LA firm acquires center in Sparks
November 3, 2014
BH Properties of Los Angeles acquired Los Altos Crossing, a retail center at the corners of Sparks and Los Altos boulevards in Sparks.
BH Properties paid $4.7 million for the center, which includes 35,123 square feet of retail space under roof and six ready-to-build pad sites totaling 217,974 square feet. Tenants at Los Altos Crossing include Las Trojes Mexican Restaurants, Dotty's Casino, Goodwill and Dad's Convenience Store.
Occupancy at the center stands at 47 percent. However, BH Properties Executive Vice President Steve Jaffe says the expected buildout of Tesla's gigafactory at Tahoe-Reno Industrial Center in part prompted the company's decision to purchase Los Altos Crossing.
"With the anticipated increase in work force, the property is located at a key crossroad between the (gigafactory) and an excellent residential area," Jaffe says.
Los Altos Crossing is the first retail acquisition in Nevada by BH Properties.