Brixton Capital has acquired the Las Palmas Village shopping center in Las Vegas from Cop Group in an off-market transaction valued at $29.4 million. The asset changes hands through a direct sale rather than a broadly marketed process, reflecting a negotiated deal between the two parties.
The property is located at 445 E. Windmill Ln. in Las Vegas and totals 106,838 square feet. It is described as a grocery-anchored shopping center and is reported to be 95% occupied at the time of sale, indicating a largely stabilized rent roll with some remaining vacancy for future lease-up.
Tenants occupying the three building pads at Las Palmas Village include Vons, Starbucks, Wells Fargo, Pizza Hut, The UPS Store and Taco Bell. This mix combines a grocery tenant, food and beverage operators, financial services and a shipping and logistics provider, suggesting a daily-needs retail profile serving the surrounding community.
According to the parties, Brixton purchased the center at a significant discount to replacement cost. The buyer views the property as having clear value-add potential, citing below-market rents, the opportunity to lease remaining vacancies and the implementation of a comprehensive capital improvement program as key components of its planned strategy for the asset.
On the capital markets side, Dan Tyner, Gleb Lvovich and Geoff Tranchina of JLL represented the seller, Cop Group, in the transaction. Brixton Capital represented itself, with no third-party intermediary specified on the buy side. The involvement of JLL highlights ongoing brokerage activity around grocery-anchored, multi-tenant retail assets in the Las Vegas area.
The acquisition adds to Brixton Capital’s history of owning and repositioning retail centers in Las Vegas. The firm previously owned Decatur 215, a 126,678-square-foot shopping center in Las Vegas that it sold in 2023. Brixton also previously sold Rainbow Plaza, a 259,980-square-foot, 60-tenant shopping center in Las Vegas anchored by two grocery chains, in 2021 following a strategic repositioning. The Las Palmas Village acquisition continues Brixton’s engagement with the local retail market, though specific business plans beyond the stated value-add initiatives are not detailed.
