Phoenix Firm Picks Up Power Center for $65M

LAS VEGAS-The 475,000-sf Best in the West Power Center in Northwest Las Vegas has traded hands for $65 million. Best West LP, a part of The Molasky Group of Companies sold the 35-acre property to Desert Troon, a Phoenix based real estate company.

The shopping center has two freeway accesses and is at the gateway to Summerlin and Sun City at U.S. Highway 95 and Lake Mead Boulevard. The center has 30 tenants including Best Buy, OfficeDepot, Babies “R” Us, Bed Bath &Beyond and Petsmart. Restaurants include Tony Roma’s, Sweet Tomatoes, McDonald’s and Applebees.

“The center represents the largest square footage of gross leasable area under one ownership and, as a result, has set the record for the highest price ever paid for a shopping center in the state of Nevada,” says Marcus & Millichap Broker Mark Lucescu, who represented the Molasky Group in the transaction and directly procured the buyer. “The offering was aggressively pursued by some of the largest institutional and non-institutional companies in the country.”