Las Vegas developer acquires Kitsap Mall for $25 million

Rhino Investments Group, a Las Vegas-based commercial real estate firm, announced Jan. 20 its acquisition of Kitsap Mall in Silverdale for just over $25 million.

The mall is a single-level regional shopping center situated in the Silverdale retail corridor. Spanning approximately 762,314 square feet, the mall includes a mix of national tenants, including WinCo Foods, JCPenney, Kohl’s, Barnes & Noble, and Dick’s Sporting Goods. The acquisition also included the nearby Red Robin restaurant, a news release states.

“This acquisition aligns perfectly with Rhino’s strategy to invest in well-located, high-performing assets with long-term potential,” said Sanjiv Chopra, CEO of Rhino. “Kitsap Mall’s dominant position in the market, impressive occupancy rate of nearly 96%, and strong tenant roster make it an exceptional opportunity for us to unlock further value. We are excited to continue building on the mall’s success and enhance its role as the retail hub for the Silverdale community.”

The acquisition comes on the heels of Macy’s intentions to close its location at the mall, one of 66 locations the business plans on shuttering in 2025. Chopra said Rhino is already working with several tenants to replace Macy’s and hopes to make announcements later this year.

“We are excited to bring tenants that will provide entertainment concepts to the property,” he said.

Rhino’s acquisition of Kitsap Mall is its fourth acquisition in Kitsap County since 2019, including the former Sears building located at the mall, which was leased to WinCo Foods.

“We believe that we will be successful in attracting new and retaining existing tenants now that the long-term ownership question has been answered”, Becca Wall said, vice president of operations at Rhino, referring to the foreclosure of the property in 2021. “Many tenants who have been hesitant to renew longer-term leases or invest in new locations at Kitsap Mall are now showing renewed interest in the property.”