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LAS VEGAS-Vegas Plaza, a 52,410-sf retail center here will be renovated and expanded by its new owners, Southern California-based Strata Vegas LLC. The acquisition and renovation is being funded by a $10.57-million loan from Cohen Financial.
The center sits on the northwest corner of Bonanza and Eastern, 1.5 miles northwest of Downtown. It is anchored by Smart & Final and Hollywood Video.
Cohen managing director Mark Strauss, who originated the loan, tells GlobeSt.com the loan, which has a $2.4-million construction component, covers about 83% of the total cost to acquire and renovate the property.
The non-recourse bridge loan has a two-year term with two six-month extensions at market rate floating over the LIBOR. The renovation plan includes improvements to the façade, parking and landscaping and the addition of a 6,350-sf pad building.
"It's a great corner location with a lot of traffic," Strauss says. "It's probably the property that needs the most attention at that intersection."
The work will be done over the next 18 months, starting with the façade. The renovation should allow the new owner to raise rents to market, Strauss says. Market rents for the area are in the $2- to $2.50 per sf range.
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