The center is 98% occupied. Tenants include Wal-Mart, Safeway, Ross, Office Depot, Sam's Club, World Savings Bank, Michael's, Circuit City, Old Navy, Gart Sporting Goods, Boston Market, Applebee's, Babies R Us, TJ Maxx 'n More and Starbuck's. Leasing has been handled by Tom Clarke, head of locally based Thomas Clarke Real Estate, in partnership with Sacramento, CA-based Potter-Taylor & Co.
Wattson Breevast, LLC develops, builds and manages retail, office, industrial and residential properties throughout the Western US. Company president Tom Watson says selling the center is bittersweet.
"Wattson Breevast pioneered the power center product in Reno when the firm broke ground on Firecreek Crossing seven years ago," he says. "We have enjoyed the process of working in Reno, taking the project from raw land to a mature asset, and watching the tenants blossom in the community."
Local brokers familiar with the transaction tell GlobeSt.com the cap rate on the transaction was in the 7% range. Neither side of the transaction was available for comment Tuesday. Bill Palmer of CB Richard Ellis, who represented both parties, also was unavailable for comment.
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