LAS VEGAS-Lucescu Realty of Newport Beach, CA has expanded with the opening of a Las Vegas office headed by industry veteran Frank J. Marretti III as managing director. The investment brokerage firm's new office is in the Howard Hughes Center at 3960 Howard Hughes Parkway, Suite 500.
Mark Lucescu, president of Lucescu Realty, says in an announcement regarding the office opening that, "Opening a Las Vegas office, the first office outside of the company’s Newport Beach headquarters, has been a long-planned goal for our firm." Over the years, Lucescu has represented Las Vegas real estate firms including the Molasky Cos., American Nevada, Laurich Properties, Regency Centers and others.
"Having Frank Marretti as part of our office will further our continued success in the Valley and position us for continued growth throughout the Southwestern US," says Lucescu, who notes that the firm plans to open an office in Phoenix this summer. Marretti has been involved in real estate throughout Nevada and its surrounding states for more than 20 years, having brokered and developed projects totaling in excess of $1 billion in market value.
Before joining Lucescu, Marretti founded Cielo Properties Inc., a Las Vegas-based development, brokerage, and construction company focused on the development of retail properties, shopping centers, office buildings and custom homes, with projects in Nevada, Utah, Arizona and California. Before Cielo Properties, Marretti was the top broker with Marcus & Millichap’s Las Vegas office and headed Colliers International’s Investment Services Group in Las Vegas.
Lucescu Realty has closed, or currently has in escrow, approximately $500 million in retail property transactions so far this year. The company most recently represented separate sellers, and procured the buyers, in the $92.5 million sale of Park West Place, a 757,000-square-foot power center in Stockton, CA; and the $68.5 million sale of Gilroy Crossing, a 474,000-square-foot power center in Gilroy, CA.
Lucescu, in discussing the latest retail market trends, expects core and core-plus offerings to continue to garner the greatest demand "due to the dearth of available inventory and the surplus of capital pursuing these types of offerings." Class B and C retail properties will continue to suffer declining lease rates from increasing vacancies and rising competition from class A centers as tenants trade up to higher quality locations with similar lease rates, he says.
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