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10/25/17
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Green Valley Town Center, a 194.8k sf mixed-use center in Henderson, NV, sold for $21.5 mil ($110/sf). The property, purchased by Henderson Town Center LLC, is part of a regional real estate portfolio being sold by American Nevada Company.
The sale consisted of Green Valley Town Center II & III, located at 4300 and 4500 E. Sunset Rd, and Athenian Shops, at 4350 E. Sunset Rd. Built in multiple phases from 1988 to 2001, the properties are situated on a combined 20.3 acres in the northern portion of the 8,400-acre Green Valley master-planned community.
Green Valley Town Center II is a vibrant 117.9k sf retail center anchored by Galaxy Luxury Theater and Barley’s Casino and Brewing Company—which provides a unique unrestricted gaming use—plus several other smaller retailers. Athenian Shops is a 22k sf, two-story multi-tenant retail center that features four tenants including two restaurants. Green Valley Town Center III is a dynamic 54.8k sf, two-story, mixed-use property offering retail on the first floor and office space on the second floor. The property is anchored by Las Vegas Buffet plus several other retail and office tenants. Collectively, the three properties were approximately two-thirds leased at the time of sale.
Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets represented the seller in the transaction. C&W’s Geoffrey West, Jayne Cayton, and Michael Dunn also advised in the deal.
Commenting on the deal, Reeder, noted, “This unique collection of properties is well positioned to restore its standing as a major retail node for the Green Valley/Southeast Las Vegas area, which is experiencing renewed interest and redevelopment. Further, the strong, diverse tenancy of the property forms a desirable financial profile with well-balanced rollover.”
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