JLL REIT Picks Up Las Vegas Retail Center

JLL Income Property Trust paid $24.4 million for Silverado Square, a 48,000 square foot retail center in Las Vegas, Nevada. The retail property, anchored by Sprouts Farmers Market, also has a CVS. JLL’s Allan Swaringen says the property checks off all the boxes, “Its location next to two major thoroughfares and near a large master-planned community, along with its strong tenant roster and long-term lease commitments, should bode well for the center’s continued success.”

Built in 2018, the previous owners have signed Sprouts for another 11 years that features 10% rent escalations every five years. Overall, the property is 98% leased. The fully entitled property allows the property owner to add 5,000 square feet of additional retail. The addition, under construction, will be leased by three tenants and is scheduled for completion later this year.