LAS VEGAS-Faris Lee Investments, the nation's largest retail-specialized investment advisory firm, has completed the $10.1 million sale of Craig Promenade, an 86,395-square-foot shopping center located on Craig Road in North Las Vegas.
Built in 1985 and situated on nearly 11 acres, the property was 70% occupied at the close of escrow with national tenants including Big Lots and Metro PCS along with a number of neighborhood retailers.
Faris Lee marketed the property on behalf of the seller, San Mateo, CA-based TNP SRT Craig Promenade, LLC. The buyer, RREF II-KI Promenade LLC, a joint venture between Rialto Capital and Kismat Investments, represented itself. The transaction closed at a 7.3% cap rate.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
