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LAS VEGAS-Intrawest has sold the 12 retail buildings that meander through Montelago Village, the urban center of Lake Las Vegas Resort, a sprawling golf, gaming and residential development that surrounds a 320-acre private lake 17 miles east of the Las Vegas Strip. Other components of the Village include the Ritz Carlton Hotel, Casino Montelago and the Montelago Village Resort, a 461 unit condo-hotel.

The new owner of the Montelago Retail Shops is Pacific Capital, a private investment group based in Roseville, CA, a northeastern suburb of Sacramento. The listing brokers were Christina Roush and Charles Moore, who head up CB Richard Ellis’ Private Client Group in Southern Nevada.

Roush tells GlobeSt.com that the property was brought to market six weeks ago and garnered 20 offers, most of which were at or above the $23-million asking price. The recorded sale price was $23.5 million, according to county records. Pacific Capital was selected as the buyer for its offer price, terms and overall ability to perform, she says.

Montelago Village was designed to resemble an old-world lakeside village in Northern Italy, replete with cobblestone streets, piazzas and open-air dining. The retail buildings, constructed in 2003, total 51,500 sf net rentable and were approximately 93% leased at the time of sale. Notable tenants include Como’s Steakhouse, The Auld Dubliner, Starbucks, Luna Rossa, Rocky Mountain Chocolate Factory, Bistro Zinc and Sunset & Vines.

Pacific Capital’s VP of sales and leasing Steve Ruthenbeck tells GlobeSt.com says it acquired the only existing retail and Lake Las Vegas because the development is a unique, high-end community that is still growing. The purchase price equates to more than $455 per sf.

“It wasn’t so much of a cap-rate play; what we ended up buying it at would scare a lot of people,” he says. “With the long-term growth and the (planned) Waldorf Astoria hotel and the million dollar homes, we love the future of that area.

“This is resort retail. Some of the (first generation) tenants have had a little rough go of it because you didn’t have the single-family homes you have there now or some of the hotels. The future is bright for current tenants and everybody who comes down the road. We believe firmly we will be able to push rents (as the first-generation leases roll over the next few years).”

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