Cohen Real Estate Brokers $26.2 Million Shopping Center Sale

Sparks, Nev. — The 633,498-square-foot Sparks Galleria Shopping Center is 57 percent occupied.

Sparks, Nev. — Pine Tree Commercial Realty has acquired Sparks Galleria Shopping Center, a 633,498-square-foot property in Sparks, for $26.2 million. The power center is located in the heart of the city’s Spanish Springs master-planned community. Tenants include Starbucks, Office Depot, Qdoba, GNC and GameStop. Anchors Costco and The Home Depot were not included in the sale. The center is 57 percent occupied and the buyer secured a lease for one of the anchor spaces while the property was under contract.

Rick Kaiser of Cohen Real Estate represented the seller, a private investor based in North Carolina. Michael Cleeman, also with Cohen Real Estate, represented the buyer in the transaction. Cleeman says that additional development phases will allow the buyer to add approximately 200,000 square feet to the property.

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