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Close-In Retail Center Fetches $269 Per SF

LAS VEGAS-The 27,065-sf grocery-anchored neighborhood sits on 2.1 acres near Hughes Center and Wynn Golf Club.

By Brian K. Miller | Updated on July 11, 2007

LAS VEGAS-A Los Angeles-based investor has scooped up a small grocery-anchored retail center here for $7.3 million. Called Twain Plaza, the 27,065-sf center sits near Hughes Center and Wynn Golf Club and is 84.5% leased. The anchor tenant is Green Valley Grocery.

The buyer is Wishlab 90, a California LLC, whose agent is listed as Faramarz Raban. One of the brokers in the deal, David Howes of Bedore International, tells GlobeSt.com that the 2.1-acre property is zoned H-1, which is a limited resort and apartment district established for the development of gaming enterprises, compatible commercial and mixed-use commercial and residential uses.

Currently, the immediate area contains a lot of lower-income apartment buildings, but, because of its close proximity to the Strip and Hughes Center, it might see some redevelopment. Meanwhile, the property works fine as a retail investment. The purchase price translates to a cap rate of about 7% based on current rents, Howe says.

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