{"id":1004743375,"date":"2025-01-16T05:14:19","date_gmt":"2025-01-16T13:14:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004743375"},"modified":"2025-01-16T06:02:38","modified_gmt":"2025-01-16T14:02:38","slug":"las-vegas-shopping-center-sells-for-50m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/las-vegas-shopping-center-sells-for-50m\/","title":{"rendered":"Las Vegas Shopping Center Sells for $50M"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/Mountains-Edge-Marketplace-edited.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1584\" height=\"1189\" data-attachment-id=\"1004743393\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/default-93\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/Mountains-Edge-Marketplace-edited.jpg\" data-orig-size=\"1584,1189\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;2.8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;L2D-20c&quot;,&quot;caption&quot;:&quot;default&quot;,&quot;created_timestamp&quot;:&quot;1734713597&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;12.3&quot;,&quot;iso&quot;:&quot;460&quot;,&quot;shutter_speed&quot;:&quot;0.066666666666667&quot;,&quot;title&quot;:&quot;default&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"default\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;default&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/Mountains-Edge-Marketplace-edited.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/Mountains-Edge-Marketplace-edited.jpg\" alt=\"Aerial view of Mountain\u2019s Edge Marketplace in Enterprise, Nev.\" class=\"wp-image-1004743393\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/Mountains-Edge-Marketplace-edited.jpg 1584w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/Mountains-Edge-Marketplace-edited.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/Mountains-Edge-Marketplace-edited.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/Mountains-Edge-Marketplace-edited.jpg?resize=1024,769 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/Mountains-Edge-Marketplace-edited.jpg?resize=1536,1153 1536w\" sizes=\"auto, (max-width: 1584px) 100vw, 1584px\" \/><\/a><figcaption class=\"wp-element-caption\">Mountain\u2019s Edge Marketplace is part of a master-planned community. <em>Image courtesy of CBRE<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Remington Nevada has sold Mountain\u2019s Edge Marketplace, a 115,000-square-foot neighborhood shopping center in metro Las Vegas, for $50.3 million. CBRE arranged the transaction.<\/p>\n\n\n\n<p>The buyer, an out-of-state investor, also assumed the existing $33 million CMBS note encumbering the property. The 10-year loan, issued by Morgan Stanley Bank in 2022, features interest-only payments at a rate of 4.51 percent for 60 months, followed by a calculated amortization under a 30-year basis, according to CommercialEdge information.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-space-in-focus-whats-driving-the-sectors-growth\/\">What\u2019s Driving the Retail Sector\u2019s Growth?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The sale closed at a 6.3 percent cap rate and a 30-day due diligence period, three weeks after the loan assumption approval. The note&#8217;s interest rate, in the low 4 percent range, was one of the better-than-market terms that favored the transaction, CBRE&#8217;s Roy Fritz said in prepared remarks. Fritz and Preston Fetrow, both with the firm&#8217;s National Retail Investment Partners-West division, represented the seller.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-mountain-s-edge-marketplace-up-close\">Mountain\u2019s Edge Marketplace, up close<\/h2>\n\n\n\n<p>The retail center is at 7975 Blue Diamond Road in Mountain\u2019s Edge, a master-planned community in Enterprise, Nev., an unincorporated town in Clark County, southwest of Las Vegas.<\/p>\n\n\n\n<p>Built in 2016 on about 14.8 acres, Mountain\u2019s Edge Marketplace was 98 percent leased at the time of closing. Its tenant roster includes 40 national and local retailers, among which are Ross, Planet Fitness, Starbucks, Supercuts, The UPS Store, China A Go Go and T-Mobile. The center is shadow-anchored by an Albertsons supermarket, a property that was not included in the sale.<\/p>\n\n\n\n<p>The retail center is some 16 miles from downtown Las Vegas, serving roughly 118,000 residents within a 3-mile radius. Its position on Blue Diamond Road benefits from a daily car traffic of 46,000 vehicles. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-mixed-picture-for-the-las-vegas-retail-market\">Mixed picture for the Las Vegas retail market<\/h2>\n\n\n\n<p>The Clark County retail market has been seeing both slower sales activity and decreased deliveries, according to a <a href=\"https:\/\/www.cbre.com\/insights\/figures\/las-vegas-retail-figures-q3-2024\">third-quarter report from CBRE<\/a>. The latter presumably has helped with pulling average availability down by 10 basis points to 5.1 percent.<\/p>\n\n\n\n<p>Overall absorption was 88,000 square feet in the third quarter, though power centers had 63,000 square feet of negative absorption over the same period, CBRE reported. Meanwhile, total investment sales amounted to $52.3 million.<\/p>\n\n\n\n<p>In one of the quarter&#8217;s deals, Aspen Real Estate acquired a 226,000-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/aspen-real-estate-buys-las-vegas-shopping-center-out-of-foreclosure\/\">foreclosed shopping center in Las Vegas<\/a> for $24.7 million.&nbsp;The transaction marked Aspen\u2019s&nbsp;second foreclosure purchase from LNR.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An Albertsons store shadow-anchors the property.<\/p>\n","protected":false},"author":882,"featured_media":1004743393,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1593,21742,21749,15],"tags":[32789,35826,33603],"class_list":["post-1004743375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-las-vegas","category-latest","category-retail","category-west","tag-cbre","tag-cmbs","tag-morgan-stanley-bank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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