California-based LRE & Companies has announced plans for Fernley Promenade, a 13-acre mixed-use development project between a Lowe’s Home Improvement and Walmart Superstore along Interstate 80. Kidder Mathews Executive Vice President Shawn Smith and Associate Vice President Sean Retzloff are managing the leasing.
The Fernley Promenade’s first confirmed tenant is a 98-room Home2 Suites by Hilton Hotels with a swimming pool and fitness center. The development will also feature three junior anchors as well as various dining and shopping options. Space is currently available from 1,200 to 20,000 square feet and can accommodate freestanding buildings with drive-thru, junior anchor, and shop space.
This is Fernley’s first shopping center development in over a decade. The city is quickly becoming recognized for its rail, fiber, trucking, manufacturing, highway network, and affordable housing — all of which have contributed to explosive job growth and an underserved retail market. That growth is expected to continue while Victory Logistics District, a new 4,300-acre industrial project, builds out over the next decade and brings manufacturing, e-commerce, data center, and distribution jobs.
“We’ve developed, opened, and operated hundreds of restaurants throughout Northern California and Western Nevada over two decades,” said Akki Patel, CEO of LRE & Companies. “Throughout our journey, we’ve perfected the process of identifying the right pieces of real estate and where future growth will be. Our strategic evaluation identified several prime real estate opportunities in secondary and tertiary markets for mixed-use development projects. Due to its proximity to major highways and strong market fundamentals, Fernley is one of those locations.”
“Fernley is an ideal place for business investment, and this opportunity for new retail, dining, and hospitality is supported by their needs as a growing community,” said Smith.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with over 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 52 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.