South Reno center gets new name, and facelift is ahead
Creating a sierra meadow out of green acres that’s the task of new owners of the shopping plaza on South Virginia at Green Acres Drive.
The owners, some from northern California, some from Reno Sierra Meadows Investors LLC closed escrow on the plaza in late November and are entertaining construction bids in anticipation of a March start on renovation.
Currently called Green Acres, the plaza is well-located, says Kevin Van Voorhis, one of the group’s managing partners and an agent with Colliers International in Walnut Creek, Calif.
But it needs to be updated.
First to go is the name.”Green Acres the name is as old and as tired as the shopping center,” says Voorhis.
The group chose “Sierra Meadows” to better reflect its positioning in the Truckee Meadows area.And to update it from its unavoidable association with the old “Green Acres” television sitcom.
The location was the selling point for the group, according to Voorhis.
Positioned on South Virginia Street, across from Target, the 191,403-square-foot plaza provides South Virginia exposure for companies seeking a more affordable rent than the new, larger plazas offer.
Typical lease rate on S.Virginia is $2.75 per square foot, says Joel Grace, one of the Colliers International agents managing lease transactions for the site.New leases in the Sierra Meadows plaza are offered at $1.65 per square foot, triple net.
And why the cheap rent? Partly, says Voorhis, it’s because the buildings are oriented sideways to South Virginia.
The Cantina Los Tres Hombres restaurant occupies front and center positioning on the street.
Overcoming some of the plaza’s orientation challenges is high on the priority list of changes the investment group wants to make.
“We’re still framing the budget,” says Voorhis.
But the group has set aside several hundred thousand dollars, he adds, for capital improvements.
One improvement that is a sure thing is work on the entrance off South Virginia.
Improvements are a shoo-in, too, for the nowvacant 4,468-square-foot building at the entrance.
That building is slated for a revitalized storefront design to capitalize on its street exposure.
And beyond that? The group’s not making any promises, says Voorhis, but they’d sure like to tackle some of the parking lot aesthetics, along with the building fa ade.
Managing leasing at the plaza along with Joel Grace is Mark Keyzers, and construction financing is with Nevada State Bank.
The program launched Thursday and is funded by $1 million of the city’s allotment of CARES Act funding, which must be spent by Dec. 30.