Gerrity Group has bought its grocery-anchored retail middle, Craig Market, for $41.2 million. The asset, a 119,280-square-foot property situated in Las Vegas, was bought by a California purchaser in a 1031 alternate.
Inbuilt 2002, the middle occupies a 12.28-acre land plot. Gerrity Group initially bought Craig Market in 2016 for $33 million, based on CommercialEdge knowledge.
At the moment 94.5 p.c leased, the anchor tenant is an Albertsons grocery retailer on a long-term lease. Different tenants embody Jack within the Field, Starbucks, Subway and Popeyes Rooster.
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Positioned at 7101-7181 West Craig Rd., Craig Market is on the intersection of U.S. Freeway 95 and Craig Street, in an space that’s transited by greater than 135,000 vehicles day by day. Site visitors within the space is available in westbound from the Las Vegas Strip and southbound from Centennial Hills, in addition to the bigger Northwest Las Vegas County.
Summerlin, a rich neighborhood with some 125,000 residents, is inside a 5-mile radius of the middle. The Summerlin submarket and North Las Vegas are attracting giant industrial and e-commerce firms like Amazon, Fanatics and WeWork. One other 18 million sq. ft of commercial house is deliberate for development within the space, based on The Overview Journal.
JLL Capital Markets closed the Craig Market sale, representing Gerrity Group and arranging financing for the customer. Gleb Lvovich, managing director at JLL retail capital markets funding gross sales and advisory workforce, and Daniel Tyner, senior director, represented the vendor. The debt capital markets workforce that acquired the customer’s financing was led by John Marshall, senior director, and Jordan Leake, analyst, in addition to Carl Beardsley, senior director.
In ready remarks, Tyner mentioned that Craig Market is the second Las Vegas retail sale to shut that featured an Albertsons because the anchor tenant that the workforce has organized.
