LAS VEGAS, NV – Faris Lee Investments, a leading retail advisory and brokerage services firm, has completed the $11.5 million sale of a 60,105-square-foot portion of Spring Valley Town Center in Las Vegas. The retail property was 92 percent occupied at the close of escrow with tenants including The UPS Store, 7 Eleven, GNC, Fatburger, and others. Tenants within the center that weren’t a part of the sale include anchor tenants La Bonita Supermarkets, Lee’s Discount Liquor and Bank of America.
The disposition was a receivership sale. Robert Moore, Lisa Brady, and Katie Brase of the Las Vegas office of Faris Lee Investments represented David Jewkes of Integris Realty Services, who acted as court appointed receiver on behalf of the loan servicer Five Mile Capital. The all-cash buyer, First Allied Corporation, represented itself in the transaction. The transaction sold at a cap rate of 8.3 percent ($191 a foot) and provided the buyer with a value-add opportunity through lease-up of the vacant space and current lease expiration/turnover.
Spring Valley Town Center totals nearly 267,000 square feet on 6.1 acres and is well-located on two signalized intersections at 6775 and 6847 W. Flamingo Rd. and 4122 and 4260 S. Rainbow Blvd. It also offers strong street frontage, visibility and monument signage and is situated less than five miles from the Las Vegas strip with direct access from Flamingo Rd.
“Investors are screaming for real estate ownership opportunities – which are scarce in the Las Vegas area – as the fundamentals are favorable, retail rents are moving upward, and economic recovery is in full force,” stated Moore, senior managing director with Faris Lee Investments. “Faris Lee garnered 15 solid offers on Spring Valley Town Center, making this a prime example of momentum in the market.”
Moore also observed that the majority of the value-add retail product has been absorbed. “It is difficult to find opportunities at or less than replacement cost in Las Vegas.”