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| 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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