Joint Venture Between Aviva and LBG Sells Prime Retail Property
- Jun 30, 2016
By Alex Girda
Las Vegas–A partnership formed by Aviva Investors Real Estate Capital Partners I-A and LBG Real Estate Cos. recently completed the disposition of a single-tenant retail property in the Las Vegas metro area. An undisclosed buyer paid the venture $23.1 million in a transaction brokered by Capital Pacific representatives Chris Kostanecki and Dave Lucas.
Located at 1030 W. Sunset Road in Henderson, the retail property offers a total of 102,370 square feet of space. Currently fully leased to Home Depot, the facility occupies a 9-acre plot of land in an area that also features a Walmart Supercenter, Kohl’s and the Galleria at Sunset super-regional mall.
The 1992-built retail building was acquired by LBG at the end of 2012, with the intention of extending the lease with Home Depot. The company then stabilized the asset and added value to the property through a “blend and extend” measure.
LBG Principal Leslie Lundin noted that based on its expertise in the Henderson market, it was able to leverage its knowledge to figure out that there were few locations to which Home Depot could relocate. As a result, “this acquisition provided a unique opportunity for LBG to acquire a strong single-tenant property on a short-term below-market-rent lease and do a “blend and extend” to create value,” Lundin also noted.
Image courtesy of LBG Real Estate