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LAS VEGAS, NV-City Center Retail LLC of Philadelphia and Angelo Gordon & Co. of New York acquired a retail property fronting the north end of the Las Vegas Strip where City Center will develop a $40 million, 60,000-sf retail center.

The development, called Silver City Plaza, will include a 16,100-sf Walgreen’s drug store, and is expected to be completed in the fall of 2003. Plans also call for a 32,000-sf build-to-suit space for a national retailer.The developers say they were attracted to the site by its Strip location and its proximity to other new developments either under way or planned nearby. Among the latter are Steve Wynn’s planned $750 million La Reve hotel and casino project as well as the expansion and renovation of the Fashion Show Shopping Center.

City Center is a commercial real estate developer and redeveloper specializing in urban properties throughout the country. Angelo Gordon & Co. is a real estate investment firm.

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