Washington State and southern Oregon, NNB Radio, established in 1998, operates five radio stations from offices in Warrenton: KAST 1370 AM, KKEE 1230 AM, KCRX 102.3 FM and KVAS 103.9 FM.
Alan M. Davis, a principal with the Seattle, Wash.-based firm Revitalization Partners, has been named as the receiver, and is acting on behalf of the creditors.
“This is not a bankruptcy situation,” Davis was quick to point out.
Davis described the scenario as a court-sanctioned process in which his responsibility as receiver is to “use the assets of the company to maximize the return to creditors.”
NNB will continue operations as it has been doing, Davis said.
“Nothing will change; the company will continue to operate as it has until a final decision by the court has been made."
Davis said there are many possible outcomes in a receivership situation, but a rumored liquidation is at the very bottom of a long list of options, especially for a company that has been operating very well.
“As near as I can tell,” Davis said, “the company is operating just fine.”
Davis said liquation generally means a distress sale, but that is not the case with New Northwest Broadcasters.
He explained that a company generally goes into receivership because it owes creditors, and the process allows the creditors to receive the maximum return.
“Like a bankruptcy [filing], a receivership stops the noise,” Davis said. “It allows the company and the creditors to go through an open, logical process designed to do the best for the creditors.”
Trila Bumstead is NNB’s CEO. She said the company elected to file the ABC because it “was the responsible thing to do.”
“There is nothing scary here.” Bumstead said “The company had more leverage than it could handle, and this action provided an opportunity to provide value for our creditors.”
Bumstead said the move will be one that benefits both the company and its creditors.
“We’ll emerge from this, and we expect to maintain and increase our value in the process,” Bumstead said. She also noted that eventually a new ownership structure will be in place.
“We have a debt facility coming to maturity, and we need to restructure to meet that obligation,” she said.
For Lower Columbia Region NNB station listeners who wonder what to expect in the months ahead, Bumstead offered this: “It is business as usual at NNB. We’ll continue to service our territories.”
CRBJ
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Warrenton attracts four more national retailers
Tuesday, May 18, 2010 5:24 PM (pst)
Staples, Big 5 Sporting Goods, Dollar Store and O’Reilly Auto Parts on tap
Warrenton is attracting some big national retailers.
Already the home for a new Costco and The Home Depot, Warrenton soon will welcome Staples, Inc., Big 5 Sporting Goods, the Dollar Store and O’Reilly Auto Parts.
The four newest additions will be moving into the 53,000 sq. ft. commercial complex to be built by First Western Development Services, Inc. The property is located between Highway 101 and Lum’s Auto Center.
Scott Shanks, a partner with First Western, confirmed to Coast River Business Journal May 18 that the four companies have agreed to relocate in the new development.
Shanks said Staples, Big 5 and the Dollar Store will lease the anchor spaces in one building in the four-building complex. O’Reilly, which owns Shuck’s Auto Parts, is purchasing 7,000 sq. ft. of space that originally had been proposed for smaller-sized tenants, Shanks said.
First Western is purchasing the 5.5-acre commercial parcel from Home Depot. Shanks said the transaction is due to close June 1 and construction is scheduled to begin June 10. The project is eyed for completion by year’s end. Terms of the purchase were not disclosed.
Pennon Construction Co., Inc., of Seattle is the project contractor. Wells Fargo is lender for the construction project.
The 53,000 sq. ft. complex will include four separate buildings with a central parking area. The three anchor stores will be included in one building. There also will be two other buildings, with a combined total of 10,000 sq. ft.; of which O’Reilly will purchase 7,000 sq. ft. The remaining space is expected to be leased to small businesses. A fourth building will include a drive-thru.
First Western started working on the Warrenton project three years ago. The firm submitted its site design plans to the City of Warrenton in 2008.
With commitments to lease the anchor space back in 2008, Shanks said his firm was eager to proceed with construction at that point, when the economy took a nose-dive and the retailers backed out.
“All the anchors pulled out, and then the lender pulled out,” he said.
Despite that, Shanks said his firm remained committed to the Warrenton project.
Although the economy remains sluggish, Shanks said major companies are beginning to see improvements and are planning for the upturn. In addition, he said, Oregon’s North Coast is drawing special interest from large retailers.
“Our ability to find funding for the project and major tenants can be directly attributed to how strong” people view the North Coast’s economic potential, he said.
Earlier, Shanks told CRBJ that the Warrenton project was the first development First Western has undertaken since the recession hit in late 2008.
“It’s the first time in 30 years we haven’t built anything,” he told CRBJ when he was originally interviewed in early May.
He attributed major retailers’ interest in Warrenton to the early successes of The Home Depot and Costco Warehouse’s new outlet.
“Warrenton has a good story to tell,” Shanks said in the earlier interview. “It’s an underserved area.”
by Greg Cohen
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