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Las Vegas Retail Center Trades for $59M
Tropicana Beltway Shopping Center, a 617,821-square-foot dual grocery-anchored community shopping center in Las Vegas, was sold for $59 million. The buyer was affiliates of San Francisco-based The Krausz Companies, while the seller was Houston-based Weingarten Realty.
The 99.68%-leased center is anchored by a Walmart Supercenter, Lowe’s, Ross Dress for Less, PetSmart, Office Depot, 99 Cents Only and Pier 1 Imports. Walmart and Lowe’s were not a part of the sale. Among the blue-chip roster of tenants includes Applebee’s, Bank of America, IHOP, Panera Bread, Chase Bank and Starbucks.
The property is situated near Summerlin, an affluent northwest Las Vegas community.
Lucescu Realty’s Mark Lucescu represented the the seller, and procured the buyer.
“It’s an institutional-quality center; one of the most dominant and successful centers within the entire MSA with a blue chip tenant roster, an infill location, and high barriers of entry,” noted Lucescu.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
