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1/04/19
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Craig Promenade, an 81.1k sf, Big Lots anchored neighborhood shopping center in North Las Vegas, was purchased for $12.9 mil ($159/sf) by Tulsa, OK-based Liberty Crossing Apartments LLC, an entity formed by Precision Equity. The asset was sold by RREF-II KI Promenade, an entity of Rialto Capital Advisors.
Craig Promenade is located at 655-755 W. Craig Rd, at the southeast corner of Craig and Revere St. Spanning 7.6 acres, the center is currently 84.8% leased to a complimentary collection of tenants led by Big Lots and several other retailers including Salvation Army.
Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office, along with Lauren Tabeek of the Cushman & Wakefield’s Las Vegas office, negotiated the transaction on behalf of the seller.
Craig Road is one of the main retail corridors in the North Las Vegas trade area. Craig Promenade is situated in a high-growth area of North Las Vegas with several new developments being recently added or currently under construction along the Craig Road corridor. There has also been an influx of single family residential and multifamily developments, fueled by job growth and new opportunities.
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