LAS VEGAS, NV, Nov. 1, 2011 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has announced the $79.3 million sale of The District at Green Valley Ranch (top left photo), a 384,107-square-foot landmark community retail center located in Green Valley Ranch, a leading master planned community located near Las Vegas at Green Valley Parkway and Interstate 215.
Richard Walter (middle right photo), president, and Donald MacLellan (middle left photo), senior managing director, out of Faris Lee’s Irvine, Calif. headquarters, and Rob Moore (lower right photo), senior managing director in Faris Lee’s Las Vegas office represented the seller, LNR Partners, LLC. The all-cash buyer, Vestar Development, in a joint venture with New York-based Rockwood Capital, represented itself.
While the economic recovery of Las Vegas’ real estate market has been uneven, quality areas continue to prove their value. Faris Lee worked to demonstrate The District’s existing and future potential value for prospective buyers as the foreclosed property was located in a quality master planned community. This effort was evident throughout the marketing process through advanced diligence in strategically identifying previously overlooked income producing components of the existing property.
“Faris Lee was able to move quickly on its marketing strategy and upfront purchase and sale agreement negotiations that proved favorable for LNR and ultimately maximized the price of the property,” said Bill Ohlsen, senior vice president of LNR Partners, LLC. “The firm was creative about the property’s future potential so that prospective buyers could better envision it from a value-add perspective.”
“We created an online war room that provided a huge amount of information to investors interested in the property,” said Walter. “We also worked with an expanded team of engineers and architects to identify viable scenarios for future property enhancements such as a signage program with the movie theatre and opening up a central street to vehicles. This modification alone could allow for additional retailers providing an additional income stream.”
“The District offered a rare ownership opportunity in the Las Vegas market with a great deal of upside potential as the buyer was able to acquire the property at a significant discount to replacement cost,” said MacLellan. “The Vestar venture now has possession of a trophy retail center located in one of the premier master planned communities in Nevada. This property is one of the finest sites acquired so far this year in the Western U.S.,” said MacLellan.
The center was marketed on a best offer basis and included two separate investment offerings. The Vestar/Rockwood joint venture chose to acquire both investment offerings.
Phase one of The District is located at 2220-2275 Village Walk Drive and encompasses 212,622 square feet of retail and office product.
The 21.54-acre property had a very successful opening April 2004, is located on the west side of Green Valley Parkway.
Phase one is comprised of 50 national and regional stores and restaurants; 88 luxury condominiums, and complementary office users.
The shopping, dining, entertainment, residences and office space are combined with a pedestrian-friendly main street plaza, and a beautiful central park, complete with a vintage-style Carousel.
For more information, visit www.farislee.com.
Contact: Darcie Giacchetto, 949.278.6224, Spaulding Thompson & Associates
For Faris Lee Investments
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