LAS VEGAS, NV, NOV. 1, 2011 – Vestar Development, in a joint venture with New York-based Rockwood Capital, is acquiring The District at Green Valley Ranch, a 384,107-square-foot landmark retail property located outside of Las Vegas, for $79 million, the firms announced today.
The all-cash deal, the city’s second largest commercial real estate investment transaction in three years, closed Friday, October 21.
“Now is a great time to invest in the Las Vegas retail real estate market, particularly in projects like this one,” said Rick Kuhle (middle right photo), President of Vestar Development.
“This center has recently struggled, but we are confident and excited about stabilizing it over the coming year. We’re very bullish about these types of value-added investment opportunities and are aggressively seeking more properties like it in Las Vegas and throughout the West.”
“We believe this is a compelling opportunity based upon the high quality of the center and the solid in-place cash flow,” said Joel Mayer (lower left photo), Managing Director at Rockwood Capital. “We have a longstanding relationship with Vestar and their extensive knowledge of this asset and market make them the ideal partner for this project.”
Richard Walter, president, and Donald MacLellan, senior managing director, out of Faris Lee’s Irvine, Calif. headquarters, and Rob Moore, senior managing director in Faris Lee’s Las Vegas office represented the seller, LNR Partners, LLC.
“The Faris Lee marketing team, which consisted of our Irvine headquarters and local Las Vegas offices, worked to demonstrate The District’s existing and future potential value for prospective buyers during the marketing process through advanced diligence in strategically and creatively identifying various value-add components,” said Walter. “Vestar was selected as the buyer from multiple bidders and recognized the intrinsic value of this landmark asset.”
The District is located within Green Valley Ranch (top left photo), a leading master-planned community located in the Black Mountain foothills, about 10 miles southeast of the Las Vegas Strip.
Phase one of The District was developed in 2004 and encompasses 212,622 square feet of retail and office space on the west side of Green Valley Parkway. The 21.54-acre property is comprised of 50 national and regional stores and restaurants; 88 luxury condominiums; and complementary office users.
For more information, please visit http://www.vestar.com/.
Contact: David Ebeling, Ebeling Communications, (p) 949.861.8351
(c) 949.278.7851, david@ebelingcomm.com
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