Challenge
Located at the corner of Wingfield Hills Road and Pyramid Highway in the Spanish Springs suburb of Sparks, the site offered strong long-term potential—but it required a buyer with both vision and resources to bring it to life. With no new retail power centers developed in the area since 2005 and investor confidence affected by rising interest rates, positioning this large-scale land sale for success demanded a thoughtful strategy.
Approach
Kidder Mathews brokers Shawn Smith, CCIM, CRRP and Sean Retzloff represented both the seller, KM2 Development, Inc., and the buyer, Barclay Group. They marketed the site as a rare opportunity to deliver a best-in-class retail destination in a high-growth trade area. With strong housing and income demographics, as well as growing demand from national retailers, Spanish Springs stood out as an ideal submarket for new development.
Results
Barclay Group acquired the site for $25.6 million with plans to develop ±400,000 square feet of open-air retail. Kiley Ranch Marketplace will be the first new retail power center in Sparks in two decades. Kidder Mathews will also handle leasing for the project, working alongside Barclay Group to bring top-tier tenants to the area.
Broker/s and Client Represented
Shawn Smith, CCIM, CRRP and Sean Retzloff represented both the buyer and the seller and were retained to handle leasing for future development.