{"id":1004767813,"date":"2025-08-07T03:56:38","date_gmt":"2025-08-07T11:56:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004767813"},"modified":"2025-08-07T03:56:40","modified_gmt":"2025-08-07T11:56:40","slug":"vegas-shopping-center-changes-hands-for-46m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vegas-shopping-center-changes-hands-for-46m\/","title":{"rendered":"Vegas Shopping Center Changes Hands for $46M"},"content":{"rendered":"\n

<\/p>\n\n\n

\n
\"Aerial<\/a>
Paradise Esplanade is adjacent to the famous Las Vegas Strip. Image courtesy of JLL<\/em><\/figcaption><\/figure><\/div>\n\n\n

Paradise Esplanade, a 58,727-square-foot shopping center in Las Vegas, has changed hands for $46.4 million. Litwin Management purchased the asset from Eagle Group, with the help of a City National Bank loan, public records show. JLL represented the seller.<\/p>\n\n\n\n

Eagle Group acquired the shopping center for $32 million back in 2006, according to Yardi Research Data. In 2015, Paradise Esplanade became subject to a $23.5 million CMBS loan originated by Citibank, with Wilmington Trust as a trustee. That note matured this month.<\/p>\n\n\n\n

Completed in 2005, Paradise Esplanade encompasses two one-story buildings. Anchored by a CVS Pharmacy, the shopping center features a diverse mix of regional and national retailers such as Famous Dave\u2019s, Ferraro\u2019s Italian Restaurant & Wine Bar and Gangman Asian Dining, among others.<\/p>\n\n\n\n

Located at 4480 Paradise Road, the shopping center is within an Opportunity Zone, in an area where the daily traffic count reaches 98,000 vehicles, according to JLL. Adjacent to both the University of Nevada Las Vegas and the Virgin Hotel, the retail center has approximately 1.1 million annual visitors.<\/p>\n\n\n\n

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READ ALSO:<\/strong> Why Convenience Stores Could Be the Smart Money Play of 2025<\/a><\/p>\n\n\n\n

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Managing Director Daniel Tyner and Senior Managing Director Gleb Lvovich led the JLL Capital Market Investment Sales and Advisory team that worked on behalf of Eagle Group.<\/p>\n\n\n\n

Litwin’s portfolio includes shopping centers, office buildings and single-tenant NNN properties across Arizona, Nevada and California. One of the firm’s holdings is a 92,330-square-foot shopping center in Tucson, Ariz., that Litwin acquired<\/a> for $51 million. <\/p>\n\n\n\n

Las Vegas retail continues to attract<\/h2>\n\n\n\n

Shopping center investment activity in Las Vegas totaled $116 million in the second quarter of this year, with an average price of $251.87 per square foot, according to a Cushman & Wakefield report. The sales volume was up 153 percent over the year.<\/p>\n\n\n\n

The metro\u2019s vacancy clocked in at 5.8 percent, unchanged from the same period last year, with lifestyle centers recording the highest vacancy rate at 8.3 percent. Asking rents averaged $1.99 per square foot, down 1.5 percent over the quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"

A JLL team represented the seller.<\/p>\n","protected":false},"author":3014,"featured_media":1004767815,"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":[33195,32796,37404],"class_list":["post-1004767813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-las-vegas","category-latest","category-retail","category-west","tag-city-national-bank","tag-jll","tag-litwin-management"],"acf":[],"yoast_head":"\nVegas Shopping Center Changes Hands for $46M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Litwin Management has purchased Paradise Esplanade, a shopping center adjacent to the Las Vegas Strip, from Eagle Group.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/vegas-shopping-center-changes-hands-for-46m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vegas Shopping Center Changes Hands for $46M\" \/>\n<meta property=\"og:description\" content=\"Litwin Management has purchased Paradise Esplanade, a shopping center adjacent to the Las Vegas Strip, from Eagle Group.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/vegas-shopping-center-changes-hands-for-46m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-08-07T11:56:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-08-07T11:56:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/Paradise-Esplanade-e1754561199494.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1163\" \/>\n\t<meta property=\"og:image:height\" content=\"872\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vegas-shopping-center-changes-hands-for-46m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/vegas-shopping-center-changes-hands-for-46m\/\",\"name\":\"Vegas Shopping Center Changes Hands for $46M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vegas-shopping-center-changes-hands-for-46m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vegas-shopping-center-changes-hands-for-46m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/Paradise-Esplanade-e1754561199494.jpg\",\"datePublished\":\"2025-08-07T11:56:38+00:00\",\"dateModified\":\"2025-08-07T11:56:40+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\"},\"description\":\"Litwin Management has purchased Paradise Esplanade, a shopping center adjacent to the Las Vegas Strip, from Eagle Group.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vegas-shopping-center-changes-hands-for-46m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/vegas-shopping-center-changes-hands-for-46m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vegas-shopping-center-changes-hands-for-46m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/Paradise-Esplanade-e1754561199494.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/Paradise-Esplanade-e1754561199494.jpg\",\"width\":1163,\"height\":872,\"caption\":\"Paradise Esplanade. 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