Market-Leading Retail Property for Sale in Reno, Nevada

Tuesday, October 31, 2017

HFF is exclusively marketing for sale The Commons, a 152,000-square-foot, market-leading retail center located in Reno, Nevada. Anchored by Total Wine & More, DSW, Guitar Center and PetSmart, The Commons features a synergistic mix of national retailers and daily needs co-tenants. As evidenced by an exceptional sales performance, Total Wine & More is the daily needs anchor for The Commons and has established comparable traffic patterns to a traditional grocery anchor.

The retail property for sale is strategically located at 6625-6675 and 6795 South Virginia Street in the heart of the submarket’s primary retail corridor and benefits from excellent freeway access and visibility on the U.S. 580 with an adjacent on/off ramp. The property is located four blocks from Rancharrah, a more-than-700-unit master-planned community development that has had tremendous success selling Phase 1 and is expanding to other phases now.

Reno Retail Center for Sale Investment Highlights

  • Loyal Tenant Roster with Synergistic Co-Tenants:  More than 20 tenants (totaling 67 percent of the leased GLA) have been in occupancy at The Commons for 10 years or longer, demonstrating the business success and long-term commitment of the tenant base. A wide variety of daily needs co-tenants drives consistent traffic to the center while also limiting exposure to internet/e-commerce trends.
  • High-Profile Freeway Location in Key Retail Corridor:  The retail property for sale has exceptional freeway visibility from the U.S. 580 (88,000 vehicles per day) in a dense retail corridor that features Whole Foods, Home Depot, Target and an 890,000-square-foot super regional mall owned by Simon.
  • Dense Trade Area with Exceptional Population Growth:  Approximately 143,000 people live within a five-mile radius of the property, representing a 24 percent population increase since 2000.
  • Income Security and Strong Tenant Sales Performance:  Seventy-six percent of the leased GLA at The Commons is leased to credit or nationally recognized tenants, many of which have recently renewed or extended their leases. Total Wine & More boasts market-leading tenant sales that continue to grow, resulting in an extremely low occupancy cost ratio.

The Commons offers investors the opportunity to acquire a retail center with a high-profile location in a key retail corridor along with daily needs tenants that provide income security. For more information on this commercial property, please contact Bryan Ley or Jules Sherwood. Click here for our real estate investment sales search page.

Jules Sherwood is a licensed real estate broker in the state of Nevada, along with Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp (collectively, “HFF”).

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