18 percent vacancy rate
The upside potential for buyer of the North Reno Plaza shopping center starts with this: An 18 percent vacancy rate.
Pan Pacific Retail Properties Inc., which this month paid $10.8 million for the center at Oddie and Silverada boulevards, plans a renovation program as the first step toward filling vacant space, says company spokeswoman Carol Merriman.
The seller was Triple Net Properties of Santa Ana, Calif.
The center is anchored by Sak ‘N Save Food Store.
The vacancies are found in the center’s line shops.
A group of fast-food restaurants Carl’s Jr., KFC and Wendy’s occupy pad spaces.
Merriman said last week that Pan Pacific’s strategy with the grocery-anchored centers it acquires in high-growth Western markets follows what she called “The Three Rs” renovate, re-merchandise, re-market.
“This property fits well into the Pan Pacific portfolio,” Merriman said.
The company’s other properties in northern Nevada include:
* The 114,000-square-foot Eagle Station center anchored by a Raley’s store in Carson City.
* The 113,000-square foot Caughlin Ranch Shopping Center anchored by a Scolari’s store in Reno.
* The 103,000-square-foot Mira Loma Shopping Center in Reno, also anchored by Scolari’s.
* The 171,000-square-foot Elko Junction Shopping Center, anchored by Raley’s and Builder’s Mart.
* The 65,000-square-foot West Town in Winnemucca, anchored by Raley’s.
When corporations relocate to Reno and need to find luxury temporary housing for C-suite executives and project managers who are in the area to lead change management and enterprise relocation, PKL Homes can cater to their needs. #ad