Reno, Nev. — K Corp. has purchased a portion of retail space at The Crossing at Meadowood Square, a shopping center in Reno. The company acquired the 31,400-square-foot portion for $4.4 million. This transaction completes its ownership of the 63,000-square-foot center, after purchasing 32,000 square feet of space in 2014. The 31,400-square-foot portion is an anchor site currently occupied by Goodwill, which will vacate the space in October. The new owner plans to redevelop the property. Additional tenants include FedEx Office, Subway, Nevada Home Fitness and Animal Emergency. The name …
Las Vegas — Newmark Knight Frank has arranged the sale of Cornet Plaza in Las Vegas. Cornet Plaza LLC sold the asset to C&C Elliot Street LP for $6.4 million. Located at 771 E. Horizon Drive, the shopping center features 26,888 square feet of space. Tenants include Capriotti’s, Papa John’s and Hammers Grill & Bar. Michael Zobrist and Nelson Tressler of Newmark Knight Frank represented the seller in the deal.
Las Vegas — Gindi Capital, a privately held investment company, has acquired a 9.5-acre property on the Las Vegas strip for $172 million from FX Luxury Las Vegas, an affiliate of Spectrum Group Management. The property is located at 3743-3759 Las Vegas Blvd., adjacent to Gindi’s other holdings on the strip, and contains 700 feet of street frontage. Gindi Capital is working with its development and design teams to plan a new flagship retail, entertainment and dining experience inside the building.
Las Vegas is the ideal place to discuss the new retail environment. This city was, after all, built on experiences, excess and entertainment. Its hospitality, food and beverage programs and ability to shock are second to none. These attributes make for great conversation at RECon networking events – but they make for much more, too. In many ways, the city can provide a blueprint for where consumer tastes and spending are heading, which is why we’re following up last year’s retail lessons with a new top five. 1) Support Local …
Las Vegas — PEBB Enterprises has purchased Rainbow Promenade, a retail power center adjacent to U.S. 95 and North Rainbow Boulevard near Las Vegas’ Summerlin submarket. PEBB acquired the 228,279-square-foot property through an auction platform. The price was not disclosed. The center recently underwent a $5 million renovation and is currently 95 percent occupied by a variety of tenants, including Hobby Lobby, Barnes & Noble Bookstore, Party City and Cost Plus World Market. The asset also includes three ground-lease pads occupied Macaroni Grill, Chili’s Grill & Bar and AMC Theatres. …
Las Vegas — Marcus & Millichap has arranged the sale of Mountain’s Edge Pad E, a retail property in Las Vegas. An undisclosed seller sold the property for $5.2 million. Located at 8085 Blue Diamond Road, the property features 10,500 square feet of retail space. Dustin Alvino and Jake Wasserkrug of Marcus & Millichap represented the seller and undisclosed buyer in the deal.
Reno, Nev. — ShopOne Centers REIT Inc. has acquired Caughlin Ranch, a 113,376-square-foot shopping center in Reno, for $18 million.
Sparks, Nev. — NAI Alliance has arranged the sale of Marina Marketplace, a shopping center located in Sparks.
Las Vegas — Colliers International has arranged the sale of a 73,576-square-foot retail property in Las Vegas.
Reno, Nev. — Continental Partners has arranged an $11.3 million loan for the acquisition of Mira Loma Shopping Center in Reno.