South Reno shopping center acquired
Basin Street Properties diversified its Reno holdings with the purchase of the 46,000-square-foot Coliseum Meadows Shopping Center at South Virginia Street and Kietzke Lane.
Basin Street, which is based at Petaluma, Calif., said last week it purchased the center from Donahue Schriber, who was represented by the Palmer Team. The sales price wasn’t disclosed.
Matt White, president of Basin Street, said his company plans to refurbish the center anchored by Big 5 Sporting Goods. The work will include upgrading two adjacent pad buildings, modifying the landscaping, reconfiguring the parking lot and adding new signage.
The center is nearly 100 percent occupied.
The acquisition marks the first foray into retail property in Reno by Basin Street. The company purchased two downtown office buildings 200 South Virginia and 50 West Liberty buildings within the past year.
White said the company continues to look for northern Nevada acquisitions.
Nevada was honored in the 3- to 5-million population category, alongside Kentucky and Utah, while Alabama was awarded the Gold Shovel in the same Category. Other Gold Shovel Awards went to Texas, Georgia, Virginia, Arizona and Mississippi.