 |
| William Shopoff |
RENO, NV –
Shopoff Realty Investments announced the company has acquired, through a lender
REO, the 186,000-square-foot Iron Horse
Shopping Center, located in the Reno suburb of Sparks, Nevada.
Shopoff has
committed more than one million dollars to improve and enhance the appeal of
the property, strengthening the opportunity to increase overall revenue and
lease-up an additional 100,000-square-foot vacant “big box” space that was
included in the purchase.
The shopping
center is located at the intersection of E. Prater Way and McCarran Blvd.,
which has a traffic volume of more than 46,000 vehicles per day. The retail
center is currently 33 percent occupied, dramatically lower than the local
market’s average 84 percent occupancy rate.
Tenants include
Dollar General, Subway, Payless Shoes, Sizzler, Jack in the Box, El Pollo Loco,
as well as a number of local businesses. The center is anchored by Save-Mart,
which was not part of the purchase.
“We believe this
value-add acquisition provides a significant opportunity to realize outsized
investment gains,” said William Shopoff,
chief executive officer of Shopoff Realty Investments. “This is an
under-utilized space in a growing market – an ideal combination for our
experienced team of turnaround experts.”
 |
| David Placek |
David Placek, Shopoff Realty Investments executive vice president,
added, “Our strategy is always to uncover hidden or unrealized potential. With
this asset, we were able to capture a well-positioned center, at a great price
based on current revenue.
"However, what makes this property really exciting is
the upside to be captured by leasing the existing inline vacancy and the
100,000 square foot box.”
Sparks is a
thriving community with rapid growth fueled by tech expansion, including
Tesla’s Giga-Factory, an Amazon logistics center, Apple’s iCloud data center
site, a Petco distribution center and other biofuel and data centers.
For a complete copy of the company’s news release,
please contact:
Jill Swartz
Spotlight
Marketing Communications
949.427.5172,
ext. 701
No comments:
Post a Comment