Grocery-anchored retail center in Las Vegas sells for $41.17M
JLL Capital Markets arranged the sale and the acquisition financing for the 119,280-square-foot Craig Marketplace in Las Vegas, Nevada
IRVINE, CA, Sept. 19, 2022 – JLL Capital Markets announced today that it has closed the $41.17 million sale and secured the acquisition financing for Craig Marketplace, a 119,280-square-foot, grocery-anchored retail center in Las Vegas, Nevada.
JLL represented the seller, Gerrity Group. A 1031 exchange California buyer acquired the asset. JLL also arranged the acquisition loan on behalf of the new owner.
The 94.5-percent-leased Craig Marketplace was built in 2002 and is anchored by a strong-performing
Albertson’s grocery store on a long-term lease. Additional tenants include a complementary mix of daily needs and fast casual food tenants, including Jack in the Box, Popeyes Chicken, Starbucks, Subway and more.
Situated at 7101- 7181 West Craig Rd., the center is strategically positioned at the intersection of U.S. Highway 95 and Craig Road, offering excellent freeway visibility and exposure to over 135,000 vehicles per day. Within a five-mile radius of the property is the affluent enclave of Summerlin, Las Vegas, one of the wealthiest communities in all of Las Vegas. Summerlin boasts an average household income of over $150,000 and is home to more than 125,000 residents. With customers traveling westbound from the Las Vegas Strip, as well as southbound from areas north of the property in Centennial Hills, Craig Marketplace serves as a neighborhood center for Northwest Las Vegas County.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Director Gleb Lvovich and Senior Director Daniel Tyner. The JLL Debt Capital Markets team that sourced the acquisition financing for the buyer was led by Senior Director John Marshall and Analyst Jordan Leake, along with Senior Director Carl Beardsley.
“Despite the recent capital markets volatility, we saw strong interest in Craig Marketplace with double-digit offer counts, the majority of which were from California,” said Lvovich “This capital was attracted by the economic vibrancy and growth in Las Vegas, in addition to the strong recession resistant grocery anchor at the property.”
“We continue to see significant interest from California investors looking for retail opportunities in the Las Vegas market as they diversify into low tax states with potentially higher growth,” said Tyner. “This is the second shopping center anchored by Albertson’s that our team has recently sold in Las Vegas, both of which set pricing benchmarks due to our team’s ability to export aggressive California capital to the Las Vegas area.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Gerrity Group
Gerrity Group owns and operates retail properties in the western United States. Fully integrated and privately held, the company acquires, leases, and manages neighborhood and community retail real estate in partnerships with institutional investors. The company invests in major metropolitan areas in California, Washington, Oregon, Nevada, Arizona and Colorado and creates value through its team of skilled, experienced professionals.