Newmark Capital Markets has completed sale of Galleria Commons, a fully occupied, 278,411-square-foot shopping center situated on nearly 23 acres in Henderson, NV.
Newmark Capital Markets Senior Managing Director Rob Ippolito represented the seller, Brixmor Property Group. The buyer, 3D Investments, was self-represented.
“Galleria Commons checked all the boxes when it comes to the prized fundamentals institutional investors seek,” said Ippolito. “Prime location, quality tenant roster, stability of income, robust customer base and a consistent history of occupancy were all there. Additionally, it is extremely rare to find a center situated on such a large parcel in the greater Las Vegas market as well as Henderson itself.”
Built in 1997 and located at 470-510, 550 & 570 North Stephanie Street, Galleria Commons is on the east side of Stephanie Street between West Warm Springs Road and West Sunset Road. The center features a tenant roster of category-leading retailers including TJ Maxx, Stein Mart, Babies “R” Us, Burlington, Dollar Tree, Tuesday Morning and Kirkland’s.
Galleria Commons is within in the heart of the most concentrated retail submarket in the entire state of Nevada. Home to the newly remodeled 1.1-million-square-foot Sunset Galleria, Henderson, and more specifically, the Stephanie Street Corridor, has become the primary destination for virtually every retailer in Las Vegas.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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