Reno, NV, 3/7/2016
- Shopoff Realty Investments announced that the company has acquired, through a lender REO, the 186,000-square-foot Iron Horse Shopping Center, located in Sparks, NV. The transaction was brokered by Roxanne Stevenson
, Senior Vice President of Retail Services at Colliers International, Reno and the Colliers International, Los Angeles office who represented the buyer.
The shopping center is located at the high traffic intersection of E. Prater Way and McCarran Blvd. It is currently 33 percent occupied with tenants including, Dollar General, Subway, Payless Shoes, Sizzler, Jack in the Box, El Pollo Loco, as well as a number of local businesses. The Save Mart that is the center's anchor was not part of the purchase.
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.
"We believe this value-add acquisition provides a significant opportunity to realize outsized investment gains," said William Shopoff, Chief Executive Office of Shopoff Realty Investments. "This is an underutilized space in a growing market - an ideal combination for our experienced team of turnaround experts."
Along with serving as the procuring broker for Shopoff in the acquisition of Iron Horse, Roxanne Stevenson will also be representing them as the exclusive listing broker for the shopping center.
"I am very excited to work with Shopoff Realty Investments in the revitalization of Iron Horse Shopping Center, who are highly experienced in turnaround properties such as this one," said Stevenson. "With Shopoff's dedication and experience, we are eager to bring in new tenants that will aid in the growth of the local economy."
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.
About Colliers International Group Inc.
Colliers International Group Inc.
(NASDAQ: CIGI; TSX: CIG) is a global leader in commercial real estate services with more than 16,300 professionals operating from 502 offices in 67 countries
. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals'
Global Outsourcing 100 for 10 consecutive years, more than any other real estate services firm.