Partners Capital Acquires Sunset Shopping Center in Henderson
- Jul 10, 2014
With retail property rents on the rise in metropolitan Las Vegas, investors are once again looking for opportunities in the market. In another recent example, Partners Capital has acquired Sunset Shopping Center in Henderson for an undisclosed price.
The 165,000-square-foot property features a tenant roster anchored by Sports Authority, Toys R Us, O’Reilly Auto Parts and Wells Fargo. Vacancy rates in metro Las Vegas are still above the national average, but a downward trend has been noticeable for a few years now.
Asking rents are also moving upward. Data provided by Marcus & Millichap Real Estate Investment Services Inc. projects solid demand for the rest of the year, while vacancy is on track to drop 40 basis points to about 10.7 percent.That would follow last year’s 80 basis-point decline.
Partners Capital acquired the debt on Sunset Shopping Center from a special servicer in an all-cash, 10-day transaction, according to rentv.com. The company’s holdings in Metro Las Vegas include Galleria at Sunset Mall Outparcel, Bonita Plaza, Stone Canyon Professional Park and Charleston Festival. These acquisitions represent about $200 million in investment.
Chart courtesy of Marcus & Millichap Real Estate Investment Services @ marcusmillichap.com