Graystone Capital Advisors Arranged the Sale of the 586,147-Square-Foot Tropicana Centre
Graystone Capital Advisors, a leading investment sales brokerage, has announced the sale of Tropicana Centre, a 586,147-square-foot retail center located in Las Vegas MSA. The sale represents the largest retail power center trade in the last five years in terms of size.
The seller was represented by Julius Swolsky and Brenton Baskin of Graystone Capital Advisors. First National Realty Partners, LLC acquired the center, and the sale marks the New Jersey-based company’s entrance into the Nevada market.
Built in 1991, Tropicana is a triple-anchored power center featuring a 134,000-square-foot Sam’s Club, a 120,000-square-foot Walmart Supercenter, and a 40,000-square-foot Sprouts Farmers Market. Two of the largest tenants, Walmart, and Sam’s Club have shown strong commitment with leases beginning in 1991. Additional tenants include Conn’s HomePlus, Ross, Ace Hardware, Big 5 Sporting Goods, Dollar Tree, Rainbow, and McDonald’s. Around the time of the sale, 26,000 square feet remain vacant which presents an opportunity to create upside and enhance cash flow.
Tropicana Centre is situated four miles east of Las Vegas Boulevard, located along Tropicana Avenue spanning from the signalized corner of McLeod Drive to S Pecos Road. The retail center is ideally positioned within the region’s dominant east-west thoroughfare providing excellent visibility and exposure to more than 71,000 cars per day. The densely populated Central East Las Vegas submarket is expected to see a population increase of 11.33 percent in the next five years along with strong household growth. Additional benefits come from the site’s proximity to the University of Nevada Las Vegas campus and the Harry Reid International Airport.
“Tropicana Centre represented an opportunity to achieve an attractive day-one cap rate while also acquiring a strong-performing anchored center with a superior national tenant roster,” said Swolsky. “The performance of the center coupled with the projected submarket growth will net increased profitability for years to come.”
“This sale demonstrates the continued interest for grocery-anchored retail sites despite recent capital markets volatility,” adds Baskin. “Amid rising inflation and interest rates, investors are looking for high-quality necessity retailers that will complement other retail uses within the site.”
About Graystone Capital Advisors
Graystone Capital Advisors is a full-service brokerage company located in Orange County, CA. Their team of experts specializes in disposition and acquisition services, leasing services, property valuation, transaction management, and equity placement. With over 40 years of combined experience in the industry, the members of Graystone Capital Advisors have assembled a genuinely innovative team focused on efficiency, transparency, and accountability.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221104005560/en/
Contacts
Brenton Baskin, info@graystoneca.com
graystoneca.com/
