HENDERSON, NV-A Glendale-based pension fund advisor has purchased the non-retailer owned portion of a 274,145-sf retail center here and 6.4 acres of adjacent undeveloped land for $23 million. The seller was the Merrill Cos. of Las Vegas.
The retail center, Horizon Town Center, is anchored by Lowe's Home Improvement and Food 4 Less. The 171,000-sf Lowe's was not part of the transaction. American Realty acquired the remaining 103,134 sf.
Other tenants in the center include Anna's Linens, Big 5 Sporting Goods, Bank of America, IHOP and Washington Mutual. The asset was 94 percent leased at the time of sale.
The undeveloped land is entitled for approximately 43,000 sf of retail space. American Realty plans to begin development on Phase II of the center immediately, according to the brokerage firm in the transaction, Grubb & Ellis.
Dixie Walker and Charley Simpson of Grubb & Ellis' Newport Beach office and Michael Kammerling of Grubb & Ellis in Las Vegas represented Merrill Cos. The buyer represented itself.
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