Lucescu Realty Closed $50 million Sale of Shopping Center

LAS VEGAS—Lucescu Realty has completed the sale of Deer Springs Town Center shopping center for $50.5 million.

Deer Springs Town Center was developed by Regency Centers Corporation a preeminent national owner, operator, and developer of dominant grocery-anchored and community shopping centers.

Lucescu Realty represented the interests of the seller and procured the buyer, Stoltz Real Estate Partners.

Deer Springs Town Center is a 512,325-square-foot community shopping center, anchored by Target, Home Depot, Toys 'R' Us, Babies 'R' Us, Ross Dress for Less, PetSmart, Staples and Michaels. Target, which totaled approximately 143,160 square feet, was tenant owned and not a part of the sale. Home Depot, Toys 'R' Us, Babies 'R' Us, Ross Dress for Less, PetSmart, Staples and Michaels occupy approximately 86% of the gross leasable area that was conveyed. The blue-chip tenant roster also included AT&T, In-N-Out, Pacific Dental, Nevada Federal Credit Union, Verizon Wireless and State Farm Insurance. Also included in the sale were 12 graded, land parcels entitled for 223,000 square feet of additional GLA.

“It's an institutional quality piece of real estate, built by one of the premier real estate investment and development companies in the U.S.,” noted Mark Lucescu president of the firm that magage the deal. “For decades Regency has been building centers of the highest quality in the top markets in the country and this property is no exception. “Regency did a great job assembling the land, lining these tenants up and built a great center. Stoltz should do well with this acquisition as they continue their pursuit of high quality commercial real estate assets throughout the Las Vegas Valley."

Built in 2009, Deer Springs Town Center is situated on a 62-acre parcel, at the southeast quadrant of the Interstate 215 Beltway and 5th Street.  There are over 17,000 residential units planned within a 2-mile radius of the property.  The average household income within a 5-mile radius is $72,727.

Lucescu Realty, Newport Beach, CA, is a market leading investment real estate services firm that uniquely combines major capital markets expertise with a complete and thorough understanding of real estate fundamentals to execute a wide range of services on behalf of its clients. Scope of services include sale transactions, advisory/consulting, debt/equity placement, market research and financial services.

Headquartered in Jacksonville, FL, Regency is a real estate investment trust with a portfolio encompassing 46.3 million square feet.

Headquartered in Bala Cynwyd, PA, Stoltz Real Estate Partners is an established manager of private real estate equity funds that owns and manages approximately 9.5 million square feet of retail, office, residential, mixed use, industrial, and land assets nationwide.