RENO, Nev. — K Corporation this week announced the purchase of 31,400 square feet of retail space in The Crossing at Meadowood Square shopping center at 6407 S. Virginia St.
The $4.45 million purchase completes the company's ownership of the center, totaling 63,400 square feet, after acquiring the other 32,000 square feet of space in 2014, according to a Sept. 12 press release from MNG Partners, Inc., provided on behalf of K Corporation.
According to previous reports, the Incline Village-based company purchased the previous 32,000 square feet for $3.7 million.
The Crossing at Meadowood Square, previously owned by The Crossing, LLC, is located directly across from Northern Nevada's only Whole Foods location, next to Total Wine & More and at the I395 exit for Meadowood Mall.
This most recent acquisition includes the center's anchor position, currently occupied by the vacating Goodwill, leaving in October, according to the press release. Additional tenants in the center include FedEx Office, Subway, Nevada Home Fitness, Animal Emergency, and more.
“The central location, coupled with a daytime population of more than 95,500, great signage, ease of access and very high traffic counts, made this a very attractive purchase," James Kaplan, owner of Incline Village-based K Corporation, said in a statement. "For all of these reasons, the anchor space will be redeveloped and will attract tenants that will prosper from all the benefits this shopping center has to offer.”
Planned renovations include facade upgrades "for a contemporary look" and upgrades to anchor space, pending new tenant branding requirements, according to the press release.
“Our goal is to target anchors with the potential to attract the same audience as surrounding retailers,” stated Kaplan, who launched K Corporation in 1992. “The center is a natural fit for a tenant looking to be located in the heart of one of Reno's best submarkets as we have a rare available anchor space that has not been on the market for over 10 years.”
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