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Ethnic-Retail Portfolio Builder Buys Center

LAS VEGAS-A client of Sarofim Realty Advisors pays Donohue Schriber $29.5 million for Sunrise Marketplace, a 188,000-sf grocery-anchored development on the eastern edge of the city.

By Brian K. Miller | Updated on September 13, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

LAS VEGAS-An ethnic-retail portfolio builder is the new owner of Sunrise Marketplace, a 188,000-sf grocery-anchored development in the 400 block of Nellis Boulevard, the main north-south thoroughfare on the eastern edge of the city. The sale price was $29.5 million, according to public records.

The seller, Donohue Schriber, acquired the center in 2005 for $17.5 million and invested an undisclosed amount in a repositioning that included a facelift and some remodeling. The center is 98% leased and anchored by Smith’s Food & Drug, Falles Paredes, Hollywood Video, Washington Mutual, and Jo-Ann’s Fabrics & Crafts.

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