A 41-acre premier mixed-use retail and entertainment destination has traded hands in Sparks, Nevada. Legends at Sparks Marina traded for $103 million.
Newmark’s Kyle Miller and Rob Ippolito represented the seller, BIG Shopping Centers USA and RED Development, in the transaction. The property was acquired by Alturas Capital Partners.
Located at 1310 Scheels Drive, Legends at Sparks Marina comprises approximately 421,479 square feet and was approximately 95.8% occupied at the time of sale. The center includes Galaxy Theatres, Burlington, H&M, Nike, Sephora, Defy, Cavender’s and the recently announced Yard House, which is currently under development. The property also benefits from adjacent shadow anchors including Scheels, Target, Lowe’s, TJ Maxx and Legends Bay Casino.
Ippolito concluded, “Legends at Sparks Marina is uniquely positioned to capitalize on the continued growth of Northern Nevada. The asset offers institutional-quality real estate, strong in-place cash flow and meaningful long-term upside in one of the Western United States’ most dynamic growth markets.”
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