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| Sparks Galleria Shopping Center, in Spanish Springs community, Sparks, NV |
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| Michael Cleeman |
NEW YORK – Cohen Real Estate (CRE), headquartered in New
York, has announced the sale of Sparks Galleria Shopping Center, a 633,498
square-foot shopping center in Sparks, Nev., for $26.2 million.
Rick Kaiser
of Cohen Real Estate represented the seller, a private investor based in North
Carolina. Michael Cleeman of
Cohen Real Estate represented the buyer Pine Tree Commercial Realty,
headquartered in Chicago, Ill.
The Sparks Galleria
is a retail power shopping center that serves much of the Sparks trade
area. It is strategically located at
the intersection of Pyramid Highway and Disc Drive in the heart of Sparks’
“Spanish Springs” master planned community.
The property is
anchored by Costco and Home Depot that were not part of the sale, with
co-tenants including Starbucks, Office Depot, Qdoba, GNC, Gamestop and a number
of other national retailers. The center
was 57% occupied at the time of the sale having lost a couple of anchors during
the real estate downturn.
“The buyer saw a
great opportunity to acquire a well located property with strong anchors that
offered tremendous upside with 43% vacancy,” said Cleeman..
“ While under contract the buyer was able to secure a lease
for one of the anchor spaces.
"Down the
road there are additional development phases that will allow them to add
approximately 200,000 square feet to the property adding more upside potential
to the acquisition.
“The property will
fit in nicely with Pine Tree’s portfolio of properties and ability to turn
around properties through their leasing and development expertise.”
Kaiser noted, “The owner of the property being based on the
east coast felt they were not in the best position to revitalize the asset nor
realize the future growth potential.”
For additional
information about this deal or any other properties for sale, contact Michael
Cleeman or Rick Kaiser at 212-679-1222 or via email cleeman@cohenco.com or Kaiser@cohenco.com.
CRE, is among the leading full service brokerage firms specializing
in shopping centers and retail properties throughout the United States and New
York City.
For a complete copy of the company’s news release, please
contact:
Amy Hoffman
Pierson Grant Public Relations
6301 Northwest 5th Way
Suite 2600
Fort Lauderdale, FL
33309
v. (954) 776-1999
ext. 228
f. (954) 776-0290
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