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3/01/17
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A Los Angeles-based private investor purchased a newly constructed, two-tenant net-lease retail property in Reno, NV for $4.9 mil. The 7.6k sf ($645/sf) building, located at 6350 S. Virginia St, is occupied by Jos. A. Bank and Sleep Number. The deal came in at a cap rate of 6.48%.
The property, which was built in 2015, is located on 0.64 acres at the signalized intersection of South Virginia St and Neil Rd. It benefits from immediate access to I-580 freeway. The property sits at the corner of one of the most highly-trafficked retail corners in Reno, adjacent to the Meadowood Mall.
Both tenants, Jos. A. Bank and Sleep Number, have corporate leases with ten and eight years respectively remaining on their initial lease term and multiple five-year lease extension options and 10 percent rental increase every five years. Both units are end-caps offering each tenant the most desired unit type in retail.
Hanley Investment Group represented the buyer in the transaction. The seller was a real estate investment and development firm based in Indianapolis, Indiana, and was advised by Pegasus Investments.
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