California investor Agora Realty &Management has bought the 200,000-square-foot Fiesta Plaza in North Las Vegas for $12.95 million.
At the time of purchase, the retail property at 2201 Civic Center Drive was 55 percent occupied by tenants including US Bank, El Pollo Loco and H&R Block. Agora executives recently signed a 10-year lease on 52,000 square feet with appliance and furniture retailer Conn’s, scheduled to open in August.
Agora executives said the shopping center, which is near North Las Vegas City Hall and North Vista Hospital, benefits from high daytime employment but “needs a better selection of retail options.”
“This is a great value-add retail property, which fits our strategy well,” said Agora CEO Cary Lefton. “Long-term, we plan to convert this into a core asset in what we see as an up-and-coming market by leveraging the strength of the surrounding public agencies and businesses.”
Dan Adamson and Deron Conway of ROI Commercial Real Estate are the leasing agents.
center sells For $7.13 million
Brokers with Sun Commercial Real Estate closed on a deal with what they say is the second-highest local price for a center of its kind in the past 15 months.
The firm’s Investment Services Group represented Decatur Crossing LLC in the $7.13 million sale of a 24,132-square-foot shadow-anchored shopping center at 4690-4790 W. Ann Road. The Smith’s-anchored center sold to buyer Jeffery Sills for $295 per square foot. The deal closed in 15 days after a 25-day due diligence period.
The brokerage team included Cathy Jones, Paul Miachika, Jessica Cegavske, Roy Fritz and Riley Foley.
The team also negotiated the $2.3 million sale of a 21,433-square-foot office building at 311 E. Warm Springs Road. The group represented the seller, One Nevada Credit Union, while Chip Johnson of Real Estate Services Group represented buyer Real Capital Corp.
In the first quarter, Sun Commercial’s Investment Services Group closed on more than $35 million in commercial sales in Nevada, Arizona, California and Texas.
Sales of significance
James R. Marsh sold 1.89 acres of land at Durango Drive and Deer Springs to The 786 Children’s Education Trust for $1.9 million. David Lipp of Newmark Grubb Knight Frank represented the seller; Asif Abdus of Active Commercial represented the buyer.
Leases of interest
Wellness Connection of Nevada LLC leased 6,466 square feet for 60 months at 617 Mall Ring Circle, Suite 120. Total consideration was $839,588.51. Eric Berggren of Newmark Grubb Knight Frank represented the lessor, Galleria Pavilion LLC,. Kendall Thacker of Encore Commercial Inc. represented the lessee.
ARMCO USA Corp. leased 1,400 square feet of retail space for 36 months at 7575 S. Rainbow Blvd, Suite 104. Total consideration was $98,664. Nelson Tressler and Michael Zobrist of Newmark Grubb Knight Frank represented the lessor, DM Rainbow LLC.
Prism LLC leased 2,800 square feet for 84 months at 217 N. Stephanie St, Suite D&E. Total consideration was $334,180. Nelson Tressler and Michael Zobrist of Newmark Grubb Knight Frank represented the lessor, Roxbury Advisors LLC.
Waheed Feda, dba India Tavern, leased 2,370 square feet of retail space for 60 months at 4165 S. Grand Canyon Dr, Suite 105. Total consideration was $258,859.38. Nelson Tressler and Michael Zobrist of Newmark Grubb Knight Frank represented the lessor, Grand Flam Shops Capital Management LLC. Najia Feda of Golden Real Estate &Investments represented the tenant.
Advanced Prosthetics &Orthotics, Inc. leased 5,800 square feet at 7455 W. Washington Ave. Gabe Telles of Gatski Commercial represented the landlord, Parkway Properties LLC, in the 120-month deal valued at $1,510,637.
Carol and Gregory Kirby of Come Unto Me Ministries and Apostolic Behavioral Health Center leased the 10,000 square-foot church/classroom facility adjacent to Zion United Methodist Church at 2108 S. Revere Street, North Las Vegas. Matt Feustel and Jakke Farley of Virtus Commercial represented both the church and the Kirbys in the 60-month deal valued at $333,500.
Puliz Moving &Storage Co. leased 72,164 square feet of industrial property at 1841 E. Craig Rd., Suite B-D in North Las Vegas. Greg Pancirov and Mike DeLew of Colliers International represented the lessor, Craig Road LLC.
Hamilton Solar leased 5,000 square feet of industrial property at 6285 S. Mojave Rd., Suite A, in Las Vegas. Ryan Martin, Patti Dillon, and Taber Thill of Colliers International represented the lessee.
The Steamy Weenie LLC leased 1,245 square feet in The Pebble Marketplace Shopping Center at 1500 N. Green Valley Pkwy., Suite 130, in Henderson. David A. Grant of Colliers International represented the lessor, Donahue Schriber Realty Group L.P.
Lease renewals
Aqua Salon LLC, dba Aqua Salon, Horizon Tanning, renewed its lease for 3,100 square feet of retail space for 38 months at 771 E. Horizon Dr. Total consideration was $123,690. Nelson Tressler and Michael Zobrist of Newmark Grubb Knight Frank represented the lessor, Cornet Plaza LLC, in the transaction.
Mama Mia Pediatrics renewed its lease for 3,269 square feet of retail space for 120 months at 2315 E. Cheyenne Ave. Total consideration was $838,518.36. David Lipp of Newmark Grubb Knight Frank represented the lessee in the transaction. Trisha Trcka of Sarofim Realty Advisors represented the lessor, Cheyenne Pointe Holding LLC, in the transaction.
