Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, has sold Iron Horse Shopping Center, a 186,000-square-foot neighborhood center located in Sparks, Nevada, for $18 million.
“When Shopoff purchased Iron Horse Shopping Center, the property was in very poor condition having been foreclosed on by the lender and under the management of a receiver for several years,” said president and chief executive officer William Shopoff. “Through our team’s efforts, the property made a major transformation, with the addition of many new tenants, the reworking of leases with existing tenants, extensive improvements, and the addition of a new retail pad. The asset is now a positive resource for the surrounding community, rather than a blight.”
When Shopoff purchased the property, the lender-owned asset was 33 percent occupied, with a former Target store space representing more than 100,000-square-feet of vacant space.
Shopoff made a number of capital improvements to the property, including new paint and architectural features, upgraded signage and landscaping. Additionally, a new 7,200-square-foot pad was constructed on the property, and the asphalt in the parking lots was repaired and replaced.
Ultimately, Shopoff increased the occupancy to 75 percent after signing several long-term leases.
In addition to the main center, there are two retail pads on the property that are being sold separately. One of the pads total 3,000 square feet, and currently houses a Jack-in-the-Box fast food restaurant. The other pad, constructed by Shopoff, has several tenants including Starbucks, Super Chix, Roberto’s and Freeway Insurance.
In other Shopoff news, the company recently sold the remaining 0.67-acre parcel of the Los Alisos Village Shopping Center in Southern California for $3.5 million.
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 30-year history of value-add and opportunistic investing across the United States. The company primarily focuses on generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 30-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group).