The Siegel Group Bets on Reno
September 24, 2013
LAS VEGAS — The Siegel Group Nevada, Inc., a Commercial Real Estate & Business Development Company, today announced that it had expanded its footprint in Reno, Nevada, acquiring a one-of-a-kind five-story mixed-use property situated along the Truckee River in Downtown Reno. Built in 1948, the approximately 30,000 square foot property originally contained twenty-eight residential units and a mix of office and retail space.
Situated alongside the River Walk the property is surrounded by a number of well-known attractions including Wingfield Park, Arlington Towers and the Century Riverside 12 movie theater. This area is a touchstone of the exciting revitalization efforts that are occurring in the Downtown area which are expected to continue as the economy further improves. With its proven track-record of repositioning distressed and under-performing assets, The Siegel Group’s involvement with the project is sure to add momentum to these efforts. The company, which owns another mixed-use property in Downtown Reno, will immediately begin the planning process for a renovation of the property which will include exterior facade improvements, upgrades and expansion of the residential, retail and office space as well as converting unused basement space to ground floor retail with views of the river. Once the renovation is finalized The Siegel Group anticipates that it will have little difficulty attracting quality retail prospects for the newly created retail space as well as the residential units that it will begin leasing which boast private balconies and tranquil river views.
Prior to the Siegel Group’s acquisition of the property the former owner and three long-term retail tenants, Sierra Tap House, Java Jungle and Jungle Vino, were involved in a well-publicized lease dispute that had all parties and the community on edge as to the fate of each of the businesses which had assembled a loyal following over the years. Before even taking ownership of the property The Siegel Group initiated discussions with each of the tenants involved and is pleased to announce that it has reached tentative agreements with each of the business owners that will enable them to remain at the property which it hopes to have finalized shortly. Stephen Siegel, Founder and Chief Executive Officer of The Siegel Group, states: “We are excited to further expand our presence in the Reno market and to be involved with such a special asset and the revitalization that the Downtown area is experiencing. This property is the quintessential diamond in the rough whose true potential has never been fully realized. We look forward to completing this work and working closely with officials from the City of Reno, local business owners and the community to further improve the area, create valuable jobs and inject the additional capital that is essential to further the revitalization this is occurring.”
About The Siegel Group Nevada, Inc.
The Siegel Group, a Commercial Real Estate Investment & Business Development Company founded by Stephen Siegel with offices located in Las Vegas, Nevada and Studio City, California, specializes in the acquisition, disposition and development of under-performing, value-added real estate and businesses with significant turn-around potential. The company’s extensive expertise in the areas of operations, management, finance, marketing, branding, leasing, renovation, design, entitlements, construction, and redevelopment enable The Siegel Group to elicit an operational turnaround on the assets it acquires. These assets include a variety of businesses and a commercial real estate portfolio comprised of multi-residential apartment complexes, flexible-stay, boutique resorts, hotel-casinos, retail, office, restaurant, bars, and nightclubs. For more information on The Siegel Group and its affiliates, visit the Company’s website at https://siegelcompanies.com.
Contacts
To obtain further information regarding this release, please contact Michael Crandall via email at mcrandall@siegelcompanies.com or by phone at (702) 947-8322.
