Las Vegas – Spring Valley Town Center was 92 percent occupied at the close of escrow.
Las Vegas – Faris Lee Investments has completed the $11.5 million receivership sale of a 60,105-square-foot portion of Spring Valley Town Center in Las Vegas. The retail property was 92 percent occupied at the close of escrow with tenants that include The UPS Store, 7 Eleven, GNC, Fatburger and more. Tenants within the center that weren’t a part of the sale include anchor tenants La Bonita Supermarkets, Lee’s Discount Liquor and Bank of America. Robert Moore, Lisa Brady and Katie Brase of Faris Lee Investments represented David Jewkes of Integris Realty Services, who acted as court-appointed receiver on behalf of the loan servicer Five Mile Capital. The all-cash buyer, First Allied Corporation, represented itself in the transaction. The transaction sold at a cap rate of 8.3 percent ($191 per foot).
— Scott Reid