Reno’s Lakeridge Point ownership changes hands
Lakeridge Pointe Shopping Center, a 35,000 square-foot neighborhood center located in the Meadowood submarket of Reno, was purchased by an affiliate of Alignment Real Estate from the original developer Lakeridge Pointe Associates.
The principals of Alignment are Scott Beggs and Cathy Shanks, who first met while employees of Dermody Properties. Shanks is head of the property management division and Beggs leads the portfolio management division.
Shanks and Beggs formed Alignment Real Estate LLC to provide commercial real estate investment and property management services to qualified investors.
In addition to the new ownership, ARE intends to rebrand the center and complete exterior capital improvements to maximize outdoor seating, modernizing the landscaping, adding new signage, and working to continue to promote a mix of restaurant and retail uses.
ARE was represented by Chris Shanks, CCIM and Tom Fennell, CCIM of Dickson Commercial Group in the transaction.
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