NEWPORT BEACH, CALIF. – January 16, 2019 – Mark Lucescu, President of LUCESCU REALTY, a market leading investment real estate services firm, announced today the sale of Shadow Mountain Marketplace in Las Vegas, Nevada for a total consideration of $67.25 Million. LUCESCU REALTY exclusively represented the interests of the seller, Wynmark Company, and procured the Buyer, a Private Investor. The Seller developed the Property in 2007 and had owned and managed it since completion.
Shadow Mountain Marketplace is an Approximate 359,103 Square Foot Community Shopping Center anchored by Costco, Seafood City Supermarket, Walgreens, Best Buy and Ashley Furniture. Costco, which features a full size grocery department, and totaled 154,700 square feet, was not a part of the sale. The blue-chip tenant roster also included McDonald’s, Chili’s, Wells Fargo Bank, Panda Express, Subway, Sport Clips, Massage Envy, Wing Nutz, T-Mobile, Best Mattress, Café Rio, Pacific Dental, Kumon Learning Center, Scottrade, Great Harvest Bread Co., State Farm Insurance, H&R Block and Omega Studio Salons. The Property is 98.9% leased, and more than 84% of the leased GLA is occupied by Regional and National tenants. Many of the tenants, including the Majors, were posting exceptional gross sales. Located at the northwest quadrant of Interstate 215 and Decatur Boulevard, the most dominant intersection within the trade area, the Property is highly visible and easily accessible from all 4 directions. Additional retailers at this intersection include Target, Walmart Supercenter, WinCo, Sprouts, CVS, Ross Dress for Less, Bed, Bath & Beyond and Hobby Lobby. Within a 1-mile radius of the Property, the Average Household Income is $87,076 and within a 3-mile radius the Population is 126,340.
“It’s an institutional-quality center; one of the most dominant and successful centers within the entire Las Vegas Valley with a blue chip tenant roster, an infill location, and high barriers of entry,” noted Lucescu. Robert Farrell of Lucescu Realty Asset Services, who has been retained to oversee the management and leasing of the Property for the new ownership commented “The Seller did a great job of developing, managing and leasing the center and the Buyer should continue that success for many years to come.”
According to Lucescu in discussing the latest market trends, “We expect Shopping Centers posting strong retail sales to continue to garner very high investor demand due to the dearth of available inventory and the surplus of capital pursuing these types of offerings. In addition to urban areas in gateway cities we also anticipate properties with similar fundamentals throughout the western U.S. to continue to be highly sought after as well.”
LUCESCU REALTY is a market leading investment real estate services firm that uniquely combines major capital markets expertise with a complete and thorough understanding of real estate fundamentals to execute a wide range of services on behalf of its clients. Scope of services include sale transactions, advisory/consulting, debt/equity placement, property / asset management, market research and financial services. LUCESCU REALTY specializes in individual property and portfolio transactions, on behalf of public and private companies worldwide, involving neighborhood, community, power, and lifestyle centers, regional malls, and suburban and central business district office buildings.
The hallmark of LUCESCU REALTY is its ability to maximize value through its exclusive focus on sale transactions, access to the full spectrum of both public and private investors, intimate local market knowledge through its in-house group of market analysts, tailored marketing strategies, and depth of capital market experience. LUCESCU REALTY is annually recognized as one of the most active brokerage firms in the United States. Headquartered in Newport Beach, California, LUCESCU REALTY has regional offices in Phoenix, Arizona and Las Vegas, Nevada and plans to open an office in San Francisco later this year.
For more information, please visit www.lucescurealty.com.
Contact:
Mark Lucescu, President – Lucescu Realty
949.706.7772 x 100
LUCESCU REALTY
500 Newport Center Drive, Suite 550
Newport Beach, CA 92660
Tel: 949.706.7772 ext. 100
Fax: 949.706.7773
mlucescu@lucescurealty.com
www.lucescurealty.com
NEWPORT BEACH | LAS VEGAS | PHOENIX | SAN FRANCISCO
Media Contact
Company Name: LUCESCU REALTY
Contact Person: MARK LUCESCU
Email: Send Email
Phone: 9497067772
Address:500 NEWPORT CENTER DR STE 550
City: NEWPORT BEACH
State: California
Country: United States
Website: www.lucescurealty.com