Agora Realty Buys Fiesta Plaza

The Fiesta Plaza retail center in North Las Vegas was recently acquired by West Coast-based entity Agora Realty & Management. The buyer paid the private seller a total of $12,950,000 for the grocery-anchored shopping center, and then subsequently signed on a brand new tenant on a ten-year lease. It was recently reported that publicly-owned Conn’s Electronics will be taking over roughly a quarter of the total space available at Fiesta Plaza. Leasing activity at the newly acquired property will be handled by Las Vegas-based ROI Commercial Real Estate.

The Fiesta Plaza retail center in North Las Vegas was recently acquired by Agora Realty & Management Inc. of Sherman Oaks, Calif. The buyer paid the private seller $13 million for the 200,000-square-foot grocery-anchored center, and then signed on a major tenant to a ten-year lease.

In a statement, Agora Realty announced that Conn’s Electronics will occupy 52,000 square feet at the center starting in August 2015. Leasing will be handled by Las Vegas-based ROI Commercial Real Estate.

Located at 2201 Civic Center Drive and Lake Mead Boulevard, Fiesta Plaza occupies  23 acres and features a tenant roster that includes US Bank, El Pollo Loco, and H&R Block. The buyer noted in a statement that the neighborhood needs more varied retail options to serve its daytime employment population of about 42,000.

Agora Realty’s CEO, Cary Lefton, noted that the firm now plans to renovate the property’s façade, add new landscaping, upgrade the parking lot and improve lighting and utilities. Lefton also noted that the company is planning to transform the property into a core asset in an up-and-coming market that also includes the North Las Vegas Justice Center and the city’s police headquarters.