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Company newsGrocery-anchoredNevadaNews

Vestar to Manage 100,000-Square-Foot Retail Center in Las Vegas

by Hayden Spiess

Las Vegas — Vestar has been selected to provide management services for Vista Commons, a 100,000-square-foot retail center located in the Summerlin neighborhood of Las Vegas. Albertsons anchors the property, which is fully occupied. Other tenants at the center include Wells Fargo, State Farm, Subway, Bank of America and Dunkin’ Donuts. Vestar will manage Vista Commons on behalf of an institutional client that recently acquired the property. Gleb Lvovich and Daniel Tyner of JLL Capital Markets brokered the acquisition. This marks the fifth Las Vegas property in Vestar’s management portfolio. 

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99-Cents
ArizonaCaliforniaCompany newsFinanceInvestment salesNevadaNewsTexas

Hilco Arranges $168 Million Sale of 99 Cents Portfolio

by Hayden Spiess

Commerce, Calif. — Hilco Real Estate has arranged the $168 million sale of the 99 Cents Only Stores LLC real estate portfolio as part of the retailer’s Chapter 11 bankruptcy proceedings. Founded in 1982, California-based 99 Cents began its liquidation in April 2024, citing rising competition, increased labor costs, challenging logistics and the effects of the COVID-19 pandemic. The portfolio included 44 company-owned properties, as well as 333 store leases and three vacant development parcels. According to Hilco, the portfolio generated significant interest, and 181 asset purchase agreements with non-refundable earnest money deposits …

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DevelopmentMixed-useNevadaNews

Nadel Architecture + Planning to Repurpose Oddie District in Northern Nevada

by Hayden Spiess

Sparks, Nev. — Nadel Architecture + Planning will lead a repurposing project at the Oddie District, a retail and community destination located in Sparks in northern Nevada. In addition to retail space, the property features an artist colony and local business incubator — dubbed The Generator — with office spaces. Nadel will demise a 178,000-square-foot space that currently houses a Lowe’s Home Improvement store and make enhancements to The Generator. Upon completion, the former Lowe’s site will be open for leasing by retail tenants. An entity doing business as Oddie District …

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District-Green-Valley-Ranch_Henderson-Nev
DevelopmentNevadaNews

Vestar Underway on $3 Million Renovation Project at District at Green Valley Ranch in Metro Las Vegas

by Hayden Spiess

Henderson, Nev. — Vestar is underway on a $3 million renovation project at The District at Green Valley Ranch, a 385,000-square-foot retail development located in Henderson, roughly 15 miles outside Las Vegas. Scheduled for completion in early 2025, the project includes updates to exteriors, signage, lighting, landscaping and outdoor furniture. Additionally, the project will add 14,300 square feet of new space to the property. New tenants Flower Child and North Italia have also signed leases at the development and are scheduled to open this November. 

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Starbucks Las Vegas
Investment salesNevadaNews

Hanley Arranges Sale of New 2,365-Square-Foot Single-Tenant Property in Las Vegas

by Hayden Spiess

Las Vegas — Hanley Investment Group Real Estate Advisors has arranged the sale of a newly constructed single-tenant retail property located in Las Vegas. Starbucks Coffee occupies the building, which totals 2,365 square feet and features a drive-thru, on a 10-year lease. Bill Asher and Jeff Lefko, in association with ParaSell Inc., represented the developer and seller in the transaction. Jason Otter of Logic Commercial Real Estate represented the buyer, a local private investor. 

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FinanceNevadaNews

CommCap Advisors Arranges $23 Million Acquisition Financing for Retail Center in Las Vegas

by Hayden Spiess

Las Vegas — CommCap Advisors has arranged a $23 million bridge loan for the acquisition of Renaissance III, a retail center in Las Vegas. An entity doing business as Aspen NV LLC is the borrower. Renaissance III totals 225,748 square feet across 39 retail units, and the borrower plans to implement renovations at the property. Symetra Financial provided the loan, which features a three-year, interest-only term

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ArizonaCaliforniaFloridaGeorgiaInvestment salesKentuckyLouisianaNevadaNewsNorth CarolinaPennsylvaniaRestaurantsSouth CarolinaTennessee

FCPT Purchases 20 Bloomin’ Brands Restaurant Properties for $66.4 Million 

by Hayden Spiess

Mill Valley, Calif. — Four Corners Property Trust (FCPT) has purchased 20 restaurant properties occupied by Bloomin’ Brands concepts for $66.4 million dollars. Located in Arizona, Florida, Georgia, Kentucky, Louisiana, North Carolina, Nevada, Pennsylvania, South Carolina and Tennessee, the portfolio includes 10 Outback Steakhouse restaurants and 10 Carrabba’s Italian Grill restaurants, with one dual-tenant property occupied by both concepts. The properties are leased to corporate Bloomin’ Brands entities on two master leases. This transaction makes Bloomin’ Brands the third largest tenant for FCPT, accounting for 3.3 percent of cash rent for …

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Renaissance III
Investment salesNevadaNews

Aspen Real Estate Acquires 225,748-Square-Foot Foreclosed Shopping Center in Las Vegas

by Hayden Spiess

Las Vegas — Aspen Real Estate has acquired Renaissance III, a 225,748-square-foot foreclosed shopping center located in Las Vegas. Aspen purchased the property from special servicer LNR Property LLC for $24.7 million. Tenants at the center include Planet Fitness, America First Credit Union, Nevada Department of Health and Human Services, Ichabod’s Lounge and Restaurant, Panda Express, Meineke and Chaga Root. Logic Commercial Real Estate represented both the buyer and the seller in the transaction. Aspen has allocated $7 million for renovations and tenant improvements, with plans to demolish two buildings to …

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ArizonaCaliforniaCompany newsEntertainmentFinanceInvestment salesNevadaNewsTexasVirginia

Dollar Tree Acquires Designation Rights for 170 Leases of 99 Cents Stores

by Hayden Spiess

Chesapeake, Va. — Dollar Tree Inc. has acquired designation rights for 170 leases of 99 Cents Only Stores, following the latter’s Chapter 11 bankruptcy filing. 99 Cents Only Stores filed for bankruptcy in April and is disposing of its assets — including inventory, owned real estate and store leases — as part of the process. Dollar Tree acquired the leases, as well as the North American intellectual property of 99 Cents and select onsite furniture, fixtures and equipment, in two separate transactions this month. “This was an attractive opportunity to secure …

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F1-Arcade_Las-Vegas
DevelopmentEntertainmentLeasingNevadaNews

F1 Arcade to Open 21,000-Square-Foot Venue in Las Vegas

by Hayden Spiess

Las Vegas — Kindred Concepts (F1 Arcade) has announced plans for a 21,000-square-foot F1 Arcade at The Forum Shops at Caesars Palace in Las Vegas. Scheduled to open in 2025, the venue will feature racing simulators, games, viewing screens, a 41-foot bar and a 3,550-square-foot private room. Simon is the property owner and landlord. 

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