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December 15, 2017
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Grocery-Anchored Center in Vegas Trades for $63.5 Mil

8/11/17

LaSalle Investment Management purchased Montecito Marketplace, a 190.4k sf, Smith’s-anchored neighborhood shopping center in Las Vegas, NV, for $63.55 mil ($334/sf). The seller was Brixmor.

Montecito Marketplace is situated on 18.7 acres at the southeast corner of Durango Dr and Elkhorn Rd. The property is 98.6% leased to national, regional and local tenants led by a top-tier Smith’s Food & Drug and TJ Maxx.

Michael Hackett and Ryan Schubert with Cushman & Wakefield represented Brixmor in the deal.

Smith’s is part of Kroger, which is the country’s largest supermarket chain and the second-largest general retailer, behind Walmart. Smith’s recently renovated and expanded this location and purchased the Smith’s Fuel (NAP), which further enhanced the value of the property.





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