Shopoff Realty Investments Acquires Power Center in Reno

RENO, NV— Shopoff Realty Investments , a national manager of opportunistic and value-add real estate investments, has acquired Firecreek Crossing , a regional power shopping center, for $48.5 million.

Las Vegas

The 348,000-square-foot shopping center is located in the Meadowood Mall submarket of Reno, at the intersection of Kietzke Lane and Redfield Parkway , providing shoppers in the Reno metropolitan region superior access from US 395 . The center is shadow-anchored by Walmart and Sam’s Club , further promoting the regional appeal to the property along with the national credit tenant line up, which includes Ross, TJ Maxx Home Goods, Michaels and a number of other nationally recognized brands. The center also features a new ULTA Beauty location, which opened in June. “Shopoff Realty Investments is proud to be the new owner of Firecreek Crossing. We look forward to serving the community and adding to the already strong tenant mix,” said Shopoff Realty Investments chief executive officer William Shopoff . “We plan to improve and enhance the aesthetic appeal of the property and implement a lease-up strategy, strengthening the opportunity to increase overall revenue and occupancy of the center, which is currently 71% occupied.” Firecreek Crossing is Shopoff Realty Investments’ second acquisition in the local market in 2016. The firm closed on the purchase of Iron Horse Shopping Center located in Sparks in February of this year. “We are excited by the growth in the greater Reno area and look forward to expanding our commercial portfolio in this region over the years,” commented executive vice president David Placek . Reno is a thriving community with rapid growth fueled by tech expansion. The announcement of large and recognizable companies such as Amazon, Tesla and Apple moving to the area has created unparalleled motivation for businesses to focus on Northern Nevada . 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 23,000 parcels and lots, 77,000 multifamily units, and 6 million square feet of commercial properties, with an aggregate value in excess of $11 billion.