The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
February 11, 2025
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



HOME PAGE NEWS
Printer-friendly Version   Email an Associate
Vegas Retail Center Sells in $50 Mil Deal

1/15/25

Mountain’s Edge Marketplace, a 115k sf, neighborhood shopping center in Las Vegas, was acquired by an accomplished out-of-state investor for $50.3 mil, or $437 per square foot. The asset, shadow-anchored by Albertsons, is situated in the master-planned community of Mountain’s Edge.

Mountain’s Edge Marketplace is located on 14.79 acres at 7975 Blue Diamond Rd. The property, which was built in 2016, is 98% leased to 40 national and local retailers, including Ross, Planet Fitness, Starbucks, Supercuts, The UPS Store, China A Go Go, and T-Mobile, along with a complementary mix of national, regional, and local retailers, service providers, and restaurants surrounding the grocery anchor Albertsons.

Roy Fritz and Preston Fetrow of CBRE’s National Retail Investment Partners-West represented the seller, Remington Nevada, a private investment firm based in Las Vegas, focused on developing Class A retail shopping centers in the Southwest.

Remington Nevada had been approached with an off-market offer of $48 mil from an institutional investor owning a significant retail portfolio in the western US. CBRE encouraged Remington Nevada to expose the property using a broad-reaching marketing campaign and generated three offers within two weeks before receiving a full-price offer. The deal closed at a 6.30% cap rate and within a 30-day due diligence period.

The purchase included an assumption of a $33 mil CMBS loan requiring the new borrower to engage a loan expeditor to facilitate the process. The transaction closed three weeks after the loan assumption approval.

“Nevada and Las Vegas specifically continue to attract institutional and private capital investments in retail assets. The combination of a premier quality asset in one of the most coveted master plans in Las Vegas and exceptional, long-term, fixed-rate, non-recourse financing permitted an excellent result for buyer and seller and new record pricing in greater Las Vegas for a shadow-anchored grocery asset of this size, on a cap rate basis,” said CBRE Vice Chairman, Philip D. Voorhees.

Fritz added, “Best-of-best assets in Las Vegas, such as Mountain’s Edge Marketplace remain highly favored with private capital, institutional capital, and high-net-worth family offices, valuing safety of capital as well as strong returns over the holding period. In this Mountain’s Edge transaction, returns were amplified by the attractive assumable debt at better-than-market terms (low-4%), expiring in early 2032.”




Return to the previous page


 


 


 


 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2025 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media