The Ridge shopping center near Meadowood Mall is selling several buildings occupied by well-known retailers. Here’s the full list.
A longtime strip mall in one of Reno’s busiest retail corridors is selling several buildings.
Three parcels at The Ridge shopping center in south Reno were listed for sale with a total sale price of about $15.7 million. The property is located on 5000 Smithridge Drive on the corner of South Virginia Street and South McCarran Boulevard, just across from the Meadowood Mall.
Constructed in the 1980s, The Ridge — rebranded from Smithridge Center to distinguish it from the neighboring Smithridge Plaza where Trader Joe’s is located — has been a familiar sight near Interstate 80 amid Reno’s expansive growth.
Even as newer competitors popped up in south Reno, the Smithridge shopping center has remained viable due to one familiar real estate adage: location, location, location. It boasts one of the best spots for retail in Reno, said Ian Cochran, a partner with property representative Logic Commercial Real Estate.
“When we look at the Reno market as a whole, the Meadowood submarket is, historically, the most robust and most successful trade area in Reno,” Cochran said. “This intersection, specifically, is one of the busiest intersections in all of Reno as far as traffic counts and people moving in and out.”
According to Cochran, the corridor is part of a market that extends from Kietzke Lane in the north to Neil Road in the south. The retail corridor is populated by familiar big box retailers such as Best Buy, Barnes and Noble, Whole Foods and Target plus restaurant franchises like Chick-fil-A, Five Guys and Chipotle.
What properties are included in the sale of The Ridge shopping center?
The Ridge sale involves three of six parcels on the west side of the Smithridge Drive retail complex. The parcels included in the sale are:
- Verizon building: This parcel was listed for $7.9 million. It was first built in 1984, according to the Washoe County Assessor’s office.
- Men’s Wearhouse building: Built in 1986, this building was listed for sale for a little over $3.88 million.
- Chuck E. Cheese building: Built in 1984, this parcel was listed for just under $3.88 million.
Although the Pep Boys building was also listed, the property is owned by Pep Boys corporate and is not part of the sale. Instead, it was included due to the shared parking, according to Cochran. In addition to the Pep Boys location, the parcels occupied by Chili’s and Goodwill are also not included in the sale.
While The Ridge is older compared to shopping centers at other neighborhoods such as Rancharrah, South Meadows and Damonte Ranch, the property has undergone maintenance to keep it up to date, including $1 million in improvements, Cochran said. These include pavement work as well as new paint and signage. Cochran also confirmed that Verizon and Men’s Wearhouse have renewed their leases.
“Retail is driven by rooftops and traffic counts so you have this whole Meadowood trade area that’s densely surrounded by retail,” Cochran said. “As long as the real estate is well maintained, this area will continue to be viable.”
The three properties already have an interested buyer, Cochran confirmed. The properties are currently in escrow and the sale is expected to close as early as Monday next week.
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