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LAS VEGAS-Desert Inn Pecos Center, a 48,172-sf retail center here, has changed hands for $11.44 million. The center is 96% leased. Tenants include Family Dollar, Nevada Career Institute and Ace Cash Express.
The new owner is a private investor based out of Orange County, CA. The seller was a private investor based in Los Angeles. Hanley Brown Group Real Estate Advisors of Irvine, CA, which brokered the transaction, says the sale price equates to a first-year cap rate of 6.6%.
Desert Pecos Inn sits on 3.36 acres at the intersection of East Desert Inn Road and Pecos-McLeod Drive. Built in 1986, the L-shaped center houses 10 national and local tenants catering to the immediate surrounding trade area.
The sale was an all cash transaction. Hanley Brown president Edward Hanley says the property saw extensive capital improvements over the past three years, leaving the new owner with little deferred maintenance.
Looking ahead, Hanley says his firm is focused on bringing additional "aggressive capital" to the Nevada marketplace. "Here we can provide our clients with a higher yield and more available product," he says.
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