Plaza under contract

The fate of the Plaza Shopping Center, a McMinnville mainstay since its opening by Tom Duggin in 1966, has been the topic of much speculation for months as rumors swirled of an impending sale of the property.

The Main Street Journal was recently told by some tenants the shopping center had sold. The Journal can now confirm the property is under contract, meaning the seller has accepted a buyer's offer, but the sale is not yet final. Contrary to online reports that a group had backed out of a previous deal, those potential buyers are still involved. Inspections of the Plaza were completed this week.

Typically, in the real estate world, "under contract" is a period during which terms are negotiated, and paperwork, inspections and financing is finalized. Often, the status of deals is changed from "under contract" to "pending" as a sale nears completion. At this point, nothing is binding and either side can pull out of the deal. The sale is not final until everything is signed.

The Main Street Journal is following the situation and will report when the deal is finalized.

Until next time, the Beat goes on

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