300 S. Wells Ave., Reno, NV 89502
Size +/- 40,852 SF
300 S. Wells Ave. consists of two buildings totaling +/- 40,852 SF on +/- 2.30 AC of land. The property includes a +/- 40,243 SF mixed-use building and a +/- 609 SF residential conversion. The building benefits from it’s high-traffic location as the major thoroughfare into downtown and MidTown Reno from I-580 and I-80. The property has frontage along S. Wells Ave., with 15,600 CPD, and Ryland St., with +/- 10,000 CPD. Tenants in the building include Atelier Beauty Bar, Walgreen Co., Ride Concepts, and Dorinda’s Chocolates.
Originally built in 1972 and renovated in 2019, this property features a new roof, renovated common restrooms, HVAC and electrical improvements, a parking lot reseal, and a completed common area courtyard for tenants and their guests. The property is surrounded by over 10,500 homes within a 1-mile radius along with a daytime population of +/- 46,434, doubling the residential population in that same area.
Long-Term Leases in Place:
Weighted average lease term of 46 months on existing tenancy. Tenant draw has been strong since completed renovations in 2019.
Multiple capital improvements made to the center including landscaping improvements, re-slurry of parking lot, beautiful courtyard with secured access, and renovated common areas.
Shopping center has frontage along S. Wells Ave. and Ryland Ave. with over 25,000 CPD combined. Easy access to I-80 via Wells Ave. and to I-580 via Ryland Ave.
Center offers ample parking with 144 spaces and a 3.6:1,000 parking ratio within the center’s lot. The additional parking to the east of the center has increased the parking ratio and allowed for additional retail users in the center.
Key Demographic Area:
Center is located on the eastern border of MidTown/downtown Reno along one of the major thoroughfare’s into the submarkets. Total population within a 1-mile radius is 20,356 and daytime population increases to 46,434 on average.
300 S. Wells Ave.
OFFERING MEMORANDUM CONFIDENTIALITY AGREEMENT
This Offering Memorandum contains select information pertaining to the business and affairs of 300 S. Wells Ave., Reno, NV 89502. This Memorandum was prepared based on information supplied by Seller and Broker. It contains selected information about the Property and the real estate market but does not contain all the information necessary to evaluate the acquisition of the Property. The financial projections contained herein (or in any other Confidential Information) are for general reference only. The projections are based on assumptions relating to the general economy and local competition, among other factors. Accordingly, actual results may vary materially from such projections. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or legal analysis of such documents. All content provided is information of a general nature and does not address the circumstances of any particular individual or entity, nor shall the information constitute professional and/or financial advice. Recipient alone assumes the sole responsibility of evaluating the merits and risks associated with the use of any information before making any decisions based on such information.
The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Logic Commercial Real Estate (LCRE). The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Seller, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. While the information contained in the Memorandum and any other Confidential Information is believed to be reliable, neither Broker nor Seller guarantees its accuracy or completeness. Due to the foregoing and since the Property will be sold on an “As Is, Where Is” basis, a prospective purchaser must make its own independent investigations, projections, and conclusions regarding the acquisition of the Property without reliance on this Memorandum or any other Confidential Information. Although additional confidential information which may include engineering, environmental or other reports may be provided to qualified parties as marketing proceeds, prospective purchasers should seek advice from their own attorneys, accountants, engineers, environmental and other experts. The information contained in the research report, or any related publication are and shall remain the property of publisher and is protected by copyright, trademark, and/or other intellectual property, proprietary, work product rights and laws.
By acknowledging your receipt of this Offering Memorandum from LCRE, you agree:
- 1) The Offering Memorandum and its contents are confidential;
- 2) You will hold it and treat it in the strictest of confidence;
- 3) You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller; and
- You expressly authorize and permit Broker to use your email and to email you directly in connection with any future real estate marketing campaigns or offerings. You allow and permit Broker to email you details concerning any marketing materials in all electronic mediums for the purpose of marketing and promoting the Broker.
Seller and LCRE expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and/or until a written agreement for the purchase and sale of the Property has been fully executed and delivered. A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against the Seller or LCRE or any of their affiliates or any of their respective officers, directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date of this Offering Memorandum. LCRE has a policy of proactive broker cooperation with the investment brokerage community. If applicable, a cooperating broker fee of the sales price shall be paid at closing to the cooperating broker that procures and represents the buyer that acquires this property. If applicable, cooperation does not include brokers that represent themselves as Principals or broker’s whose member of his immediate family is participating in the purchase of the property. No broker will be recognized on a prospect that has previously contacted or been contacted by the Seller or the Seller’s representatives. Neither Seller, LCRE nor any of its principals and employees shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way from the information contained in this material.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT A LCRE AGENT FOR MORE DETAILS.
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