Vestar Nabs Vegas Retail Center for $87M

Phoenix-based Vestar acquired the Best in the West, a 430,000-square-foot shopping center in Las Vegas from Houston-headquartered Weingarten Realty Investors for $87 million, or $202-per-square-foot. The property, at 2192 North Rainbow Blvd., sits on 35 acres at Rainbow and Lake Mead boulevards.

Tenants include big-box retailers Best Buy, Bed Bath & Beyond, and PetSmart. The center is losing a Babies R Us store, as a result of the chain’s overall bankruptcy proceedings, but is gaining discount retailer Marshalls, which is expected to open later this year.

The property was developed by the Molasky Group of Cos. The developer sold it for $65 million in 2003 to Arizona investors, which in turn offloaded it to Weingartern for $78.6 million in 2005.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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Vestar Nabs Vegas Retail Center for $87M

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National CRE News In Your Inbox.

Vestar Nabs Vegas Retail Center for $87M

Inside The Story

About Dennis Kaiser