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| The Shoppes at Harmond Square Las Vegas, NV |
LOS ANGELES, CA (Jan. 15, 2013) – Commercial real estate
investment banking firm George Smith Partners has successfully arranged a $9.1
million bridge loan for its client, HD Harmon Square LLC, for the acquisition
of The Shoppes at Harmon Square, a 36,265 square-foot retail shopping
center located on the corner of Harmon Avenue and Paradise Road in Las Vegas,
across from the Hard Rock Hotel & Casino,
according to Principal and Managing Director, David Rifkind.
The buyer was HD Harmon Square LLC. Michael
Kammerling of Newmark Grubb Knight Frank represented Gaslamp Holdings, the seller.
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| David Rifkind |
The property was
sold for $11.5 million, $9.1 million of which came from the private bridge loan
secured by George Smith Partners on behalf of the buyer.
“This transaction
marks a turnaround for quality investment retail properties in Las Vegas,”
explained Rifkind. “At this point in
the recovery, there have been very few sales of retail properties in the Las
Vegas market, and of those that have sold most have been distressed.
“This non-distressed acquisition was made by a knowledgeable
local developer and investor who understands the value and potential of this
property in the recovering market. We
expect to see more of these standard sales occurring as the Las Vegas retail
market continues to steadily recover.”
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| Michael Kammerling |
The Shoppes at Harmon Square is a newly renovated shopping
center, currently anchored by Kiss Monster Mini Golf and zoned H-1 for
high-rise and hotel development. The seller, Gaslamp
Holdings, spent more than $1 million in renovations on the property, with
retail suites ranging in size from 1,100 to 2,388 square feet.
For a complete copy of the company’s news release, please contact:
Corynne Randel/ Judith Brower
Brower, Miller & Cole
(949) 955-7940
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