Introduction
Hanley Investment Group Real Estate Advisors, a renowned national real estate brokerage and advisory firm, recently facilitated the sale of a prominent retail-anchored shopping center in Reno, Nevada. The property, known as Reno Marketplace, comprises a diverse tenant mix and a prime location, making it an attractive acquisition for investors.
Property Overview
Reno Marketplace is a 184,607-square-foot retail center situated at 450 Steamboat Parkway in Reno, Nevada. The property features an expansive anchor space occupied by Grocery Outlet, a popular grocery chain known for its affordable prices and wide selection of products. In addition to Grocery Outlet, the shopping center houses a diverse mix of national and local tenants, including HomeGoods, Dollar Tree, Planet Fitness, Big 5 Sporting Goods, and Jo-Ann Fabrics.
Location and Visibility
Reno Marketplace boasts a highly visible location along Steamboat Parkway, a major thoroughfare in Reno with excellent visibility and traffic counts. The property is situated in a densely populated area with a strong retail presence, ensuring a consistent flow of customers and potential tenants. The center's proximity to the University of Nevada, Reno campus further enhances its appeal, attracting a large student population.
Investment Highlights
The acquisition of Reno Marketplace presented investors with several compelling investment highlights:
- Strong Anchor Tenant: Grocery Outlet, as the anchor tenant, provides a stable revenue base and attracts a significant number of customers to the center.
- Diversified Tenant Mix: The diverse mix of national and local tenants ensures a wide range of shopping options for consumers.
- High Visibility and Traffic: The center's prominent location along Steamboat Parkway offers excellent visibility and exposure to a large customer base.
- Dense Population: The surrounding area is densely populated, with a strong demand for retail goods and services.
- Strong Demographics: The proximity to the University of Nevada, Reno campus and the affluent surrounding neighborhoods contribute to a strong demographic profile.
Transaction Details
Hanley Investment Group represented the seller, ROIC Real Estate Holdings, in the sale of Reno Marketplace. The buyer was a private investment firm based in California. The transaction closed on October 28, 2022, with a sale price of approximately $39.5 million.
Closing Remarks
The sale of Reno Marketplace exemplifies Hanley Investment Group's expertise in facilitating successful real estate transactions. The firm's deep understanding of the market, coupled with its extensive network of investors and brokers, enabled it to achieve a favorable outcome for both the seller and the buyer. Reno Marketplace is a prime retail destination with a strong track record of performance, making it an attractive investment for years to come.
About Hanley Investment Group
Hanley Investment Group is a leading national real estate brokerage and advisory firm specializing in the sale of investment-grade multifamily, retail, office, and industrial properties. The firm's experienced professionals provide comprehensive brokerage, consulting, and asset management services to a diverse client base, including institutional investors, private owners, and developers. Hanley Investment Group has offices in nine major markets across the United States. For more information, visit www.hanleyinvestment.com.
