750,000-SF Power Center Sells for $60M

RENO, NV-A 750,000-sf power center here called Firecreek Crossing has changed hands for $60 million, according to the seller and developer, Newport Beach, CA-based Wattson Breevast LLC. The new owner is American Assets Real Estate Group, a San Diego-based development company making its first acquisition in the local market.

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.