LAS VEGAS–(BUSINESS WIRE)–November 4, 2022–
Graystone Capital Advisors, a leading investment brokerage firm, has announced the sale of Tropicana Center, a 586,147-square-foot shopping center in Las Vegas, MSA. The sale represents the largest power plant trade in the past five years in terms of volume.
The seller was represented by Julius Swolsky and Brenton Baskin of Graystone Capital Advisors. First National Realty Partners, LLC acquired the center, and the sale marks the New Jersey-based company’s entry into the Nevada market.
Built in 1991, Tropicana is a triple-anchored energy center that includes a 134,000-square-foot Sam’s Club, a 120,000-square-foot Walmart Supercenter, and a 40,000-square-foot Sprouts Farmers Market. Two of the largest tenants, Walmart and Sam’s Club, have shown strong commitment with leases beginning in 1991. Other tenants include Conn’s HomePlus, Ross, Ace Hardware, Big 5 Sporting Goods, Dollar Tree, Rainbow and McDonald’s. Around the time of the sale, 26,000 square feet will remain vacant, providing an opportunity to create upside and improve cash flow.
Tropicana Center is located four miles east of Las Vegas Boulevard, along Tropicana Avenue, from the designated corner of McLeod Drive to S Pecos Road. The shopping center is ideally positioned within the region’s dominant east-west thoroughfare, offering excellent visibility and exposure to over 71,000 cars per day. The densely populated Central East Las Vegas submarket is expected to see a population increase of 11.33 percent over the next five years, along with strong family growth. Additional benefits include the campground’s proximity to the University of Nevada Las Vegas campus and Harry Reid International Airport.
“Tropicana Center provided the opportunity to earn an attractive daily rate while acquiring a high-performing anchored center with a superior national tenant roster,” said Swolsky. “The performance of the center in combination with the expected growth of the sub-markets will lead to greater profitability in the coming years.”
“This sale demonstrates continued interest in stores anchored in supermarkets, despite recent volatility in capital markets,” added Baskin. “Amid rising inflation and interest rates, investors are looking for high-quality retailers to complement other retail applications on the site.”
About Graystone Capital Advisors
Graystone Capital Advisors is a full-service brokerage firm based in Orange County, CA. Their team of experts specializes in disposition and acquisition services, leasing services, real estate valuation, transaction management and equity placement. With over 40 years of combined industry experience, the members of Graystone Capital Advisors have assembled a truly innovative team focused on efficiency, transparency and accountability.
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Brenton Baskin, email@example.com
KEY WORD: CALIFORNI NEVADA UNITED STATES NORTH AMERICA
INDUSTRY KEY WORD: RETAIL SHOPS SUPERMARKET COMMERCIAL CONSTRUCTION & REAL ESTATE CONSTRUCTION & REIT REIT
SOURCE: Graystone Capital Advisors
Copyright Business Wire 2022.
PUB: 11/04/2022 14:08 HOUR/DISC: 11/04/2022 14:08
Copyright Business Wire 2022.