First Nationwide Realty Companions has entered the Nevada market with the acquisition of Tropicana Centre, a 586,000-square-foot grocery-anchored retail middle in Las Vegas.
Graystone Capital Advisors brokered the transaction. CommercialEdge information reveals that the asset final traded in 2013 for $39.8 million.
The 14-building procuring middle got here on-line in 1978, protecting 57 acres. A 40,000-square-foot Sprouts Farmer’s Market anchors the property. The retailer plans a $1 million capital enchancment plan, geared toward upgrading its location on the middle.
Tropicana Centre can also be anchored by a 134,000-square-foot Sam’s Membership and a 120,000-square-foot Walmart, which have been working on the location since 1991. Different tenants embody Ace {Hardware}, Ross, Conn’s HomePlus, Massive 5 Sporting Items, Greenback Tree, Rainbow and McDonald’s. The retail middle nonetheless has 26,000 sq. ft of house accessible for lease.
Increasing in rising markets
Situated roughly 6 miles from downtown Las Vegas at 3075 E. Tropicana Ave., the property is located in a high-density retail hall. The property is a few 4 miles east of the Las Vegas Strip, in an space the place the each day automobile site visitors reaches roughly 71,000 autos. Greater than 454,000 individuals reside inside a 5-mile radius.
In ready remarks, FNRP Director of Acquisitions Stephen Joseph acknowledged Las Vegas’ retail market potential, as a result of space’s inhabitants progress and ongoing residential constructing efforts. He additionally added that coming into the Nevada market with the acquisition of Tropicana Centre marks a strong funding for the corporate, because the metro is anticipated to expertise additional growth within the close to future.
With an in depth grocery-anchored portfolio, FNRP continues to spend money on the open-air retail property sector. Earlier this yr, the corporate acquired two grocery-anchored procuring facilities: a 287,000-square-foot retail middle in Manassas, Va., and a 158,000-square-foot market in O’Fallon, Mo. The agency has additionally added Southern Plaza, a 268,000-square-foot, grocery-anchored procuring middle in Indianapolis, to its retail portfolio.
