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Rampart Commons sold for $32.5 million

CENTER sold for $32.5 million

▶  Kite Realty Group Trust, a real estate investment trust based in Indianapolis, has paid $32.5 million to acquire the Rampart Commons shopping center.

The purchase price for the 81,000-square-foot retail complex includes $12.3 million of assumed debt. Kite did not disclose the seller in a statement.

The center, on the northwest corner of West Charleston and Rampart boulevards, is fully leased and includes tenants Pottery Barn, Williams-Sonoma, Ann Taylor, Talbots and P.F. Chang’s.

“The Rampart Commons acquisition builds on our presence in the Las Vegas market and further enhances the quality of our portfolio, consistent with our strategy of owning first-class real estate,” Kite CEO John Kite said in a statement.

As of Sept. 30, Kite owned interests in 132 properties totaling 26.7 million square feet in 26 states.

Colliers brokers 2 sales

▶  Brokers with Colliers International recently guided two multimillion-dollar sales.

Frank Marretti represented 2555 Tropicana Avenue LLC in its $2.5 million sale of a 57,000-square-foot retail property at 2555 E. Tropicana Ave. The buyer was GWP Development LLC.

Bridget Richards represented CML-NV Cauldron LLC in its $1.5 million sale of an 8,426-square-foot medical-office building at 9120 W. Russell Road. Jason Lesley represented the buyer, ELSSS LLC.

Land sale brings $600k

▶  Olsen Land Development LLC sold 2.3 acres of land at NEC Olsen St &Eagle Rock, to Blue Bell Creameries LP. Total consideration was $600,000. Ben Millis and Chris Beets of Newmark Grubb Knight Frank represented the seller in the transaction. Jerry Doty of Colliers Nevada represented the buyer.

Lease deals of note

▶  Eric Berggren of Newmark Grubb Knight Frank represented landlord Warm Springs Plaza in a 129-month lease of 16,800 square feet of retail space at 7380 S. Eastern Ave. Melissa Campanella and Terry Hamilton of The Equity Group represented the tenant, 99 Cents Only Stores LLC, in the $2.1 million agreement.

▶  Lauren Tabeek of Voit Real Estate Services represented tenant Gill’s Printing in its 49-month lease renewal of 21,224 square feet of industrial space at 6800 Paradise Road. Colliers International represented the landlord, Harsch Investment Properties, in the $681,360 deal.

▶  Ben Millis, Chris Beets and Michael Kammerling of Newmark Grubb Knight Frank represented tenant Old World Cabinetry LLC in its 60-month lease of 12,284 square feet of industrial space at 3854 Silvestri Lane. Laura Hart of CBRE represented the landlords, Michael and Susan Mazzacavallo. The lease was worth $314,352.

▶  Elise Imbert-Sielaw PPLC, dba Manscapes, leased 1,550 square feet of retail space for 60 months at 605 Mall Ring Circle, Suite 165, from Galleria Pavilion, LLC. Total consideration was $194,987.63. Eric Berggren of Newmark Grubb Knight Frank represented the lessor in the transaction. Elise Imbert-Sielaw of Black &Cherry Real Estate Group represented the lessee.

▶  Beltway Development Group LLC has leased 1,188 square feet of office space at 9121 W. Russell Road, Suite 112, Las Vegas, to Kindred Nevada LLC. The lease is for 40 months and the transaction is valued at approximately $86,862. Soozi Jones Walker and Bobbi Miracle of Commercial Executives Real Estate Services recently represented the lessor.

▶  Banks Oreck Vacuum-Henderson NV Inc. leased 1,600 square feet of retail space for 60 months at 1241 W. Warm Springs Road, Suite 108. Chris Godino of Newmark Grubb Knight Frank represented the lessor in the transaction.

Deal Watch is designed as a weekly summary of significant commercial real estate sale and lease transactions. To have your deal included, email deal summaries to nbell@businesspress.vegas. The deadline is noon Monday.

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