Zephyr Cove – Dickson Commercial Group (DCG) announces the sale of Round Hill Square Shopping Center, the epicenter of retail activity in Zephyr Cove, Nevada for $28 million.
The 115,984 square foot center is on 10.2 acres. It is located adjacent to two popular beaches less than two miles from Lake Tahoe’s largest concentration of hotels at Stateline and Heavenly Mountain Resort. International and national tenants represent the retail mix at an average occupancy rate of 96.8 percent. Tenants include: Safeway, the United States Postal Service, Wells Fargo, Dollar Tree, Subway, WorldMark by Wyndham and Barton Healthcare Lake Tahoe Surgery Center.
“DCG was honored to represent a national ROIC in the disposition of an incredibly unique asset,” said Scott Shanks, SIOR and partner with DCG. “The lack of supply of commercial space in the Lake Tahoe Basin provided for opportunities in marketing Round Hill Shopping Center, but that same lack of supply also had challenges in locating a buyer that could maximize the competitive data and the positioning of the asset into the future. It was a very rewarding experience for our team.”
“This transaction represented a one-of-a-kind, irreplaceable investment opportunity in one of the top travel destinations in the country,” said Chris Shanks, CCIM and investment broker with DCG. “Nevada continues to be a strong market for investors looking to divest from California and seek higher returns.”
Chris Shanks, CCIM, Dominic Brunetti, CCIM and Scott Shanks, SIOR of DCG represented the seller, ROIC Zephyr LLC, along with advisor Tony Bernheim of Carlsbad Capital, LLC in the transaction.
About Dickson Commercial Group:
Dickson Commercial Group (DCG) is a locally owned and operated, full-service commercial real estate firm headquartered in Downtown Reno and serving all of northern Nevada. Dickson Commercial Group serves all sectors of commercial real estate, including sales and leasing for industrial, office, retail, multifamily, and land. Dickson Commercial Group also offers a full spectrum of commercial services from property management and construction management to investment underwriting and feasibility studies.