Acquired in July 2016, Firecreek Shopping Center (“Firecreek”) is a regional power center located in the heart of the Meadwood Mall retail nexus, which is Reno, Nevada’s most robust retail hub.
The Property features national retailers such as Ross Dress for Less, Office Depot, TJ Maxx, Michael’s, ULTA, and Natural Grocers. National in-line tenants include Starbucks, Boston Market, Applebee’s and Great Clips. In addition to these regionally-drawing retailers, Firecreek strongly benefits from the draw of WalMart and northern Nevada’s only Sam’s Club, both located within the Property’s boundaries, but not a part of the purchase.
The property provided a value-add opportunity to lease up vacancies provided by former big box retailers Sports Authority and Circuit City. The business plan included exploring multiple options for leasing the former big box spaces, including potentially dividing the space into smaller suites, or leasing to a large tenant. In addition, capital improvements will be made, such as new paint, new roofs, superior signage, updated landscaping, asphalt repair and replacement, and sealing and striping the parking lot. Since acquisition, we entered into a Purchase and Sale agreement with neighbor Stations Casino to sell 30% of the property, known as Parcel 1 to the Casino. At that time Parcel 1 contained all the property’s current vacancies.
Once the Parcel 1 sale and other property renovations are complete, Firecreek will be sold.
This property is currently in escrow.
This is neither an offer to sell nor a solicitation of an offer to buy any security. An investment in a Shopoff limited partnership involves a high degree of risk, including the possible loss of your investment, and is illiquid with an uncertain liquidity date. Past performance is not indicative of future results. Securities offered through Shopoff Securities, Inc., member FINRA/SIPC.