Sparks Galleria retail center sold for $40.65 million
SPARKS, Nev. — The 212,647-square-foot Sparks Galleria retail center was recently sold for $40.65 million.
Commercial real estate firm Newmark Knight Frank announced the transaction in an Oct. 15 news release.
Anchored by Sprouts Farmers Market and Marshalls/HomeGoods, the Sparks Galleria is located on Disc Drive and Galleria Parkway, east of Route 445/Pyramid Way.
NKF’s Capital Markets group and Colliers International represented the seller, Pine Tree Commercial Realty, a retail-focused commercial real estate company, in the sale to CIRE Equity, a commercial real estate investment firm.
The Sparks Galleria is also home to national and regional retailers such as Starbucks, Qdoba Mexican Eats, See’s Candies and Kay Jewelers, among other storefronts.
“The future for Sparks Galleria is bright, with unique landlord leverage due to increased consumer traffic driven by its anchor tenants as well as recent economic and residential expansion in the surrounding area,” NKF Senior Managing Director Rob Ippolito, who brokered the deal with support from Colliers, said in a statement. “Over 16,000 residential units are planned or under construction in the Sparks/Spanish Springs area, and of those units, more than 86 percent are in the Sparks Crossing trade area.”
Newmark Knight Frank is operated by Newmark Group, a publicly traded subsidiary of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets.
“I point out many cases of where privately owned companies do just as bad a job as publicly owned companies,” says Reno resident and former teacher Robert (R.D.) Gardner.