HENDERSON, NV—HFF says it has secured $72 million in acquisition financing for The District at Green Valley Ranch, a 383,724-square-foot, mixed-use, retail and office center in the Las Vegas suburb of Henderson.
HFF worked on behalf of the borrower, Vestar, to secure the 10-year, fixed-rate loan with AIG Investments. Loan proceeds were used to purchase the property.
Anchored by a 51,300-square-foot Whole Foods Market, The District, is 91% leased to 70 retailers, including REI, Pottery Barn, Williams-Sonoma, West Elm, Anthropologie, The Cheesecake Factory and P.F. Chang's. The open-air, pedestrian-friendly center has 77,284 square feet of boutique office space on the top two floors. Developed in two phases in 2004 and 2005, the center hosts musical and movie performances on a weekly basis on its promenade and green spaces for shoppers, visitors and The District's 88 condominium units, which are not included in the financing. Located at 2240 Village Walk Drive, The District at Green Valley Ranch is situated within Henderson's first master planned community, Green Valley, home to more than 75,000 residents. The center is 10 miles from the Las Vegas strip along Interstate 215 at South Green Valley Parkway, which bisects the center. It is adjacent to the AAA Four Diamond award-winning Green Valley Ranch Resort and Spa, a 10-screen Regal Cinemas and the 4,000-seat Henderson Pavilion performance venue.
The HFF debt placement team representing the borrower was led by senior managing director Aldon Cole and managing director Todd Sugimoto.
“Vegas has made a robust recovery in recent years, and has finally begun to garner more and more life company interest,” Cole said.
One of the leading privately held real estate companies in the western United States, Vestar specializes in the acquisition, management, and development of commercial real estate, including entertainment-retail complexes, power and lifestyle centers, and neighborhood centers of varying size and scale that serve as community shopping destinations with a unique sense of place. Vestar currently owns and manages 23 million square feet of retail assets in the western U.S.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
