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Chicago real estate giant buys Las Vegas retail center

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Chicago real estate giant has acquired a retail complex in southern Nevada.

Jones Lang LaSalle Income Property Trust has purchased Silverard Square, a retail center of approximately 48,500 square feet in the southern Las Vegas Valley, spokesman Scott Sutton confirmed Thursday.

The $ 24.4 million sale by project developer Scott Godino ended on June 1.

Godino is also the CEO of SVN The Equity Group, a Las Vegas real estate agent, and announced the sale of Sprout Anchor Plaza on its website.

Located in Silverado Ranch Boulevard and Maryland Parkway, Silverado Square is close to many other retail stores. The other two squares with supermarkets, Albertsons and Smith Square, are at the same intersection.

Still, Godino said the sprout generated strong foot traffic, showing that his retail center was almost entirely occupied by tenants.

“Everyone was pretty happy at the end of the day,” he said of the deal.

By the end of last year, the new landlord’s portfolio included 120 properties across 27 states, over 17.4 million square feet of commercial real estate and nearly 9,700 homes, according to JLL Income’s annual report. Was there.

Acquiring Smith’s fixed 190,000 square feet is no stranger to Las Vegas either. Strip mall For about $ 63.5 million in the northwestern valley in 2017.

Southern Nevada recorded an increase in shopping center purchases earlier this year, with investors getting 18 in the first quarter at an average price of about $ 381 per square foot, while the overall 2021 price was 1. It sold 37 for about $ 244 per square foot. Square foot, reported by the securities firm Colliers International.

Rising interest rates could also impact the commercial real estate industry, as it has caused recent declines in home sales and investors may face higher borrowing costs.

Higher rates have already failed some commerce, including the $ 855 million purchase of Manhattan’s office tower, the Wall Street Journal reported earlier this month.

Norangeless White, managing director of SVN Equity Group, who was involved in the Silverado Square transaction, said there are many cash buyers, but rising interest rates “reduce some people.”

As Godino sees, cash buyers have less competition and therefore more opportunities.

Contact EliSegall [email protected] Or 702-383-0342.follow @eli_segall On Twitter.

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