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October 21, 2020
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AZ Grocery-Anchored Center Trades for Over $40 Mil


Sparks Galleria, a 212.6k sf, grocery-anchored retail center in Sparks, NV, was purchased by CIRE Equity in a transaction valued at $40.65 mil, or $191/sf. The property, located on Disc Dr and Galleria Pkwy east of Route 445/Pyramid Way, was sold by Pine Tree Commercial Realty.

Sparks Galleria is anchored by Sprouts Farmers Market and Marshalls/HomeGoods, featuring an attractive roster of additional national and regional retailers such as Starbucks, Qdoba Mexican Eats, See’s Candies and Kay Jewelers.

Sparks has experienced dynamic growth with investment by technology firms such as Apple, Google, and Tesla serving as the catalyst. The town has gained a reputation as a leading special events location, with annual attractions in downtown Sparks Victorian Square that draw hundreds of thousands of visitors annually. The Hometown Farmers Market, Star Spangled Sparks, Nugget’s Best in the West Rib Cook-off, Hot August Nights and Hometown Christmas events are anticipated and exceedingly well-attended every year.

NKF’s Capital Markets group and Colliers International, together, represented the seller in this transaction.

“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. Over 16,000 residential units are planned or under construction in the Sparks/Spanish Springs area and of those units, more than 86% are in the Sparks Crossing trade area,” said NKF Senior Managing Director Rob Ippolito.

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