Grocery-Anchored Retail Center with Development Opportunities for Sale

Wednesday, March 20, 2019

Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the seller, is offering qualified investors the opportunity to acquire a 133,000-square-foot, grocery-anchored retail center in Reno, Nevada. Peckham Square features a nationally recognized tenant roster that includes Grocery Outlet, Harbor Freight Tools, JOANN Fabrics and Dollar Tree, among others. With excellent visibility from the US-395 / I-580 freeway (124,000 vehicles per day), the retail center is strategically located in the heart of Reno’s primary retail corridor, directly across the street from the Reno-Sparks Convention Center (300,000 visitors per year) and near the Reno-Tahoe International Airport (four million passengers per year). Peckham Square offers a stable income stream from national brand tenants as well as immediate value creation opportunities through the lease-up and development of available pad sites.

Situated on 12.27 acres at 3650-3880 Kietzke Lane, Peckham Square provides the opportunity to acquire a successful neighborhood grocery-anchored center at a price-per-square-foot basis that is well below current replacement cost. Additionally, the existing financing with a below market fixed interest rate of 4.24 percent enhances leveraged returns.

Retail Center for Sale Investment Highlights

  • Income Growth and Value-Creation Opportunities:  Peckham Square offers immediate value creation opportunities through lease up and development of current pad sites that are free and clear of the existing loan collateral, and longer-term income growth through mark-to-market rent opportunities.
  • National Tenants with Seasoned Operating History:  Eighty-six percent of the property is leased to credit or nationally recognized tenants, many of which have operated at Peckham Square since before 2005, demonstrating the business success and tenant retention of the location.
  • Dense Trade Area with Exceptional Population Growth:  Since 2000, Reno has experienced sustained population growth with the population increasing 38 percent. Peckham Square is poised to benefit from this continued path of growth due to its central location.
  • High-Profile Freeway Location in Key Retail Corridor:  The retail property for sale benefits from exceptional visibility from the US-395 / I-580 freeway in a dense retail corridor that features Walmart, Home Depot, Target and the 900,000-square-foot super regional Meadowood Mall (owned by Simon).

For more information on this retail center for sale or other commercial real estate properties for sale, please email the deal team. Click here to search our real estate investment sales listings.

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