Reno-based Commercial Real Estate firm DCG recently announced the sale of the South Meadows Promenade Shopping Center, which was purchased by an investor in a 1031-exchange for $34M on December 15th, 2021. The center was 100% occupied at close of escrow and had an in-place cap rate of 5.00%.
Tom Fennell, CCIM and Principal with DCG represented the ownership group and DCG’s investment team; Chris Shanks, CCIM, and Matt DeRicco represented the buyer in the transaction. DCG will retain management of the property going forward.
The 80,000 square foot, 10-acre South Meadows shopping center is located on the corner of South Meadows Parkway and Double R Boulevard and was completed by Truckee Meadows Construction in 2017. The shopping center is anchored by Sprouts Farmers Market and includes other major retailers such as Marshalls, Pet Station, The Joint Chiropractic, Chase Bank, Chipotle, Panda Express, Starbucks, Blaze Pizza, Jersey Mike’s Subs, and Sports Clips.