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Buyer Plans to Indefinitely Hold Retail Center

RENO, NV—The 66,834-square-foot property was unlisted at the time of the $25.5 million offer.

By Natalie Dolce | nataliedolce | | Updated on February 11, 2016

RENO, NV—South Creek, a 66,834-square-foot, 29-unit, retail complex has changed hands, GlobeSt.com has exclusively learned. Located at 201 W. Liberty St. in Reno, the property was sold for $25.5 million. Lyle Chamberlain , CCIM, managing partner of Lee & Associates Reno, represented the seller, Horseshoe Bend LLC . The buyer, Alves South Creek , was represented by Chad Coons of Gilmore Coons Commercial Real Estate . “The buyer plans to hold the property indefinitely,” says Chamberlain, who noted the transaction was a 1031 Exchange and 97% of the units are leased. “This Center is characterized by a great mix of regional tenants which includes various local eateries, traditional retail, and Medical Office users.” Chamberlain said the property was unlisted at the time of the offer and the seller had just finished construction and leasing of the investment, which began in 2008. The terms met all of the seller’s requirements.

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