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Shopoff Buys Reno Shopping Center for $48.5 Million

Shopoff Realty Investments, a private investment firm that sponsors or co-sponsors alternative investment offerings, purchased Firecreek Crossing, a regional power shopping center, for $48.5 million.

Firecreek Crossing is a 348,000-square-foot shopping center located in the Meadowood Mall submarket of Reno, Nevada at the intersection of Kietzke Lane and Redfield Parkway. The center is shadow-anchored by Walmart and Sam’s Club, and other tenants include Ross, TJ Maxx Home Goods, Michaels and a number of other nationally recognized brands. The center also features a new ULTA Beauty location, which opened in June.

“Shopoff Realty Investments is proud to be the new owner of Firecreek Crossing. We look forward to serving the community and adding to the already strong tenant mix,” said Shopoff Realty Investments chief executive officer William Shopoff. “We plan to improve and enhance the aesthetic appeal of the property and implement a lease-up strategy, strengthening the opportunity to increase overall revenue and occupancy of the center, which is currently 71 percent occupied.”

Firecreek Crossing is Shopoff Realty Investments’ second acquisition in the local market in 2016. The firm closed on the purchase of Iron Horse Shopping Center located in Sparks in February of this year.

Shopoff Realty Investments is a national manager of opportunistic and value-add real estate investments. In its 24-year history, the company has created more than 100 programs and 529 investments, of which more than 488 have gone full cycle with an average holding period of 2.7 years. The company and its executive leadership have completed 5,000-plus real estate transactions, including the acquisition, management, entitlement and development of more than 23,000 parcels and lots, 77,000 multifamily units, and 6 million square feet of commercial properties, with an aggregate value in excess of $11 billion.

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