ShopOne, which is seeking to expand its portfolio of necessity-based centers, has acquired its first Nevada property.
The New York-based REIT takes over ownership of the Caughlin Ranch Shopping Center in the master-planned community of the same name in Reno. Anchored by a Raley’s Supermarket, the 113,376-sq.-ft. center features a mix of retail, restaurant, fitness and, daily needs tenants that include Starbucks, Anytime Fitness, and Wells Fargo.
“We bought the property at a significant discount to replacement cost by acquiring it out of special servicing, which illustrates our ability to source attractive value-add acquisition opportunities through multiple channels,” said ShopOne CEO Michael Carroll. “We are pleased with the progress we have made unlocking embedded value by increasing occupancy and adding the market’s leading grocer in Raley’s as an anchor tenant.”
Raley’s replaced Scolari’s Warehouse Markets as the anchor at Caughlin Ranch, located at the intersection of Caughlin Parkway and McCarran Boulevard.
ShopOne’s 43-property portfolio is spread across California, Florida, Georgia, Indiana, Kentucky, Michigan, Nevada, New Jersey, Ohio, Tennessee, and West Virginia.