Vista Commons, a retail center spanning 98,716 square feet in Las Vegas, has been acquired by AEW Capital Management for $56.1 million. The property was previously owned by MIG Real Estate and the deal was brokered by Gleb Lvovich and Dan Tyner of JLL Capital Market’s Investment and Sales Advisory team.
Located at 11700 – 11770 W Charleston Blvd., Vista Commons is fully leased with a variety of national tenants including an anchor store Albertsons spanning over 56,000 square feet. Other notable tenants include Bank of America, Wells Fargo and Dunkin’ Donuts. The center was built in 2007 and boasts impressive tenant longevity with over 95% of the rent roll occupied for more than ten years.
According to CommercialEdge data, MIG purchased Vista Commons from GGP in January 2011 for $24.3 million. In recent years, the property received a loan worth $26.2 million from Truist Bank that will last for ten years.
This acquisition marks another successful transaction in Las Vegas’ thriving retail market as investors continue to show interest in well-located properties with strong tenant profiles.
