LV Shopping Center Trades for $50.3M – Connect CRE
Mountain’s Edge Marketplace, a 115,037-square-foot neighborhood shopping center in the master-planned community of Mountain’s Edge in Las Vegas, Nevada was sold to an out-of-state investor for $50.3 million, or $437 per square foot. The purchaser assumed a $33 million CMBS loan. The 10-year loan, issued by Morgan Stanley Bank in 2022, features interest-only payments at a rate of 4.51 percent for 60 months, followed by a calculated amortization under a 30-year basis. Remington Nevada was the seller.
Roy Fritz and Preston Fetrow of CBRE’s National Retail Investment Partners-West led the transaction, representing Remington Nevada, which is focused on developing Class A retail shopping centers in the Southwest.
Mountain’s Edge Marketplace is located on 14.79 acres at 7975 Blue Diamond Rd. Built in 2016, the property is 98% leased to 40 national and local retailers, including Ross, Planet Fitness, Starbucks, Supercuts, The UPS Store, China A Go Go, and T-Mobile.
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