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6/01/17
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Agora Realty and Management picked up an 84.2k sf retail center in Las Vegas for $7.1 mil, or $84/sf. The property, located at 4900-4970 E. Tropicana Ave, is anchored by a 99 Cent Only Store and Nevada State Bank.
At time of sale, the center was 12% vacant. The firm plans to invest several million dollars in renovations as well as stabilize the asset by leasing the balance of the vacant space. Agora’s overall retail strategy includes enhancing its neighborhood centers by ensuring they are inviting, user-friendly, clean and safe. For this center, Agora will target tenants that provide necessity-based products and services.
“This acquisition fits well within our investment strategy which is to buy underperforming assets at below-replacement cost with below-market rents,” said Cary Lefton, CEO, Agora Realty. “This property has all the fundamentals for success and we feel the Las Vegas market is thriving with strong economic fundamentals.”
Lefton cited the center’s proximity to strong traffic counts at the intersection of Tropicana and Nellis, along with a two-mile population count of approximately 85,000 people. Agora Realty owns a 1.3 msf real estate portfolio that includes a mix of properties in Hawaii, Nevada, and California.
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