1M-SF Town Square Las Vegas Has New Owner

TH Real Estate, on behalf of its T-C US Super Regional Mall Fund LLC, acquired an 85% interest in the 1.1-million-square-foot Town Square Las Vegas. The remaining 15% is being acquired by Fairbourne Partners. The sales price for the open-air retail property was undisclosed, though property records show that the buyers obtained a $215.6 million mortgage from Pacific Life Insurance Co.

The seller was a group of investment firms in New York, Connecticut and Los Angeles, which had seized the property through foreclosure during the recession. Until recently, Town Square was lender-owned.

Located at Las Vegas Boulevard and Sunset Road, the property is 90% occupied. Approximately 79% of the asset consists of retail space, with the remainder dedicated to office space. The new ownership is planning extensive improvements, according to local media reports.

Subscribe to Connect Daily National