Old Town Center Changes Hands

TUSTIN, CA-Strocher Heritage Plaza LLC has sold Heritage Plaza, a 14,622-square-foot retail center at 135, 137 and 139 W. 1^st St. in the historic Old Town District here, to AMDG Alliance for $5.5 million. The center is 92% occupied by a diverse mix of nine neighborhood tenants. Jeff Conover, senior managing director with Faris Lee Investments, represented the seller, and Matthew Mousavi, senior managing director with Faris Lee, represented the buyer. The closing cap rate was 6%, and the price per square foot amounted to $376.

LAS VEGAS-MVP REIT Inc. has acquired an approximately 47,500-square-foot multi-tenant office building at 8880 W. Sunset Rd. here for $15 million from an unnamed seller. The acquisition is part of a five-property, $48.6-million portfolio being acquired by the REIT. Located on 3.18 acres of land, the three-story building is 100% occupied by a mix of medical and professional tenants, including the corporate headquarters for MVP REIT, which occupies 4,190 square feet. All tenant contracts are under triple-net leases. The property is situated directly off Interstate 215, in close proximity to McCarran International Airport and the Las Vegas Strip. The buyer financed the acquisition through the assumption of approximately $10.2 million in existing debt and the transfer of approximately 547,368 shares of the company’s common stock at $8.775 per share.