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12/22/15
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Smith’s Shopping Center, a 108.7k sf, grocery-anchored retail plaza located in Las Vegas, was purchased for $20 mil ($184/sf) by Sterling Organization, a Palm Beach, FL-based real estate investment firm. The asset was sold by a subsidiary of Kirkorian Enterprises via the firm’s institutional stabilized fund Sterling United Properties I, LP.
Smith’s Shopping Center is anchored by Smith’s Food & Drug (Kroger), which holds the No. 1 market share position by pure grocers in the Las Vegas MSA. The property is located at the northeast corner of S. Fort Apache Rd and W. Flamingo Rd, a busy east/west thoroughfare that goes through the heart of the Las Vegas strip. The center is 100% occupied by a mix of national, regional and locally owned businesses including Subway, The UPS Store, Verizon, and H&R Block.
Smith’s Shopping Center was developed in 2002. Over 140,000 people live within a three-mile radius of the property, where the average household income is over $80k. The property is Sterling Organization’s first in Las Vegas, and its second acquisition in the past three months in the western United States. The firm has offices throughout the U.S. and recently opened an office in Los Angeles.
“With this Las Vegas acquisition, we continue to execute our strategy for SUP by investing in shopping centers that are anchored by market-leading grocers, have solid retail real estate fundamentals, are located in major markets and should provide durable and consistent cash flow to our partners,” added Brian Kosoy, Managing Principal, President and CEO of Sterling Organization.
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