Legends at Sparks Marina

What it is

Legends at Sparks Marina is a lifestyle center in Sparks, Nevada. Its approximately 421,479 SF lifestyle component sold to Alturas Capital Partners of Eagle, Idaho for $103 million on July 23, 2026, per Connect CRE and REBusinessOnline, as cited in our mid-year outlook and Q2 2026 market report. Status: sold and operating, reported at 95.8% occupied at closing.

Coverage uses two names: Legends at Sparks Marina for the sale, and The Outlets at Legends for the retail center where Yard House opened. The size figure describes the lifestyle component that traded, per our Q2 2026 report; our mid-year outlook rounds it to roughly 421,000 SF. The center's street address is not given in the sources we track. Yard House is at 1160 Scheels Drive, per KTVN. Tracked on our What's Coming to Reno hub.

Status as of September 2026

Sold. The transaction closed July 23, 2026, per the buyer's announcement and coverage in Connect CRE and REBusinessOnline, as cited in our Q2 2026 report. The sellers, BIG Shopping Centers USA and RED Development, were represented by Newmark's Kyle Miller and Rob Ippolito. At roughly $244 per square foot, our Q2 2026 report called it the largest single retail transaction Northern Nevada has seen in years.

Alturas told This Is Reno it plans to pursue new tenants for available space and invest in changing the tenant mix, per our mid-year outlook. Yard House opened August 31, per KTVN. Re-merchandising plan, new leases, and capital budget: not disclosed. Context in our fall 2026 tracker update.

Timeline

• Before July 2026: Owned by BIG Shopping Centers USA and RED Development, per our Q2 2026 report. Original delivery date: not disclosed.
• July 23, 2026: Sale to Alturas Capital Partners closes at $103 million, reported at 95.8% occupied, per Connect CRE and REBusinessOnline. Covered in our mid-year outlook.
• By July 30, 2026: Yard House had set August 31 as its opening date, per the Reno Gazette-Journal, as cited in our mid-year outlook of that date. The date the opening was set and the date of the RGJ report are not given.
• August 31, 2026: Yard House opens at 1160 Scheels Drive with 181 hires, per KTVN.
• Next: Re-merchandising under Alturas, timing TBD.

Who is in

Tenants at closing, per our Q2 2026 report: Galaxy Theatres, Burlington, H&M, Nike, Sephora, Defy, and Cavender's, with Yard House then under construction. Yard House, the first Reno-Sparks location for the Darden concept per our Q2 report, opened August 31, per KTVN; details in our late-summer openings roundup. No tenant signed under the new ownership has been announced in the sources we track.

What it means for tenants, owners, and investors

The opinions below are Ian Cochran's, CCIM, of LOGIC Commercial Real Estate.

Tenants. A 95.8%-occupied center with a new owner that wants to change the mix means the remaining spaces will be leased to a plan, not to the first qualified applicant, as our fall update puts it. Yard House is the kind of tenant Alturas said it wants more of, per our late-summer roundup. Our 2026 lease-rate guide put Sparks and Legends-area inline base rent at $1.50 to $2.75 per square foot per month NNN as of early 2026, with rates near The Outlets at Legends at the higher end; expect the top of that range here and confirm current asking rents with the listing broker. Percentage rent is standard for inline tenants at The Outlets at Legends, per our percentage-rent guide. Bring sales history.

Owners. For owners of other Sparks centers, a well-capitalized competitor for tenants just moved in next door, per our fall update. Sparks vacancy was an estimated 3.5% in Q2 2026, per our Q2 report, but Ian Cochran's expectation is that Legends will be first call for national brands. The trade printed roughly $244 per square foot, well below what it costs to build comparable space today, and that comparison is the first thing a buyer will compute on your center, as our sell-or-hold guide explains.

Investors. Two out-of-state institutional buyers paid a combined $122 million for Reno retail this summer with the Fed at 3.50% to 3.75%, per our fall update. The Fed raised its benchmark rate to 3.75% to 4.00% on September 16, per CNBC. Ian Cochran's expectation: the institutional bid holds for lifestyle and grocery-anchored product above 95% occupancy, where our Q2 2026 report places stabilized multi-tenant pricing at approximately 6.0% to 6.5% cap rates, and thins for everything else, which is where a local buyer should look. The cap rate on the Legends trade itself: not disclosed.

Sources

• Connect CRE, Legends at Sparks Marina sale (article undated; via our mid-year outlook, Q2 2026 report, and sell-or-hold guide)
• REBusinessOnline, Legends at Sparks Marina sale (article undated; via the same three pieces)
• Alturas Capital Partners buyer announcement (undated; via our Q2 2026 report)
• This Is Reno, Alturas plans for new tenants and tenant mix (article undated; via our mid-year outlook)
• Reno Gazette-Journal, Yard House August 31 opening date (article undated; via our mid-year outlook)
• KTVN, Yard House August 31 opening at 1160 Scheels Drive and 181 hires (article undated; via our late-summer openings roundup and fall 2026 tracker update)
• Retail Reno Q2 2026 Reno-Sparks Retail Market Report (August 14, 2026)
• Retail Reno mid-year 2026 outlook (July 30, 2026)
• Retail Reno sell-or-hold guide (August 26, 2026), price per square foot versus replacement cost
• Retail Reno late-summer 2026 openings roundup (September 9, 2026)
• Retail Reno fall 2026 tracker update (September 16, 2026)
• Retail Reno 2026 lease-rate guide (March 5, 2026), Sparks / Legends-area base rent range as of early 2026
• Retail Reno percentage-rent guide (June 4, 2026), percentage rent at The Outlets at Legends
• CNBC (September 16, 2026), Federal Reserve rate decision, via our fall 2026 tracker update