Newmark has announced the sale of Blue Diamond Marketplace. Consisting of six retail properties measuring 71,651 square feet, Blue Diamond Marketplace is located at 8030-8180 Blue Diamond Road in Las Vegas. Newmark’s Michael Zobrist, Nelson Tressler, and Scott Price represented Nevada-based commercial real estate investment company, City Sunstone Properties, in the transaction. The buyer was a separate account client advised by CenterSquare Investment Management.
“Blue Diamond Marketplace offered investors the opportunity to acquire not only a stable asset but one that has been carefully positioned for long-term growth and stability,” commented Newmark Executive Managing Director Nelson Tressler. “With limited retail space available in the southwest Las Vegas submarket, Blue Diamond offered an opportunity where investors can capitalize on the increasing market fundamentals fueled by the continued development in the area.”
Located directly adjacent to the incredibly successful Mountain’s Edge master planned community, Blue Diamond Marketplace benefits from a very captive market with little competing retail in the immediate area. The well-situated neighborhood strip center was 100% leased at the time of sale and occupied by “internet-resistant” tenants.
National brand retailers at Blue Diamond Marketplace include quick service restaurants, service and convenience tenants like Auto Zone, 7-11, Taco Bell, Great Clips, Bank of America, Cricket Wireless and State Farm. Regional and local tenants include Babystacks Café, Capriotti’s and Rounders Pub, as well as preschool, hair & nails and a boutique gym. National and regional tenants comprise approximately 70% of rental income for the center.
“The robust tenancy at Blue Diamond Marketplace was a large selling point,” added Newmark Managing Director Michael Zobrist. “Well-positioned assets like Blue Diamond are becoming more attractive to investors than ever before, due to their perceived lower risk and highly stabilized nature. Centers comprised of smaller, service oriented tenants can be considered as less of a risk to investors than power centers because they lack the peril of losing an anchor tenant. It’s easier to stabilize a center like Blue Diamond for the long term, and City Sunstone Properties did an excellent job of positioning Blue Diamond for its sale and future growth.”
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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