Reno mall must go up for sale…because it’s doing so well

Not all malls these days go on the market because Macy’s and J.C. Penney and 60% of their customers left them--especially not this one in Reno.

The Summit, a 601,000-sq.-ft. mall in Reno that opened in the early 2000s houses Apple, Dillards, Blue Zone Sports, Lululemon and dozens of other attractions that keep customers flowing in. USA Today’s 10Best list call it the “perfect place to find a perfect pair of shoes” in Reno and gives it kudos for having a shuttle to transport shoppers from store-to-store in unpleasant weather.

Therefore, The Summit, which is operated by Bayer Properties, is up for sale at a time when it is likely to snag a good price.

"Sales, currently, are off the charts and tenants are doing well. We’re targeting north of $100 million on this deal," Kyle R. Miller, executive managing director for Newmark Capital Markets' West Coast team, told the Reno Gazette-Journal.

Hyatt has announced plans to build a 132-room Hyatt Place on the property, which is a short drive from North Lake Tahoe, and 10 restaurants are a constant draw. On the dining menu: BJ’s Restaurant & Brewhouse, Ike’s Love and Sandwiches, Miyabi Japanese Cuisine, and Noble Pie.

Miller noted that a population growing at double the national average for more than 10 years has made Reno a hot location for expanding retailers.

"We’re very excited about the growth metrics and the runway that the Reno market has," Miller said.