RENO, Nev., March 01, 2016 (GLOBE NEWSWIRE) — Shopoff Realty Investments announced today that 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, 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.
About Shopoff Realty Investments
Shopoff Realty Investments has a 24-year history of over 100 programs and 529 investments, of which more than 488 have gone full cycle with an average holding period of 2.7 years. Shopoff Realty Investments and its executive leadership have completed more than 5,000 real estate transactions, including the acquisition, management, entitlement and development of more than 10,000 parcels and lots, 50,000 multifamily units, and 5 million square feet of commercial properties, with an aggregate value in excess of $4 billion. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 1120, Irvine, CA 92614, (844) 4-SHOPOFF.
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