Sunday, July 17, 2016

Shopoff Realty Investments Acquires Power Shopping Center in Reno, NV

William Shopoff
 RENO, Nev. –– Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced the company has acquired Firecreek Crossing, a regional power shopping center, for $48.5 million.

The 348,000-square-foot shopping center is located in the Meadowood Mall submarket of Reno, Nevada at the intersection of Kietzke Lane and Redfield Parkway, providing shoppers in the Reno metropolitan region superior access from U.S. 395.

The center is shadow-anchored by Walmart and Sam’s Club, further promoting the regional appeal to the property along with the national credit tenant line up, which includes Ross, TJ Maxx Home Goods, Michaels and a number of other nationally recognized brands. The center also features a new ULTA Beauty location, which opened in June.

“Shopoff Realty Investments is proud to be the new owner of Firecreek Crossing. We look forward to serving the community and adding to the already strong tenant mix,” said Shopoff Realty Investments Chief Executive Officer William Shopoff.

“We plan to improve and enhance the aesthetic appeal of the property and implement a lease-up strategy, strengthening the opportunity to increase overall revenue and occupancy of the center, which is currently 71 percent occupied.”

David Placek
Firecreek Crossing is Shopoff Realty Investments’ second acquisition in the local market in 2016. The firm closed on the purchase of Iron Horse Shopping Center located in Sparks in February of this year.

“We are excited by the growth in the greater Reno area and look forward to expanding our commercial portfolio in this region over the years,” commented Executive Vice President of Shopoff Realty Investments David Placek.

Reno is a thriving community with rapid growth fueled by tech expansion. The announcement of large and recognizable companies such as Amazon, Tesla and Apple moving to the area has created unparalleled motivation for businesses to focus on Northern Nevada.

 For a complete copy of the company’s news release, please contact:

Jill Swartz
Spotlight Marketing Communications
949.427.5172, ext. 701

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