LBG Real Estate Companies Sells Southwest Marketplace in Las Vegas, Nevada for $30.4 Million
Located at the signalized intersection of Rainbow Boulevard and Windmill Lane, Southwest Marketplace is a 115,720 square foot, Class A shopping center anchored by Smith’s Food and Drug and Smith’s Gas (a wholly owned subsidiary of The Kroger Co.). The property was originally developed in 2007. Smith’
LBG acquired the property in July 2011. At that time, the shops at the property were just 50% leased, with several tenants on short term leases. LBG’s in house leasing team was successful in stabilizing the shopping center and during LBG’s ownership, they were able to increase the shop space occupancy from 50% to 95%.
”LBG purchased Southwest Marketplace in an off market transaction in early 2011 at a time when Las Vegas economic fundamentals were just starting to improve however not to the point to be widely attractive to outside investors. Being a dominant Smith’s grocery-anchored center with excellent sales in one of the strongest Las Vegas submarkets, LBG saw this as an opportunity to purchase an otherwise core type asset at a distressed price thereby capitalizing on the distress and the impending market strengthening”
“Despite the sluggish Las Vegas leasing environment, LBG’s proactive and creative hands on approach to leasing and asset management resulted in successfully stabilizing the existing tenant base as well as sourcing new tenants to achieve occupancy and rental rates that outperformed the market. With this strong tenant base, we expect Phillips Edison will continue to do very well with the property” said David Goldman, principal of LBG.
About LBG Realty Advisors, LLC
Based in Los Angeles, California, LBG Real Estate Companies, LLC is a privately-held real estate investment company that specializes in the acquisition, repositioning, and development of commercial real estate in the Western United States. The company focuses on opportunistic investments with a strong preference for retail properties. LBG’s key objective is to generate superior risk adjusted returns through value creation and income appreciation, while minimizing risk. LBG seeks to acquire retail properties and distressed debt in the Western United States.
About Blue Vista Capital Management, LLC
Blue Vista Capital Management, LLC, based in Chicago, Illinois, is a leading national real estate investment management firm with in excess of $700 million in capital under management. Blue Vista has participated in joint ventures representing over $3.5 billion in total capitalization.