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December 15, 2018
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Vestar Spends $87 Mil on Vegas Retail Center


Vestar has purchased Best in the West, a 465k sf retail center in Las Vegas, NV, in a deal worth $87 mil, or $187/sf. The property, located at 2192 N. Rainbow Blvd, at the intersection with Lake Mead Blvd, was sold by Weingarten Realty Investors.

Situated on 36 acres, Best in the West is currently 94% leased. Tenants include Best Buy, TJ Maxx, Stein Mart, PetSmart, DSW, Bed, Bath & Beyond, Jo Ann Fabrics, Office Depot, Ulta, Old Navy and Marshalls (opening soon).

In addition to Best in the West, Vestar owns and operates multiple properties in the Las Vegas area including The District at Green Valley Ranch, a 385k sf, Whole Foods-anchored lifestyle center in Henderson, and Crossroads Towne Center, a 149k sf center in Las Vegas.

"Best in the West is a trade area dominant center with premier tenants and unsurpassed exposure that is strategically located in the growing Las Vegas market," said Clint Marchuk, Vestarís Vice President of Acquisitions. "This acquisition further solidifies our commitment to the area, and we are confident that our strategic leasing and management services will enhance the experience for both the customer and the community as a whole."

HFF's Bryan Ley and Jules Sherwood represented the seller in the transaction. Vestar operates over 28 msf of retail space throughout the western United States.

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