Save Mart sells/leases back? Nevada locations

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storewanderer
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Save Mart sells/leases back? Nevada locations

Post by storewanderer »

https://www.washoecounty.us/assessor/cama/index.php

For the Nevada locations they owned the property on, you can look up property history online and actually see the price they paid and then the price sold for. This block of stores was a rather profitable real estate package for them thanks only to one location.

10500 N. McCarran, Reno- transferred to Save Mart (known as ABS NOCAL INVESTOR LLC) 7/3/2006 $5,425,404 - then transferred to SAVE MART PORTFOLIO OWNER FUND V NV LLC 11/20/2020 $6,100,000. This is another low volume store (not remodeled) in a good area in a late 90's building that is not performing to its potential.

4995 Kietzke- Reno- 7/3/2006 transfer in at $6,894,642 - then the 11/20/2020 transfer out at $6,850,410. This is a decent volume store in an excellent location in a great neighborhood at a high traffic intersection with great entry access, in a mid 90's building. Save Mart remodeled it (not real impressed with this remodel). I am very interested that this property value was more in 2006 than in 2020 given the store is performing much better now than it did in 2006 (thanks to more development and a nearby Safeway closure around 2008) and has been remodeled.

565 E. Prater-Sparks- 7/3/2006 transfer in at $7,674,102 - then the 11/20/2020 transfer out at $8,102,141. This is a clone of the 4995 Kietzke Store in a borderline neighborhood at a very busy intersection with quite a bit of vacant or low rent type of retail nearby. There are 1,000-2,000 apartments opening about 1.5 miles from this store soon. This was converted to Food Maxx and obviously that increased volume and the value of the building. This too was helped by a Safeway closure across the street back around 2003 or 2004, probably how it got the value it did in 2006.

9750 Pyramid Highway- Sparks- 7/6/2006 transfer in at $8,600,000 - then the 11/20/2020 transfer out at $15,765,312. Wow- this was a very profitable building sale for them. This is a late 90's building, the lot was originally a Smiths lot then they sold it to Albertsons. This store is in an area that has had ongoing development, has been remodeled by Save Mart, and has performed well for them (due to lack of competition, it isn't a great store). It performed extremely well as Albertsons. WinCo is building a store across the street.

So- paid $28,594,148 and got proceeds 14 years later of $36,817,863. Not a great % return over 14 years, but still some $, plus whatever profits they got running the stores.

It appears they sold the property on the one owned store in Carson City on Highway 50 East as well (Food Maxx conversion). But the public record doesn't show the price they sold it for. https://carsoncitynv.devnetwedge.com/pa ... 31104/2021
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