Cushman & Wakefield Sells Las Vegas Shopping Center for Weingarten Realty
PHOENIX, March 8, 2018 – Cushman & Wakefield completed the sale of Paradise Marketplace, a Smith’s anchored shopping center located on the northeast corner of Flamingo Road and Sandhill Road in Las Vegas, Nev., for $15.75 million. Investment Concepts Inc. of Orange, CA purchased the property from Houston-based Weingarten Realty.
Executive Managing Directors Michael Hackett and Ryan Schubert of Cushman & Wakefield Phoenix represented the seller. Al Twainy of Colliers International represented the buyer.
Anchored by Smith’s Food & Drug (NAP), Paradise Marketplace is a 77,997-square-foot neighborhood shopping center spanning 6.49 acres. Currently 91.5% leased to an internet-resistant tenant roster of national, regional and local retailers, the shopping center offers groceries, a fuel station, fitness, discount retail, gaming, cleaners, dental and hair and nail salons.
“Paradise Marketplace is an institutionally owned and operated grocery anchored center with daily needs tenants and should prove to be a strong investment,” said Michael Hackett.
Ideally located, Paradise Marketplace is situated less than one-half mile from the I-515/SR 592 (Flamingo Road) Interchange. The property also offers excellent visibility and access, along with strong traffic counts and is situated in a densely-populated area in the Las Vegas market.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.