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LV Retail Center Flips for $56.1M
AEW Capital Management purchased Vista Commons, a 98,716-square-foot retail center in Las Vegas. MIG Real Estate sold the asset for $56.1 million. A JLL Capital Markets Investment and Sales Advisory team led by Gleb Lvovich and Dan Tyner secured the deal.
Vista Commons, at 11700 – 11770 W Charleston Blvd. was 100% leased at the time of the sale. A 56,000-square-foot Albertsons store anchors the property. The property also features national tenants such as Bank of America, Wells Fargo and Dunkin’ Donuts. The center, built in 2007, boasts impressive tenant longevity, with over 95% of the rent roll in place for more than a decade.
MIG had acquired the retail center in January 2011 for $24.3 million from GGP, according to CommercialEdge. In 2018, the property became subject to a 10-year, $26.2 million loan originated by Truist Bank.
- ◦Sale/Acquisition
