Glen Una Management makes first major retail acquisition in Las Vegas Market with purchase of 83,930-sf grocery-anchored center
|LAS VEGAS, Nev. – November 8, 2022 – Cushman & Wakefield announced the firm has advised the sale of Nellis Plaza, an 83,930-square-foot retail shopping and medical center in Las Vegas, Nevada. Anchored by Island Pacific Seafood Market, the multi-tenant-center-was-approximately 98% leased at the time of sale and is well located on the northwest corner of Nellis Blvd, the major commercial arterial serving the trade area, and Stewart Ave.
The seller was Omninet Capital based in Beverly Hills, CA, and the owner of more than 10 million square feet consisting of commercial and multi-family assets. The property was acquired by Glen Una Management, a privately held real estate investment and management group, for $25 million. The sale is the buyer’s first major retail acquisition in the Las Vegas market.
Cushman & Wakefield’s Marlene Fujita Winkel, CCIM, Charles Moore, CSM, Emily Brun, and Alex Casingal of the firm’s Private Capital Group in Las Vegas represented the seller in the transaction.
“This was a very attractive commercial asset in a robust location with exceptional tenancy that serves the daily needs of residents that is grocery-anchored, with a strong tenant roster of healthcare tenants in addition to a complementary mix of retail uses,” said Executive Director Marlene Fujita Winkel. “Almost half of the tenants have occupied space at Nellis Plaza for nearly a decade or longer, signifying its stability and desirability. Given the center’s strong profile, we were able to secure a great buyer very near our target price. We congratulate Glen Una on this significant acquisition for them in Las Vegas.”
Located at 305-325 N Nellis Blvd and originally built in 2009, Nellis Plaza is situated on more than 7.5 acres and features many prominent national and regional tenants in the grocery, healthcare, restaurant, communications, footwear, and other services. Prior to the sale, the center recently leased 9,467 sf of space to Intermountain Healthcare to bring the center to 98% occupancy. The center offers just one vacant suite of 1,200 sf.
Fujita and Cushman & Wakefield’s Nevada Investment Team—Capital Markets continues to execute market-leading transactions and has successfully closed well over 1.2 million square feet in office and retail investment transactions totaling more than $390 million in Las Vegas year-to-date 2022.
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