Partners Capital Acquires Sunset Shopping Center in Henderson
The city’s retail market is currently seeing some relief, with a rebound well underway in terms of development and acquisitions. With rents finally headed towards a positive year-on-year change, investors are once again looking toward the Las Vegas market for opportunities. A joint venture created by Partners Capital and its affiliates has now moved to acquire the Sunset Shopping Center in the Las Vegas submarket of Henderson for an undisclosed amount.
By Alex Girda, Associate Editor
With retail property rents on the rise in metropolitan Las Vegas, investors are once again looking for opportunities in the market. In another recent example, Partners Capital has acquired Sunset Shopping Center in Henderson for an undisclosed price.
The 165,000-square-foot property features a tenant rost
er anchored by Sports Authority, Toys R Us, O’Reilly Auto Parts and Wells Fargo. Vacancy rates in metro Las Vegas are still above the national average, but a downward trend has been noticeable for a few years now.
Asking rents are also moving upward. Data provided by Marcus & Millichap Real Estate Investment Services Inc. projects solid demand for the rest of the year, while vacancy is on track to drop 40 basis points to about 10.7 percent.That would follow last year’s 80 basis-point decline.
Partners Capital acquired the debt on Sunset Shopping Center from a special servicer in an all-cash, 10-day transaction, according to rentv.com. The company’s holdings in Metro Las Vegas include Galleria at Sunset Mall Outparcel, Bonita Plaza, Stone Canyon Professional Park and Charleston Festival. These acquisitions represent about $200 million in investment.
Chart courtesy of Marcus & Millichap Real Estate Investment Services @ marcusmillichap.com
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