ShopOne enters Nevada with purchase of Reno center
ShopOne, which is seeking to expand its portfolio of necessity-based centers, has acquired its first Nevada property.
The New York-based REIT takes over ownership of the Caughlin Ranch Shopping Center in the master-planned community of the same name in Reno. Anchored by a Raley’s Supermarket, the 113,376-sq.-ft. center features a mix of retail, restaurant, fitness and, daily needs tenants that include Starbucks, Anytime Fitness, and Wells Fargo.
“We bought the property at a significant discount to replacement cost by acquiring it out of special servicing, which illustrates our ability to source attractive value-add acquisition opportunities through multiple channels,” said ShopOne CEO Michael Carroll. “We are pleased with the progress we have made unlocking embedded value by increasing occupancy and adding the market’s leading grocer in Raley’s as an anchor tenant.”
Raley’s replaced Scolari’s Warehouse Markets as the anchor at Caughlin Ranch, located at the intersection of Caughlin Parkway and McCarran Boulevard.
ShopOne’s 43-property portfolio is spread across California, Florida, Georgia, Indiana, Kentucky, Michigan, Nevada, New Jersey, Ohio, Tennessee, and West Virginia.
Colorado center slated for major renovation
The southern portion of Kimco’s Village on the Park center in Aurora, Colo., will be demolished and replaced by a new building. Old Navy will be one of the first tenants in the new structure, which is scheduled to open in summer 2019.
Kimco has also signed a lease with America’s Best Contacts & Eyeglasses to fill a 3,515-sq.-ft. space on the pad adjacent to TJ Maxx at the center. Demolition of the pad’s former building is complete, and the under-construction America’s Best is expected to open this year.
“The coming changes will not only breathe new life into Village on the Park, but attract new businesses as well. Stay tuned for more updates, including a new dining option, in the coming months,” said Rick Turner, Kimco’s director of real estate.
Situated in the Havana Retail District, Aurora’s strongest retail corridor, the 179,862-sq.-ft. center serves as a shopping and dining destination for the more than 80,000 households within a three-mile radius of the property.
Midland Atlantic buys Oshkosh center
Cincinnati-based Midland Atlantic Properties has acquired Oskosh Center II for $10.25 million.
The 107,456 sq. ft. property is headlined by Office Max and Pick ‘n Save and shadows a nearby Target location on 20th Avenue and Koeller Street in Oshkosh, Wis.
The center fit Midland Atlantic’s investment criteria, which favor grocery- and shadow-anchored centers in the Midwest, Mid-Atlantic, and Southeast selling for between $3 and $30 million. The company manages a 50-property portfolio.
The seller, Marlin Properties, was represented by Mid-America Real Estate’s Rick Drogosz, Dan Rosenfeld, and Carly Gallagher in the transaction.