Harsch Buys Well-Located Power Center for $54M

HENDERSON, NV-Harsch Investment Properties has just made its largest acquisition to date, acquiring the 379,067-sf Stephanie Street Power Center in Henderson, NV for $54 million.

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.