Investment Overview

The subject property is a 132,364 square-foot multi-tenant retail center known as Paradise Plaza, in Sparks, Nevada. This offering includes the anchor space, along with the attached in-line retail spaces. The anchor space is currently vacant, creating an excellent value-add opportunity for an investor, or an owner/user. Including all outparcels (some of which are not a part of this offering), Paradise Plaza is an approximately 190,000 square-foot regional shopping center. The existing tenants include Wells Fargo, Walgreens, Jack-In-The Box, US Bank , Family Dollar, Octopharma Plasma, Pizza Plus, H&R Block, and more. In addition, Panda Express just purchased a building within the center, and intends to open a location immediately adjacent to the subject property. Paradise Plaza is located at the intersection of Oddie Boulevard and El Rancho Drive, which collectively see over 30,000+ cars per day (NDOT Estimates). The subject property enjoys excellent frontage along Oddie Boulevard, and has great ingress & egress. Because of the desirable location of this intersection, the immediate surrounding area has received significant interest from developers. 288 new apartment units were constructed directly across the street in 2020, and an estimated $30-million dollar redevelopment project known as the "Oddie District" is nearly completed on the northwest corner of the intersection. These projects intend to accommodate the existing 260,000+residents who live within a 5-mile radius. Offered at $11,300,000, this property offers investors and owner/users a true value-add opportunity. Even after factoring in tenant improvements and leasing commissions, this is a property that offers double digit unlevered returns through lease-up of existing vacancies.