Nevada

Craig-Marketplace

Las Vegas — Gerrity Group has sold Craig Marketplace, a 119,280-square-foot retail center in Las Vegas, for $41.2 million. Gleb Lvovich and Daniel Tyner of JLL Capital Markets represented both Gerrity and the California-based buyer in the 1031-exchange transaction. John Marshall, Jordan Leake and Carl Beardsley, also of JLL, secured acquisition financing on behalf of the buyer. Anchored by Albertsons, the center was 94.5 percent leased at the time of sale to tenants including Jack in the Box, Popeyes Louisiana Kitchen, Starbucks Coffee and Subway.

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Las Vegas — Phillips Edison and Company Inc. (PECO) has purchased Crossroads Towne Center in Las Vegas. Anchored by Walmart, the 148,770-square-foot community shopping center is home to a mix of national and local retailers and restaurants, such as Planet Fitness, Bath & Body Works, Bank of America, Salon Boutique, Mattress Firm, CosmoProf and Dickey’s BBQ. This center is the fifth in the greater Las Vegas market to be acquired by PECO. 

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Cheyenne-Commons

Las Vegas — PEBB Enterprises has received a $36.2 million refinancing for Cheyenne Commons, a 325,425-square-foot retail center located at 3001 N. Rainbow Road in Las Vegas. The property was 94.2 percent occupied at the time of financing by tenants including a 114,513-square-foot Walmart, Floor & Décor, Goodwill and Ross Dress for Less. City National Bank provided the financing, terms of which were undisclosed. 

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Flamingo-Jones-Plaza

Las Vegas — CBRE has arranged the $7.9 million sale of a two-property retail portfolio located in Las Vegas. The portfolio spans 17,940 square feet and includes Flamingo Jones Plaza, a 10,712-square-foot, six-tenant retail pad located at the intersection of Flamingo Road and Jones Boulevard; and Tropicana Centre, a 7,228-square-foot, five-tenant retail pad located near the intersection of Tropicana Avenue and Jones Boulevard. Flamingo Jones Plaza was 78 percent leased at the time of sale to tenants including Subway, Marco’s Pizza, Robert James Salon, B&T Nails and Rapid Cash. Tropicana …

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Miracle-Mile-Shops-Las-Vegas

Las Vegas — Institutional Mall Investors LLC, a joint venture between Miller Capital Advisory and CalPERS, has started renovations at Miracle Mile Shops, a 500,000-square-foot shopping center on the Las Vegas Strip. The property is attached to the Planet Hollywood Resort & Casino. The mixed-use project will remain open during construction, which is scheduled for completion in spring of 2023. The redevelopment costs were not disclosed.  New entertainment features will include exterior and interior immersive light, sound and video experiences. Miracle Mile Shops guests will also enjoy new and upgraded …

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Crossroads at Sunset

Henderson, Nev. — Dreamwork Management has acquired Crossroads at Sunset, a 13.9-acre multi-tenant retail center at the corner of Sunset Road and Stephanie Street in Henderson, about 15 miles from Las Vegas. SS Capital sold the property for $28.7 million. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the seller in the transaction.

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Regency Plaza

Las Vegas — CBRE has arranged the sale of Regency Plaza, a retail property located at 320 N. Nellis Blvd. in Las Vegas. Rock Ridge Regency Plaza LLC acquired the property from Regency Developments LLC for $4.4 million. Roy Fritz, Michael Hsu, Dylan Heroy and Kellie Ortiz-Thompson of CBRE represented the seller in the transaction. Five tenants fully occupy the 28,281-square-foot property on long-term leases.

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Las Vegas — Sahara Development has completed the disposition of The Gateway on The Strip, a 37,499-square-foot retail center located on the Las Vegas Strip. KB Gateway on the Strip LLC acquired the property for $57 million. Constructed in 2015 at 2427 S. Las Vegas Blvd., Walgreens anchors the property with a long-term lease through 2040. At the time of sale, the property was 42 percent occupied. The center features a freestanding parking garage, additional income via electronic billboard contracts, an upper-deck patio and an unrestricted gaming license. Chris Clifford, …

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Safeway

Henderson, Nev. and Millwood, Wash. — Faris Lee Investments has brokered the $22.4 million sales of two single-tenant grocery stores totaling 106,254 square feet in Nevada and Washington. Jeff Conover and Scott DeYoung of Faris Lee Investments represented the undisclosed buyers and seller, a Southern California-based family private office, in the deals. The transactions included the disposition of a 58,254-square-foot Albertsons property in Henderson, roughly 16 miles outside Las Vegas; and a 48,000-square-foot Safeway in Millwood, roughly 8 miles outside Spokane.

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South Meadows Promenade

Reno, Nev. — DCG has arranged the sale of South Meadows Promenade, a retail center located on the corner of South Meadows Parkway and Double R Boulevard in Reno. An investor in a 1031 exchange acquired the property for $34 million. The name of the seller was not disclosed. At the time of escrow, the 80,000-square-foot shopping center was fully occupied. Current tenants include Sprouts Farmers Market, Marshalls, Pet Station, The Joint Chiropractic, Chase Bank, Chipotle Mexican Grill, Panda Express, Starbucks Coffee, Blaze Pizza, Jersey Mike’s Subs and Sports Clips. …

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