A North Las Vegas community center has traded at the highest price reported for a commercial property in the Las Vegas Valley, VegasINC reports. Bala Cynwyd, Pa.-based Stoltz Real Estate Partners has acquired Deer Springs Town Center from Regency Centers Corp. in a $50.5 million deal. Lucescu Realty arranged the transaction.
Located on a 62-acre parcel at the intersection of the Interstate 215 Beltway and 5th Street, the 512,325-square foot retail center is home to such brands as Home Depot, Toys ‘R’ Us, Babies ‘R’ Us Ross Dress for Less, Target, PetSmart, Michaels and Staples. Also on the tenant roster are AT&T, In-N-Out, Nevada Federal Credit Union and Verizon Wireless.
At the time of the sale, Deer Springs Town Center’s occupancy rate stood at 86 percent. Not included in the transaction was a 143,160-square-foot Target store, which is owned by the big-box retailer.
The property’s $50 million-plus price tag may foreshadow what some analysts believe will be a stabilizing year for the area’s retail market. With job growth apparently on the horizon, upward movement in retail rental rates might follow.
As research from Marcus & Millichap Real Estate Investment Services Inc. suggests, 2013 might be the first year since 2008 to create stability in the region’s retail market, if not substantial growth.
Chart courtesy of Marcus & Millichap Real Estate Investment Services Inc.