Newmark Knight Frank (NKF) has announced the $40.65 million sale of Sparks Galleria, a premier grocery-anchored retail center in Sparks, Nevada, outside of Reno. The 212,647-square-foot, grocery-anchored retail center is located on Disc Drive and Galleria Parkway east of Route 445/Pyramid Way. NKF’s Capital Markets group and Colliers International, together, represented the seller, Pine Tree Commercial Realty, a retail-focused commercial real estate company, in the sale to CIRE Equity.
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.
“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 percent are in the Sparks Crossing trade area,” said Senior Managing Director Rob Ippolito. Ippolito led the sale with support from Colliers International.
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.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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