CBRE Arranges $50.3 Million Sale of Grocery Shadow-Anchored Shopping Center in Las Vegas, Nevada

CBRE announced the sale of Mountain’s Edge Marketplace, a 115,037-square-foot neighborhood shopping center shadow-anchored by a major grocery store. Located at 7975 Blue Diamond Rd. in the master-planned community of Mountain’s Edge in Las Vegas, Nevada, the property was sold to a private investor for $50,305,000.

Roy Fritz of CBRE’s National Retail Investment Partners-West led the transaction, representing the seller, Remington Nevada, a private investment firm based in Las Vegas that focuses on developing Class A retail shopping centers in the Southwest.

Built in 2016, the property is 98% leased to a complementary mix of national and local retailers, service providers, and restaurants.

Through a broad-reaching marketing campaign and the firm’s proven process, CBRE generated three offers within two weeks and negotiated a full-price offer of $50.3 million, reflecting a 6.30% cap rate and a 30-day due diligence period. The purchase included the assumption of a $33 million CMBS loan, requiring the new borrower to engage a loan expeditor to facilitate the process. The transaction closed three weeks after the loan assumption approval.

“Nevada, and Las Vegas specifically, continue to attract institutional and private capital investments in retail assets,” said Fritz. “The long-term, fixed-rate, non-recourse financing permitted an excellent result for both buyer and seller, setting new record pricing in greater Las Vegas for a shadow-anchored grocery asset of this size, on a cap rate basis.”