Kiley Ranch Marketplace

What it is

Kiley Ranch Marketplace is a roughly 400,000 SF retail power center on 46.7 acres at the southwest corner of Pyramid Way and Wingfield Hills Road in Spanish Springs, Sparks, developed by Barclay Group. It is under construction, with Phase 1 shell space projected for the fourth quarter of 2026 and a Smith's Marketplace anchor opening in fall 2027.

Barclay Group paid $25.6 million for the site, per the Kidder Mathews acquisition announcement, which described the project as the first new power center in Sparks since 2005. Our Q1 2026 report attributed that description to the developer. Per trade-area demographics, the site serves more than 130,000 residents with average household incomes above $100,000; Pyramid Highway carries more than 40,000 vehicles a day per NDOT data.

Background: our June 2026 pipeline guide. All projects: the What's Coming to Reno hub.

Status as of September 2026

Under construction, per our fall 2026 tracker update. Phase 1 is still listed for delivery in the fourth quarter of 2026, per the developer's project materials, with about 116,000 SF across 18 spaces listed as available, per LoopNet. Our fall 2026 update describes that delivery as shell space.

The anchor is confirmed: a roughly 123,000 SF Smith's Marketplace at 6795 Pyramid Way, Phase 1B, per the Reno Gazette-Journal, with a drive-through pharmacy, online pickup, and fuel center, per Northern Nevada Business Weekly. A building permit application for the store was filed with the City of Sparks in May, per the Reno Gazette-Journal; whether it has been issued is TBD.

Our Q2 2026 report noted that, with no anchor announced at the time, Phase 1 may deliver as shell space with tenant openings pushing into 2027.

Timeline

• Land acquisition (date TBD): Barclay Group acquires 46.7 acres for $25.6 million, per the Kidder Mathews acquisition announcement.
• May 2026: Building permit application filed with the City of Sparks for a ground-up Smith's Marketplace, described as Phase 1B, per the Reno Gazette-Journal.
• August 2026: Smith's confirms a roughly 123,000 SF Smith's Marketplace at 6795 Pyramid Way, per the Reno Gazette-Journal; Northern Nevada Business Weekly reports a drive-through pharmacy, online pickup, and fuel center, with a fall 2027 opening.
• Q4 2026 (target): Phase 1 delivery, per the developer's project materials; likely shell space, per our Q2 2026 report and fall 2026 update.
• Fall 2027 (target): Smith's Marketplace opens, per Northern Nevada Business Weekly.
• Later phases: Not disclosed.

Who is in

Smith's Marketplace is the only tenant named in the sources we track. No other tenants have been announced publicly. Ian Cochran's expectation, stated as opinion in our June guide: big-box credit that currently has no presence north of I-80.

What it means for tenants, owners, and investors

Tenants. Work backward from fall 2027: a lease signed by early 2027, so letters of intent this fall and winter. In Ian Cochran's view, the winners beside a grocery anchor ride the daily trip: quick-service food, coffee, medical, fitness, personal services, pet, and cellular. Ask for a co-tenancy clause tied to the anchor and for exclusive-use language; our August post covers both. New construction runs $4.00 per square foot per month and up, against $2.00 to $2.35 for Class A second-generation inline space nearby, per our Q2 2026 report.

Owners. Centers along Pyramid Way get more traffic first and comparison pressure second, because tenants have a new-construction alternative for the first time in 20 years. We estimated Spanish Springs vacancy at about 2.0% in Q2 2026. Lock in renewals and refresh presence before Phase 1 opens. A roughly 41,000 SF Spanish Springs building also completes this fall, per Nevada Business Magazine.

Investors. Pads and outparcels near a newly named grocery anchor are, in Ian Cochran's view, the most reliable value-creation trade in retail. The Fed's September 16 hike to 3.75% to 4.00%, per CNBC, makes projects already under construction more valuable; the next wave of supply just got costlier to finance. Stabilized multi-tenant Reno retail has traded near 6.0% to 6.5% cap rates, per our Q2 2026 report. Marketed inventory here is close to zero; look off-market, and see the fall 2026 tracker update for the rest of the pipeline.

Sources

• Kidder Mathews acquisition announcement, 46.7 acres for $25.6 million (undated; via our Q1 2026 report and June 2026 pipeline guide)
• Reno Gazette-Journal (permit application filed May 2026; Smith's confirmation August 2026)
• Northern Nevada Business Weekly (August 2026)
• LoopNet listing, ~116,000 SF across 18 spaces (via our August and September 2026 posts)
• Barclay Group project materials (via our Q2 2026 report)
• Our Q2 2026 market report (August 2026)
• Our Q1 2026 market report (June 2026)
• Nevada Business Magazine, Spanish Springs building completing fall 2026 (via our August and September 2026 posts)
• CNBC (September 16, 2026)