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Local

Sterling strip mall has a new owner

Sterling High grad buys Pine Tree Plaza at auction

STERLING – A Sterling native, currently living in Singapore, is the new owner of the Pine Tree Plaza.

Kristopher Kyarsgaard, 40, lives in the Far East for his job as an applications specialist with Caterpillar. He also owns a rental storage business next to the plaza.

His father, Dennis Kyarsgaard, said Kristopher soon will move back to the Sauk Valley. The Kyarsgaards started SKR Rentals, which has an office at 24120 Emerson Road, in 2007.

The plaza at 4311 Lincolnway was sold through an online auction after a 28 percent occupancy rate put the property in foreclosure in November 2015. Earlier that year, Staples announced it would close its store, which was practically a death knell for the strip mall. Payless, Fashion Bug, Petland and RadioShack had also decided to leave the plaza.

Bidding during the 3-day plaza auction started July 10 at $650,000, and the selling price was $1,837,500.

Dollar Tree now anchors the plaza, which was built in 1998. The discount retailer has doubled its space at the plaza since moving in. Sally Beauty, GameStop, Springleaf/One Main Financial and Advance America are other current tenants.

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