AEW Capital Administration has bought Vista Commons, a 98,716-square-foot retail heart in Las Vegas. MIG Actual Property offered the asset for $56.1 million, in line with CommercialEdge info. JLL represented the vendor.
MIG had acquired the retail heart in January 2011 for $24.3 million from GGP, in line with CommercialEdge info. In 2018, the property grew to become topic to a 10-year, $26.2 million mortgage originated by Truist Financial institution.
Accomplished in 2007 on a ten.3-acre web site, Vista Commons was one hundred pc leased on the time of sale. A 56,000-square-foot Albertsons retailer anchors the property. The tenant roster additionally consists of Financial institution of America, Wells Fargo and Dunkin’ Donuts.
The retail heart is at 11700-11770 W. Charleston Blvd. within the Summerlin space of Las Vegas, in an space the place the each day automotive visitors reaches greater than 40,000 autos. The common family revenue inside a 3-mile space exceeds $155,000. Downtown Vegas is a few 15 miles east.
JLL Managing Director Gleb Lvovich and Senior Director Dan Tyner led the Capital Market’s Funding and Gross sales Advisory crew that secured the deal.
AEW Capital Administration occupies the third place in Business Property Govt‘s 2024 prime industrial actual property homeowners, after CBRE Funding Administration and Clarion Companions. The agency’s $63.4 billion portfolio, totaling 212 million sq. toes, contains workplace, industrial, retail, health-care and hospitality property.
