Owners want $9.6 million for Waterloo Station

Owners want $9.6 million for Waterloo Station

The owners of Warrenton’s Café Torino and Bakery at Waterloo Station shopping center want to simplify their lives.

That process for Andrea and Amber Ferrero could begin with the sale of the shopping center and an adjacent property, which includes the Fox Den Antiques Mall, at Waterloo Street and West Shirley Avenue.

The Ferreros opened their popular restaurant at the shopping center in May 2001.

Ten years ago, they and other investors formed a corporation — ABC and J LLC — and paid well-known Warrenton businessman Jim Rankin $8 million for the buildings, with about 47,000 square feet of leasable space, and 4.8 acres.

With a $9.6 million price tag, the corporation in November put the properties on the market.

For tax purposes, the county assesses them at $6.8 million.

“So far, we have four investment groups that are looking into it,” said Mr. Ferrero, the corporation’s managing partner. “It could be tomorrow, or it could be a year” before the properties get sold. “We’re not under any pressure.”

Mr. Ferrero and winemaker Chris Pearmund own a controlling interest in the corporation.

“So, basically, whatever we say goes,” Mr. Ferrero said.

Mr. Pearmund serves as the corporation’s chief financial officer.

Unloading the Fox Den Antiques Mall parcel and Waterloo Station, which includes the Carousel soft-serve ice cream business, figure into the Ferreros’ plan to sell or shut the restaurant in about four years.

“I would like to close the café at 20 years — or sell it” in 2021, Mr. Ferrero said. “Twenty years is a good run.”

For several reasons, the timing to sell the breitling replica watches properties and close the restaurant couldn’t be better, the couple explained.

Their daughter and son will have completed college in about three years; they have grown tired of nearly two decades of long hours at the restaurant, and the commercial real estate market has begun to rebound, the Ferreros said.

The shopping center and adjacent building, formerly a farm equipment dealership, generate $567,000 a year in rent, according to the real estate listing.

“We’re ready,” said Mrs. Ferrero, 44. “We want to move to the next phase of our lives.”

“I’m tired of managing” the two properties, said Mr. Ferrero, 49. “We’ve paid our dues, put in our time. Now, somebody else can enjoy that.

“It’s time. My wife and I are starting to shed things we have.”

To that end, Mr. Ferrero in January sold a townhouse behind Warrenton’s Oak Springs Plaza shopping center for $196,000, according to land records.

Neither of the couple’s children wants to take over the restaurant business, he said.

“They know better,” Mr. Ferrero said. “They’ve seen us do it. They know it’s a lot of hard work — 24/7.”

Nor does Mr. Rankin, who owns Rankin’s Furniture at the replica panerai watches shopping center, want to repurchase the properties, which he owned for 15 years.

“Just not interested,” said the former Fauquier board of supervisors member. “I’m 86. I don’t need that. Do I want to stay here? Sure. But, I don’t want to own it. We have other investments we can survive on, if we have to.”

Mr. Rankin operates a furniture store at Waterloo Station. His family also owns Rankin’s True Value Hardware at the Warrenton Village Center along Broadview Avenue. Mr. Rankin opened that business 51 years ago.

Do the Ferreros plan to retire after selling cheap tag heuer replica watches the two commercial properties and quitting the restaurant business?

“Retirement’s a big word,” Mr. Ferrero said. “I’m not a millionaire. I’m thinking about not working 13-hour days.”

“Our dream is to move to the Islands, get a PADI (Professional Association of Diving Instructors) license, take people scuba diving, doing lunch on the boat and do little tours,” Mrs. Ferrero said.

Read the original article here – http://www.fauquiernow.com/index.php/fauquier_news/article/fauquier-owners-want-9.6-million-for-waterloo-station-2017

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