(For more retail coverage, click GlobeSt.com/RETAIL.)

LAS VEGAS-The first phase of Rainbow Sunset Pavilion has changed hands for $24.5 million. The 64,000-sf retail center sits on 8.4 acres at Rainbow Boulevard and Interstate 215. The new owner is TREC Acquisitions, a subsidiary of locally headquartered TREC Investment Realty, which recently changed its name from Transwestern Investment Realty.

Rainbow Sunset Pavilion is a 450,000-sf mixed-use office and retail project on 23 acres. The developer of the $120-million project is Las Vegas-based Plise Development Cos. The office component will total 350,000 sf. The retail component will total approximately 100,000 sf.

Tenants in the seven-building retail piece acquired by TREC include Starbuck’s, Nevada Federal Credit Union, Farmers Insurance, Port of Subs, the Cracked Egg, LA Boxing, Cabi Developers and Jugo Juice. A TREC representative tells GlobeSt.com that 2007 pro forma vacancy is approximately 5%.

TREC Investment Realty is a 1031 exchange specialist. The firm acquires newer class A and B properties with stabilized occupancy in primary metropolitan or secondary markets across the nation. Its preferred deal size is between $10 million and $50 million. The company hopes to acquire more than $400 million of real estate in 2007.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.