Kite Realty Group Buys Summerlin’s Rampart Commons in $32 Million Deal
The second half of the year meant a substantial increase in the amount of attention the Las Vegas commercial real estate market has seen, with investors dialing in on opportunities throughout the market. Kite Realty Group Trust recently completed the acquisition of Rampart Commons in the city’s Summerlin submarket, an area of the Las Vegas Valley that is seeing development and interest reach an all-time high. The Indianapolis-based company paid a total of $32.3 million for the asset, including $12.3 million of assumed debt.
By Alex Girda, Associate Editor
Las Vegas generated a substantial increase in attention during the second half of 2014 as investors dialed into opportunities throughout the market. Kite Realty Group Trust recently completed the $32.3 million acquisition of Rampart Commons in the Summerlin submarket, which is enjoying robust development and investment. The price of the sale to the Indianapolis-based company included $12.3 million of assumed debt.
Rampart Commons is located at the northwest corner of North Rampart Boulevard and West Charleston Boulevard, in an area that features a population of roughly 103,000 and an average household income of $110,756. The shopping center’s tenant roster includes such national retailers and restaurants as Williams-Sonoma, P.F Chang’s, Ann Taylor, Talbots, Chico’s and Pottery Barn. At the time of the transaction, the asset was fully occupied. Whole Foods and Target stores at the intersection serve as shadow anchors for Rampart Commons.
The recently completed development of Downtown Summerlin, as well as a large number of housing that are currently in development at the master-planned community, have raised Summerlin’s profile. Kite Realty Group’s chairman & CEO, John Kite, cited the acquisition of Rampart Commons as “the direct result of our regional approach and, importantly, illustrates the positive impact our larger national presence has on our ability to source opportunistic, off-market acquisitions.”
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