NORTH LAS VEGAS, NV—West coast development firm Agora Realty & Management has acquired Fiesta Plaza, a in North Las Vegas. Agora acquired the property from a private seller for $12.95 million. Located on 23 acres, the asset at the time of acquisition was 55% occupied.

Major tenants at Fiesta Plaza include US Bank, El Pollo Loco, and H&R Block. Agora recently signed Conn's Electronics for a ten-year lease for 52,000 square feet. Conn's is a publicly-owned corporation offering appliances, electronics, furniture and mattresses, among other services. The store will open August 2015.

Fiesta Plaza is located at 2201 Civic Center Drive at Civic Center Drive and Lake Mead Boulevard. According to company executives, the property is located in an area that benefits from high daytime employment but needs a better selection of retail options.

Fiesta Plaza is situated at the heart of the City of North Las Vegas' civic and commercial district providing a daytime employment population of 42,000. Fiesta Plaza is in close proximity to North Las Vegas City Hall and the North Vista Hospital and Medical Center. The North Las Vegas Police Headquarters is located to the West and the North Las Vegas Justice Center is to the North.

“This is a great value-add retail property, which fits our strategy well. 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,” said Cary Lefton, chief executive officer, Agora Realty.

“We plan to initiate a façade upgrade including new landscaping, as well as upgrading the center's parking lot and lighting and providing updated utilities. The immediate focus along with the renovations will be to initiate a proactive leasing plan,” added Lefton.

Leasing will be handled by Dan Adamson and Deron Conway of Las Vegas-based ROI Commercial Real Estate.