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| Lisa Brady |
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.
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| Katie Brase |
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.
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| Robert Moore |
“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.”
For a complete copy of the company’s news release, please
contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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