Burlington Coat Factory's sign indicates it's coming soon to Carson Valley Plaza and that they're hiring.
Photo by Kurt Hildebrand.
A Burlington Coat Factory has a pending lease for the former site of the Bed Bath and Beyond between Vim & Vigor and Cost Plus in Carson Valley Plaza.
Permits have been issued for a $1.1 million renovation of the suite, according to the building permit filed with Douglas County.
The retail outlet closed its Carson City location in the old Walmart on South Carson Street in April 2024, according to the Nevada Appeal.
The lease was cited by Douglas County Appraiser Katie Poppinga as one reason the Douglas County Board of Equalization shouldn’t decrease the $41 million valuation of the center located in northern Douglas County.
With the completed lease for Burlington and another tenant proposed for the former Game Stop, the center’s occupancy rate will exceed 90 percent.
This will be the second year in a row that the owners of the center are seeking an almost 25 percent reduction in their valuation for tax purposes.
According to their appeal, the owners are seeking the value of the property to be reduced to $31 million, claiming that the property’s net operating income is flat at $2.44 million during 2024.
The item will be the only reduction requested of the board at their 10 a.m. meeting today at the Douglas County Courthouse.
Of the 46 units in the center, 37 are occupied and nine are vacant for an 80 percent rate, though 91 percent of the center’s square footage is rented, according to the owner.
Representative Douglas S. John of the Arizona law firm of Frazer Ryan Goldberg & Arnold argues that the county’s 7 percent capitalization rate based on Western Nevada listings is based on much smaller properties.
Because the capitalization rate is based on listings instead of actual sales, the actual capitalization rate once the property is sold is different. Under those conditions, a loaded capitalization rate of 8-9 percent generates a value of $35.3 million to $31. 4 million.
The Douglas County Assessor’s Office argues that most of the basis of the owner’s capitalization rate is based on Las Vegas properties.
Carson Valley Plaza was built in 2003 and 2004.
“The petitioner’s value opinion of $30.4 million to $32.4 million was derived via an income approach that violates Nevada Administrative Code,” according to the assessor’s report. “The net operating income included the deduction of property tax, which is not an allowable expense.”
The county pointed out that the taxable value of $41.34 million is actually lower than last year’s valuation of $42 million.
