Vegas Power Center Sells for $39 Million
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LAS VEGAS–Colliers International has finalized the sale of Tropicana Centre in Las Vegas for $39.8 million.
The retail power center was sold to New Jersey-based investment firm, Arilex Tropicana Associates LLC. The 589,191-square-foot property, one of the largest and most prominent in Las Vegas, is located at 3035 to 3375 E. Tropicana Ave. Joe Bonifatto and Frank Marretti of Colliers International-Las Vegas and Christopher Maling and David Maling of Colliers International-Los Angeles represented the seller, Gregg Williams.
The Tropicana Centre had been in receivership since the height of the recession in 2009. Gregg Williams of Trident Pacific Real Estate Group was ultimately assigned the property. Williams’ 12 years of experience in receivership lent itself to managing the distressed property.
“The change in the receiver really made the difference in shifting the fortunes of this property. Unlike previous receivers, he was invested in the property and was extremely committed to the success of the center,” says Bonifatto vice president at Colliers International-Las Vegas. “Gregg was really aggressive in improving the property and extremely willing to work with the Colliers team in making the center an investor-worthy asset. Having a client that truly understands what it takes to sell a property and is prepared to take the advisement of their brokers is definitely is an important factor in a successful listing.”
When Colliers received the listing in July of 2012, the property had experienced an exodus of tenants and its occupancy rate had dropped to 40% over the course of five years. Bonifatto and Marretti immediately commenced an aggressive leasing campaign, which began with negotiating lease renewals with two of the largest entities in the center, Walmart and Sam’s Club.
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