LOS ANGELES—LBG Realty Advisors, LLC, in partnership with an affiliate of
Aviva Investors North America, Inc., has purchased the majority and controlling interest from Santa Monica, CA based SMA Ltd., Managing General Partner, Samuel Rubin, in the Home Depot building which is part of the Sunset Plaza shopping center in Henderson, NV. Home Depot has been the anchor tenant of the 265,000 square foot Sunset Plaza shopping center since the property was developed in 1993.
It is located at the Sunset Road on and off ramps of US 95, between US 95 and Forest City’s highly successful Galleria at Sunset super-regional mall. The acquisition also included an undeveloped pad which can accommodate an additional approximately 6,000 square foot building. The property is uniquely situated within this premier core retail submarket in the Las Vegas MSA and at the center of a densely populated and growing neighborhood which boasts a population of nearly 300,000 people within a 5-mile radius of the property.
“This is a perfect opportunistic buy”, said Leslie Lundin, Managing Partner of LBG. “LBG purchased the property at a significant discount to current market value because we were able to accommodate the seller’s need for a year end close“. LBG closed on the acquisition in under 30 days. Doug Beiswenger, Managing Partner of LBG added, “It is a class A property in a class A, infill location, is the dominant home improvement store in the trade area, and is leased at a below market rent. The Galleria market is an established and growing market. The property is being purchased near the bottom of the market, and has tremendous growth potential.”
“The location is unquestionably the hub of retail for the entire trade area. The partnership sees significant upside potential through active, institutional quality leasing and management as well as the opportunity to develop a highly desirable pad as the Las Vegas economy recovers”, according to David Goldman, Managing Partner of LBG.
Russ Bates, Head of the Americas of the global Real Estate Multi-Manager group of Aviva Investors North America, Inc. added “the investment reflects our strategy of partnering with accomplished, local specialists to meet the liquidity needs of existing investors either through outright purchase of an interest or recapitalization of a partnership. We believe the property’s location is highly desirable and allows us to participate in the potential future recovery of the Las Vegas market.”
About LBG Realty Advisors, LLC
LBG Realty Advisors, LLC is a privately-held real estate investment company that specializes in the acquisition, repositioning, and development of commercial real estate in the western United States.