KM2 Development, Inc. sold Kiley Ranch Marketplace, a 46.71-acre parcel, located at the southwest corner of Wingfield Hills Road and Pyramid Highway in Sparks, to Barclay Group. The site is slated for a 400,000-s.f. retail power center, the first in Sparks in two decades.
Property: A Retail Power Center in Sparks, Nev.
Price: $25.6M
Seller: KM2 Development, Inc.
Buyer: Barclay Group
Located in a fast-growing trade area with strong housing growth and favorable income demographics, the property attracted Barclay Group due to sustained retailer demand in the market.
The buyer saw the 46.71-acre parcel “as a rare opportunity to deliver a large-format retail power center in a market that hasn’t seen new retail development of this scale since 2005,” said Sean Retzloff, SVP of Kidder Mathews, who represented both the buyer and seller and will handle leasing for the future development.
With plans for 400,000 s.f. of space, the site offered the buyer a strong foundation to create a significant regional shopping destination anchored by national retailers.
“One of the primary challenges was identifying a buyer with the experience and long-term vision to develop a large-scale retail project in a competitive and evolving market. Barclay Group’s proven track record in developing retail centers in high-growth areas made them a strong fit. Their ability to move quickly and align on the future vision for the site helped streamline negotiations and close the transaction efficiently,” said Shawn Smith, EVP of Kidder Mathews.
Barclay Group specializes in developing and acquiring retail properties in high-growth markets across the country. The firm partners with national brands to deliver shopping centers, build-to-suit projects and long-term investment properties tailored to evolving consumer demand.
