LAS VEGAS, NV, Dec. 15, 2011 – Vestar, in a joint venture with New York-based Rockwood Capital, has originated a first mortgage for the financing for The District at Green Valley Ranch (lower left photo), a 384,107-square-foot landmark retail property located outside of Las Vegas.
The total loan consideration from Wells Fargo is $50 million at a fixed rate of 4.4 percent over five years. The joint venture originally paid $79 million cash in the October acquisition.
“We’re very bullish about value-added investment opportunities like The District at Green Valley Ranch and are aggressively seeking more properties throughout the West,” said Rick Kuhle (middle right photo), President of Vestar. “We have the ability to act very quickly paying all-cash on properties that fit our acquisition criteria.”
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.
The shopping, dining, entertainment, residences and office space are joined via a pedestrian-friendly main street plaza and a central park.
Phase one is 85 percent leased to several high-profile tenants including REI, Pottery Barn, Anthropologie, Williams-Sonoma, Ann Taylor Loft, White House/Black Market, King’s Fish House and P.F. Chang’s.
Phase two of The District was developed in 2006 and totals 171,485 square feet on 16.02 acres. The property consists of six buildings with a retail and office tenant mix. Phase two is 82 percent leased, anchored by Whole Foods and also including tenants such as West Elm and The Cheesecake Factory.
For more information, please visit http://www.vestar.com/.
Contact:
David Ebeling
Ebeling Communications
(949) 278-7851
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