NEWPORT BEACH, CALIF. (October 31, 2018) – Mark Lucescu, President of LUCESCU REALTY, a market leading investment real estate services firm, announced today the sale of Tropicana Beltway Shopping Center in Las Vegas, Nevada for a total consideration of $59.0 Million. LUCESCU REALTY exclusively represented the interests of the seller, Weingarten Realty, and procured the buyer. Weingarten Realty (NYSE: WRI), headquartered in Houston, TX, is one of the nation’s premier real estate investment trusts (REIT). The Company owns, manages, acquires, develops and redevelops strategically located neighborhood and community shopping centers in major metropolitan markets across the United States. The Buyer was affiliates of The Krausz Companies, a privately held Investment, Development and Management Company, headquartered in San Francisco, California. Krausz specializes in the acquisition, development and management of high quality, well-located retail, office, industrial and mixed-use properties throughout the United States.
Tropicana Beltway Center is a 617,821 Market Dominant, Dual Grocery Anchored, Community Shopping Center, anchored by a Walmart Supercenter, Lowe’s, Ross Dress for Less, PetSmart, Office Depot, 99 Cents Only (features a grocery department) and Pier 1 Imports. Walmart, which featured a full size grocery department, and totaled 223,901 square feet, together with Lowe’s, were not a part of the sale. The blue-chip tenant roster also included Applebee’s, Bank of America, IHOP, Panera Bread, Chase Bank, Pacific Dental Services, Chipotle, Del Taco, Leslie’s Pool Supplies, Panda Express, T-Mobile, Club Pilates, Cricket Wireless, Sally Beauty Supply, Starbucks, metroPCS, Subway, The UPS Store, GNC, GameStop, Sport Clips and The Joint Chiropractic. The Property is 99.68% leased, and 92.8% of the leased GLA is occupied by Regional and National tenants. The Property is situated in immediate proximity to Summerlin, which is among the most affluent communities in Nevada, with an average annual household income of nearly $150,000. Within a 1-mile radius of the Property, the Average Household Income is $83,326 and within a 3-mile radius the Population is 134,983.
“It’s an institutional-quality center; one of the most dominant and successful centers within the entire MSA with a blue chip tenant roster, an infill location, and high barriers of entry” noted Lucescu. “Weingarten did a great job of developing, managing and leasing the center and the Buyer should continue that success”.
According to Lucescu in discussing the latest market trends, “We expect Shopping Centers posting strong retail sales to continue to garner very high investor demand due to the dearth of available inventory and the surplus of capital pursuing these types of offerings. In addition to urban areas in gateway cities we also anticipate properties with similar fundamentals throughout the western U.S. to continue to be highly sought after as well.”
LUCESCU REALTY is a market leading investment real estate services firm that uniquely combines major capital markets expertise with a complete and thorough understanding of real estate fundamentals to execute a wide range of services on behalf of its clients. Scope of services include sale transactions, advisory/consulting, debt/equity placement, property / asset management, market research and financial services. LUCESCU REALTY specializes in individual property and portfolio transactions, on behalf of public and private companies worldwide, involving neighborhood, community, power, and lifestyle centers, regional malls, and suburban and central business district office buildings. The hallmark of LUCESCU REALTY is its ability to maximize value through its exclusive focus on sale transactions, access to the full spectrum of both public and private investors, intimate local market knowledge through its in-house group of market analysts, tailored marketing strategies, and depth of capital market experience. LUCESCU REALTY is annually recognized as one of the most active brokerage firms in the United States. Headquartered in Newport Beach, California, LUCESCU REALTY has regional offices in Phoenix, Arizona and Las Vegas, Nevada and plans to open an office in San Francisco later this year. For more information, please visit www.lucescurealty.com.
Company Name: LUCESCU REALTY
Contact Person: MARK LUCESCU
Email: Send Email
Address:500 NEWPORT CENTER DR STE 550
City: NEWPORT BEACH
Country: United States