According to Faris Lee’s Walter, the marketing team “worked to demonstrate the District’s existing and future potential value for prospective buyers during the marketing process through advanced diligence in strategically and creatively identifying various value-add components.” He adds that “Vestar was selected as the buyer from multiple bidders and recognized the intrinsic value of this landmark asset.”

Walter adds that “We created an online war room that provided a huge amount of information to investors interested in the property. We also worked with an expanded team of engineers and architects to identify viable scenarios for future property enhancements such as a signage program with the movie theatre and opening up a central street to vehicles. This modification alone could allow for additional retailers providing an additional income stream.”

According to MacLellan, “The District offered a rare ownership opportunity in the Las Vegas market with a great deal of upside potential as the buyer was able to acquire the property at a significant discount to replacement cost. The Vestar venture now has possession of a trophy retail center located in one of the premier master planned communities in Nevada. This property is one of the finest sites acquired so far this year in the Western US.”

Bill Ohlsen, senior vice president of LNR Partners, says that “Faris Lee was able to move quickly on its marketing strategy and upfront purchase and sale agreement negotiations that proved favorable for LNR and ultimately maximized the price of the property. The firm was creative about the property’s future potential so that prospective buyers could better envision it from a value-add perspective.”

While the economic recovery of Las Vegas’ real estate market has been uneven, quality areas continue to prove their value, according to a prepared statement. “Faris Lee worked to demonstrate the District’s existing and future potential value for prospective buyers as the foreclosed property was located in a quality master planned community. This effort was evident throughout the marketing process through advanced diligence in strategically identifying previously overlooked income producing components of the existing property,” says a release.

The District is located within Green Valley Ranch, a leading master-planned community located in the Black Mountain foothills, about 10 miles southeast of the Las Vegas Strip. The center was marketed on a best offer basis and included two separate investment offerings. The Vestar/Rockwood joint venture chose to acquire both investment offerings, says a release.

Phase one of the District was developed in 2004 and encompasses 212,622 square feet of retail and office space on the west side of Green Valley Parkway. The 21.54-acre property is comprised of 50 national and regional stores and restaurants; 88 luxury condominiums; and complementary office users. The shopping, dining, entertainment, residences and office space are joined via a pedestrian-friendly main street plaza and a central park. Phase one is 85% leased to tenants including: REI; Pottery Barn; Anthropologie; Williams-Sonoma; Ann Taylor Loft; White House/Black Market; King’s Fish House; and P.F. Chang’s.

Phase two of the District was developed in 2006 and totals 171,485 square feet on 16.02 acres. The property consists of six buildings with a retail and office tenant mix. Phase two is 82% leased, anchored by Whole Foods and also including tenants such as West Elm and the Cheesecake Factory.