AEW Buys Vegas Retail Center for $56M
AEW Capital Management has purchased Vista Commons, a 98,716-square-foot retail center in Las Vegas. MIG Real Estate sold the asset for $56.1 million, according to CommercialEdge information. JLL represented the seller.
MIG had acquired the retail center in January 2011 for $24.3 million from GGP, according to CommercialEdge information. In 2018, the property became subject to a 10-year, $26.2 million loan originated by Truist Bank.
Completed in 2007 on a 10.3-acre site, Vista Commons was 100 percent leased at the time of sale. A 56,000-square-foot Albertsons store anchors the property. The tenant roster also includes Bank of America, Wells Fargo and Dunkin’ Donuts.
The retail center is at 11700-11770 W. Charleston Blvd. in the Summerlin area of Las Vegas, in an area where the daily car traffic reaches more than 40,000 vehicles. The average household income within a 3-mile area exceeds $155,000. Downtown Vegas is some 15 miles east.
JLL Managing Director Gleb Lvovich and Senior Director Dan Tyner led the Capital Market’s Investment and Sales Advisory team that secured the deal.
AEW Capital Management occupies the third position in Commercial Property Executive‘s 2024 top commercial real estate owners, after CBRE Investment Management and Clarion Partners. The firm’s $63.4 billion portfolio, totaling 212 million square feet, comprises office, industrial, retail, health-care and hospitality assets.
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