Retail, Mixed-Use Properties Trade Hands

LAS VEGAS-Two commercial properties here recently changed hands for a combined $16.4 million. A 3.9-acre site on Sahara Avenue near Interstate 15 that holds one leased retail building sold for $10.1 million and a 15-acre site on Tropicana east of Hualapai approved for 134,000 sf of development sold for about $6.3 million.The property on Tropicana was sold by Hualapai Partnership and acquired by Longford at Tropicana LLC. Two of the five pads will be developed as 17,000-sf multi-tenant retail/professional buildings fronting Tropicana. Completion of those two buildings is slated for March 2005. Behind the pads a 100,000-sf garden-style office complex will be developed. The office buildings, which will range in size from 1,600 sf to 8,500 sf, are scheduled for completion in May 2005.The leasing agent for the retail space is Jacqueline Young of NAI Horizon in Las Vegas. Young also represented the buyer in the sale transaction. Eddie Gutzman of NAI Horizon in Las Vegas represented the seller. The leasing agents for the office space are Kathy Campbell, Bruce Follmer, and Carla Molina, also of NAI Horizon in Las Vegas.The property at 3600 W. Sahara Ave. is Paseo Plaza Shopping Center. The property contains one 45,769-sf retail building that was constructed in 1995 and is leased to Landry’s Seafood Restaurant and David’s Bridal. Janet Goldstein of NAI Horizon in Las Vegas represented the buyer, Sahara SAB LLC. Elliott and Assoc. represented the seller, Michigan Paseo Plaza LLC.