Newmark is pleased to announce the sale of Westland Fair - a shopping center in west Las Vegas, Nevada. The transaction included seven parcels totaling 214,127 square feet of retail space. Newmark’s Senior Managing Director Rob Ippolito and Managing Director Michael Zobrist represented the seller, Houston, Texas-headquartered Weingarten Realty Investors, in the sale, the price of which was undisclosed. The buyer was Cannon Commercial, a company based in Southern California. This is Cannon’s second purchase in the Las Vegas market in the past twenty four months.
Westland Fair is anchored by regional and national tenants: Smart & Final Extra!, Michaels and PetSmart, which have called the center home for more than twenty five years. Other tenants include Raising Cane’s, Freddy’s Frozen Custard, Applebee’s, Panda Express, Jamba Juice, Office Depot and more. While not part of the offering, Westland Fair is also anchored by Walmart and Lowe’s Home Improvement; both shadow anchors substantially expand the trade area for Westland Fair outside of the typical 1-3 miles experienced by most grocery-anchored centers.
“The long-standing tenancy in the Westland Fair retail center is indicative of the tenant commitment to the area as well as the quality of the real estate’s location and visibility,” said Senior Managing Director Rob Ippolito, who led the transaction. “We were thrilled to be able to work with Weingarten once again. They are truly a dominant player in the shopping center world.”
Located at 1251 South Decatur Boulevard, Westland Fair is in one of the busiest intersections in Las Vegas - West Charleston Boulevard and South Decatur Boulevard, which, together, boast more than 82,000 vehicles per day.
The Las Vegas metropolitan area, known as the “Entertainment Capital of the World” hosted over 42.1 million visitors in 2018, a record high in tourism. The city’s tourism and gaming industry helps support the local workforce of over one million. In recent years, companies such as Zappos, Switch, and the Amazon distribution hub in North Las Vegas continue to drive the diversification of Las Vegas’ future as a major technological and industrial hub on the west coast. Las Vegas continues to be a desirable place for residents due to its high quality of life, lower housing costs, and favorable tax benefits.
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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