Firm expands retail portfolio with shopping center near planned Tesla plant
SPARKS, Nev./LOS ANGELES – October 24, 2014 – (RealEstateRama) — BH Properties, a Los Angeles-based firm that specializes in acquiring and repositioning challenged or distressed real estate properties, has purchased Los Altos Crossing, a retail center located at Sparks Boulevard and Los Altos Parkway in Sparks, Nevada, for $6 million.
The retail center consists of 35,123 square feet of constructed shops. Six ready-to-build pads totaling 217,974 square feet are also a part of the center, providing opportunity to expand along with the increasing needs of the growing population.
“Nevada has experienced a slow recovery, but recent reports state the market is now trending upward with retail vacancy rates dropping from 16.2 percent to 15.4 percent,” said Steve Jaffe, executive vice president and general counsel for BH Properties. “Located within one of the fastest growing residential submarkets in northern Nevada, Los Altos Crossing shopping center is primed to benefit from this growth.”
Situated approximately five miles northeast of Reno within the Spanish Springs neighborhood of Sparks, the area has experienced a 61 percent population increase since 2000, with more than 40,000 new residents expected over the next 10 years. The property is located seven miles from the anticipated Tesla battery manufacturing facility, which is estimated to bring thousands of jobs to the area.
“With the anticipated increase in work force, the property is located at a key crossroad between the site and an excellent residential area,” said Jaffe.
Currently 47 percent occupied, the center’s tenants include Goodwill, Dotty’s Casino, Las Trojes Mexican Restaurant and Dad’s Convenience Store.
Earlier this year, the firm acquired Rainbow Plaza, an office complex in Las Vegas, as a part of the firm’s efforts to expand its portfolio in the various recovering markets in Nevada. Los Altos Crossing marks the first retail property in Nevada purchased by the firm.
About BH Properties, LLC:
Founded in 1997, BH Properties is a Los Angeles-based commercial real estate investment company that focuses primarily on troubled assets in the industrial, multi-family, office and retail markets. With regional offices in Dallas and Salt Lake City, BH Properties has developed its own distinctive acquisition strategies in 15 states and become one of the repositioning experts in its core markets including California, Arizona, Nevada, Utah, Colorado, and Texas. For more information, please call (310) 820-8888 or visit www.bhproperties.com.