Cannon Commercial Buys Las Vegas Shopping Center for $44M
- Nov 04, 2019
Weingarten Realty Investors has sold Westland Fair, an approximately 220,000-square-foot community shopping center in Las Vegas, to Cannon Commercial for $43.5 million, according to Clark County records. The buyer secured acquisition financing through Goldman Sachs and additionally assumed a previous loan taken by the seller.
The property is located on 23.3 acres at 1251 to 1291 S. Decatur Blvd. and 4437 to 4471 W. Charleston Blvd., approximately 4 miles northwest of the Las Vegas Strip. A public bus route runs along the north side of the retail center, linking the neighborhood to the wider metro area. Interstate 15 is within 3 miles of the asset.
Westland Fair was built in 1971. A Smart & Final grocery store anchors the property, with a mix of other tenants including Michaels, PetSmart, WSS and Cicis Pizza. Included in Cannon’s buy is a 3,600-square-foot outbuilding, home to Dotty’s Gaming & Spirits. Another nine small, independently owned structures—mostly occupied by restaurants—are on the northern side of the shopping center. Walmart and Lowe’s shadow anchor the property with stores on the southern edge of the area.
While the retail sector in the metro is strong, the hospitality industry remains the backbone of Las Vegas’ economy. In October, Blackstone paid $4.3 billion for the famous Bellagio, one of the city’s most iconic casinos.