Well-located across from the 1.2-million-sf Galleria Mall, the property is 97% leased to the likes of Barnes & Noble, Macaroni Grill, Wild Oats, Pier 1, PetSmart and Old Navy. The acquisition brings the Portland, OR-based company's Las Vegas regional portfolio to nearly 6 million sf.
Harsch Investment President Jordan Schnitzer says the acquisition starts to balance out a Las Vegas-area portfolio that includes 5.5 million sf of multi tenant industrial. "We liked adding another retail property, especially one that is so well located," says Schnitzer, adding that he continues to seek out other retail acquisition opportunities in Las Vegas and elsewhere in the West.
The seller of Stephanie Street Power Center is listed as Stephanie Street LLC. The company was represented by Perry White of Marcus & Millichap.
Other Las Vegas-area properties owned by Harsch Investment Properties include: Las Vegas Spectrum, a 750,000-sf industrial park located at Pecos and Charleston Roads; The Center at Spring Mountain, a 390,000-sf, multi-tenant industrial and retail project at 3939 West Spring Mountain Road, and; the 1.4 million-sf Speedway Commerce Center located at the Las Vegas Motor Speedway in North Las Vegas.
Harsch Investment is a privately-held real estate company that acquires and develops properties for its own portfolio. The company currently owns and operates 100 properties in seven states. Its commercial real estate portfolio comprises more than 12.5 million sf of office, retail and industrial properties. The company also owns and manages about 2,700 multifamily housing units.
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