Retail building on East Moana acquired

Moana Aristotelis LLC has acquired a 20,568-square-foot retail building at 500 E. Moana Lane for $4.7 million.

The property that once housed a La-Z-Boy store has been remodeled and now is home to Steinway Piano Gallery and other retail tenants.

State records show the managing members of Moana Aristotells LLC are Andrina and Art Sofos of Reno.

Todd Blonsley of Marcus & Millichap Real Estate Investment Services in Reno represented the buyers. He said the price reflects a CAP rate first-year cash return of 7.7 percent.