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100K-SF Vegas Retail Center Sells
Agora Realty & Management nabbed a 100,856-square-foot grocery anchored shopping center on 9.3 acres in Las Vegas. The West Coast buyer paid seller Ralph’s Grocery Co. $10.2 million for the 71%-occupied center at 1941 N. Decatur Blvd.
The property is anchored by Smart & Final, with tenants including Carl’s Jr., Little Casers Pizza and Cricket Wireless. Agora is also under contract with Metro PCS for 1,229 square feet.
The new owner is planning to renovate the center’s façade, and is in lease negotiations with other national retailers. “We really like grocery-anchored centers, and this one in particular had a great deal of value add opportunity. When compared to local market data, it proved that there was an immediate opportunity to lease up the vacant space plus increase current rents,” said Cary Lefton, CEO, Agora Realty.
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