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58K-SF Las Vegas Retail Center Picked Up by Litwin
Paradise Esplanade, a 58,727-square-foot shopping center in Las Vegas, has changed hands for $46.4 million. Litwin Management purchased the asset from Eagle Group.
Commercial Edge reports that the Eagle Group acquired the shopping center for $32 million in 2006. In 2015, Paradise Esplanade became subject to a $23.5 million CMBS loan originated by Citibank, with Wilmington Trust as a trustee. That note matured this month.
Completed in 2005, Paradise Esplanade is anchored by a CVS Pharmacy. Shopping center retailers include Famous Dave’s, Ferraro’s Italian Restaurant & Wine Bar and Gangman Asian Dining.
Located at 4480 Paradise Road, the shopping center is within an Opportunity Zone. Adjacent to both the University of Nevada Las Vegas and the Virgin Hotel, the retail center has approximately 1.1 million annual visitors.
Daniel Tyner and Gleb Lvovich led the JLL Capital Market Investment Sales and Advisory team that worked on behalf of Eagle Group.
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- ◦Sale/Acquisition
