LAS VEGAS-Making its initial foray into the Las Vegas multifamily market, Excel Trust has purchased an 118,763-square-foot neighborhood center. Although the price was undisclosed, real estate sources say the center traded for $17.5 million in all-cash deal.

Albertsons and CVS Pharmacy are the grocery-and-drug store anchors of the Anthem Highlands Shopping Center, which sits on a 13-acre site at northwest corner of Anthem Parkway and Bicentennial Parkway. Other national tenants in the center include Bank of America, Pizza Hut, Starbucks, Subway and Wells Fargo Bank.

The trade area was a selling point, according to Mark Lucescu, president of Newport Beach, CA-based Lucescu Realty, who represented the seller, Regency Centers. Lucesco cited local household incomes of $122,991in a one-mile radius of the center and $119,413 in a three miles radius. “It’s an institutional quality piece of real estate,” Lucescu says in a statement.