Shopoff Realty Investments (“Shopoff”), a national manager of opportunistic and value-add real estate investments, announced today the company has sold Iron Horse Shopping Center, a 185,890-square-foot neighborhood center, located in Sparks, Nevada for $18 million.
“When Shopoff purchased Iron Horse Shopping Center, the property was in very poor condition having been foreclosed on by the lender and under the management of a receiver for several years, Through our team’s efforts, the property made a major transformation, with the addition of many new tenants, the reworking of leases with existing tenants, extensive improvements, and the addition of a new retail pad. The asset is now a positive resource for the surrounding community, rather than a blight.”
Shopoff Realty Investments president and chief executive officer William Shopoff.
When Shopoff purchased the property, it was a distressed, lender-owned asset and only 33% occupied, with a former Target store space representing over 100,000-square-feet of vacant space.
Shopoff was able to make significant capital improvements to the center, including new paint and column architectural features, enhanced signage, landscaping, repairing and replacing of the asphalt in the parking lots.
Additionally, a new 7,151-square-foot pad was also constructed on the property. Ultimately, the Shopoff team was able to increase the occupancy of the center to 75%, signing several key long-term leases.
In addition to the main center, there are two retail pads on the property that are being sold separately.
One of the pads is 3,008-square-feet, and currently houses a Jack-in-the-Box fast food restaurant, and the other is the aforementioned 7,151-square-foot pad constructed by Shopoff, which has several tenants including Starbucks, Super Chix, Roberto’s and Freeway Insurance.
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