The development is located at 1000 -1152 W. Sunset Rd. amid a host of other retail offerings in the immediate area. Sunset Plaza tenants in the center include Sprint, Big & Tall, Barbeques Galore, Farmers Insurance, Nevada Federal Credit Union and Supercuts.
In addition to the Home Depot, the property abuts a one-time Costco warehouse retail building that was recently leased to Wickes Furniture Co. Wickes reportedly opened a store in the building late last year.
The seller was Mandan Investment LLC, an entity whose managing partner is G.H. Cooper Properties of Los Angeles, according to the deed of sale. The buyer is an entity of Sun Life Assurance of Canada.
One of the brokers in the deal, Barry Rothstein of NAI Capital in Encino, CA, tells GlobeSt.com that the initial cap rate for the new owner of Sunset Plaza is approximately 7.2%. Rothstein was assisted in the transaction by Cathy Jones of Las Vegas-based Sun Commercial and Paul Miachika of Sun Commercial in Phoenix.
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