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| Home Depot, 1030 West Sunset Road, Henderson, NV |
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| Douglas Beiswenger |
HENDERSON, NV – LBG REAL
ESTATE COMPANIES, LLC (LBG), a Southern California-based investor in retail
real estate, in partnership with Aviva Investors Real Estate Capital Partners
I-A, LP, announce that they have completed the sale of a prime, single-tenant
net-lease property in Henderson NV to an undisclosed buyer at a sale price of
$23,162,717.
The sale of the property
was brokered by Chris Kostanecki and
Dave Lucas of Capital Pacific in Las Vegas, NV.
The property is
prominently located within the Sunset Plaza Shopping Center at 1030 W. Sunset Road, near Interstate
515, and contains approximately 102,370 square feet of building area on 9.07
acres.
Built in 1992, the property is surrounded by
many leading national retailers, which provides a strong consumer draw to the
intersection. These include a Walmart Supercenter, Kohl's, and Forest City’s
highly successful Galleria at Sunset super-regional mall.
LBG acquired the Home
Depot-leased property in December of 2012. The plan going into the purchase was
to extend the base lease term of the Home Depot. LBG was able to perform a
“blend and extend” to stabilize the asset for the long-term and add value to
the property.
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| David S. Goldman |
LBG is led by principals’ Douglas Beiswenger, David Goldman, and
Leslie Lundin.
Commenting on the
property, Lundin said, “Knowing that Home Depot would not vacate the property
based on LBG’s knowledge of the Henderson retail market and available
developable land in the submarket that would be suitable for Home Depot, this
acquisition provided a unique opportunity for LBG to acquire a strong
single-tenant property on a short-term below-market-rent lease and do a ‘blend
and extend’ to create value."
Goldman added, “In late
2012, the retail market in Las Vegas was turning up and we knew that this prime
property and core market would only continue to improve in the years to come.
"We also believed that the building in this A+ location could be easily
re-tenanted, potentially under even more favorable economics, if Home Depot
decided to vacate in five years.”
“In 2012, we saw
improvements in the Las Vegas market but remained very concerned about its
housing market crash,” said Russ Bates,
head of the Americas of the Global Indirect Real Estate team of Aviva
Investors.
“Through our joint venture program, which allows us to partner with
best-in-class operators, we partnered with LBG to acquire a mismanaged retail
asset with an outstanding tenant and located in an excellent, mature retail
market.
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| Leslie Lundin |
" This combination of purchasing at a deep value, earning solid cash flow
and strong management by our partner led to great results.”
For more Information,
contact:
David Goldman
Managing Partner
LBG Real Estate Companies,
LLC
11150 Santa Monica
Boulevard, Suite 770
Los Angeles, CA 90025
O 310-235-0444 x15
For a complete copy of the company’s news release,
please contact:
Anne Monaghan
Monaghan Communications
830.997.0963
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