Acquired in February 2016, Iron Horse Shopping Center (“Iron Horse”) is a neighborhood center located in Sparks, Nevada. The property is shadow anchored by Save Mart, which provides a large consumer draw.
A value-add acquisition, the site was purchased from a lender that acquired the property through foreclosure in 2015. Iron Horse had been under the management of a receiver since 2013 and was a distressed, lender-owned acquisition. The property was only 33% occupied at the time of acquisition due to a large (105,000 square feet) that was vacated by a former Target store.
The property also provided the opportunity to make capital improvements, and the business plan includes new paint and column architectural features, enhanced signage, landscaping, repairing and replacing of the asphalt, and seal and striping of the parking lot.
Since acquisition, property improvements are in progress, and several new leases have been signed. To date, repairs have been made to the parking lots, new landscaping was completed and new fire sprinklers were installed throughout the property. In addition a new 7,300 square foot pad is being constructed at the property, with three separate spaces being delivered, two of which already have secured tenants.
Once lease up and renovations are complete and the property is stabilized, it will be sold.
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.