IRVINE, Calif., April 27, 2022 /PRNewswire/ — Shopoff Real Estate Investments (“Shopoff”), a national manager of opportunistic, value-added real estate investments, today announced that the company has sold the Iron Horse Mall, a 185,890 square foot neighborhood center located in Sparks, Nevada for $18 million.
“When Shopoff purchased the Iron Horse Mall, the property was in very poor condition after being foreclosed by the lender and in receivership for several years,” explained the President and CEO of Shopoff Realty. Investments. Guillaume Shopoff. “Thanks to the efforts of our team, the property has undergone a major transformation, with the addition of many new tenants, the overhaul of leases with existing tenants, significant upgrades and the addition of a new commercial block. active is now a positive resource for the surrounding community, rather than a curse.”
When Shopoff purchased the property, it was a lender-owned distressed asset and only 33% occupied, with former Target store space accounting for over 100,000 square feet of vacant space. Shopoff was able to make significant capital improvements to the center including new architectural paint and column features, improved signage, landscaping, repair and replacement of asphalt in the parking lots. Additionally, a new 7,151 square foot deck was also constructed on the property. Ultimately, the Shopoff team was able to increase the center’s occupancy rate to 75%, signing several key long-term leases.
In addition to the main center there are two retail blocks on the property which are sold separately. One of the blocks is 3,008 square feet and currently houses a Jack-in-the-Box fast food restaurant, and the other is the aforementioned 7,151 square foot block built by Shopoff, which has multiple tenants including Starbucks. , Super Chix, Roberto’s and Freeway Insurance.
About Shopoff Realty Investments
Shopoff Realty Investments is a Irvine, Californiareal estate company with a 30-year history of value-added and opportunistic investing across United States. The company is primarily focused on proactively generating appreciation through the repositioning of income-generating commercial properties and land asset law. The 30-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has fluctuated over this period, with some offers generating losses. For more information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
This is not an offer to buy or sell securities. Such an offer may only be made through the offering memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risk and is only suitable for investors who do not require cash and who can afford the loss of their entire investment. There can be no assurance that any strategy will be successful in achieving its investment objectives. The performance of this asset is not indicative of the future results of other assets. Securities offered by Shopoff Securities, Inc. Member FINRA/SIPC, 18565 Jamboree Road, Suite 200, Irvine, California 92612, (844) 4-SHOPOFF.
Contact: Jill Swartz
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SOURCE Shopoff Real Estate Investments