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Red Rock Retail Center 2 Retail Properties Offered at $17,577,171 CAD in Reno, NV
Investment Highlights
- 100% Occupied Retail Strip Center – Red Rock Retail Center is a newly-built, 26,753 SF retail center
- Stable, First Generation Leasing with Upside – With a current WALT of 4.49 years, driven by the recent buildouts of Starbucks and My Kid’s Smile
- Complementary, Internet Resistant Tenant Mix – Synergistic tenancy mix including medical
- Rapidly Growing Surrounding Area – Over the recent years, Reno has seen a tremendous influx of interest to the area
Executive Summary
* 100% Occupied Retail Strip Center – Red Rock Retail Center is a newly-built, 26,753 SF retail center, comprised of a mix of medical, community-focused, daily needs and food & beverage tenants. The center provides a mix of national and regional credit tenants such as Starbucks, My Kid’s Smile, Port of Subs, Living Stones Church and others
* Complementary, Internet Resistant Tenant Mix – Synergistic tenancy mix including medical (±23% of GLA), food & beverage (±36% of GLA), and daily needs/community focus (±41% of GLA), provide a balanced tenant mix resistant to by internet competition
* Stable, First Generation Leasing with Upside – With a current WALT of 4.49 years, driven by the recent buildouts of Starbucks and My Kid’s Smile, 32% of the in-place GLA expires outside the first 5 years of ownership. Furthermore, the majority of tenants are paying below market rent with Carniceria Mi Rancho paying approximately 24% below and Port of Subs at 15% below
* Rapidly Growing Surrounding Area – Over the recent years, Reno has seen a tremendous influx of interest to the area. Coupled with the substantial investment of major corporations like Google, Microsoft, Apple and Tesla. Reno itself has seen a rapid growth in population making it the 15th fastest growing city in the U.S. according to Business Insider leading to new developments developed Copper Mesa Apartments (290 units) adjacent to Red Rock Retail Center and a daytime population of more than 25,700 within 3 miles
* Complementary, Internet Resistant Tenant Mix – Synergistic tenancy mix including medical (±23% of GLA), food & beverage (±36% of GLA), and daily needs/community focus (±41% of GLA), provide a balanced tenant mix resistant to by internet competition
* Stable, First Generation Leasing with Upside – With a current WALT of 4.49 years, driven by the recent buildouts of Starbucks and My Kid’s Smile, 32% of the in-place GLA expires outside the first 5 years of ownership. Furthermore, the majority of tenants are paying below market rent with Carniceria Mi Rancho paying approximately 24% below and Port of Subs at 15% below
* Rapidly Growing Surrounding Area – Over the recent years, Reno has seen a tremendous influx of interest to the area. Coupled with the substantial investment of major corporations like Google, Microsoft, Apple and Tesla. Reno itself has seen a rapid growth in population making it the 15th fastest growing city in the U.S. according to Business Insider leading to new developments developed Copper Mesa Apartments (290 units) adjacent to Red Rock Retail Center and a daytime population of more than 25,700 within 3 miles
Property Facts
| Price | $17,577,171 CAD | Number of Properties | 2 |
| Price / SF | $600.15 CAD / SF | Individually For Sale | 0 |
| Cap Rate | 6% | Total Building Size | 29,288 SF |
| Sale Type | Investment | Total Land Area | 3.25 AC |
| Status | Active |
| Price | $17,577,171 CAD |
| Price / SF | $600.15 CAD / SF |
| Cap Rate | 6% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 29,288 SF |
| Total Land Area | 3.25 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 210 Silver Lake Rd, Reno, NV 89508 | Retail | 23,083 SF | 2021 | - |
| 224 Silver Lake Rd, Reno, NV 89508 | Retail | 6,205 SF | 2024 | - |
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