**Litwin Management Acquires Las Vegas Retail Center for $46.4 Million**
Paradise Esplanade, a 58,727-square-foot shopping center located in Las Vegas, has been sold for $46.4 million. The retail center was acquired by Litwin Management from the Eagle Group.
Originally purchased by Eagle Group in 2006 for $32 million, Paradise Esplanade became subject to a $23.5 million CMBS loan in 2015. The loan, originated by Citibank with Wilmington Trust as the trustee, matured this month.
Built in 2005, the shopping center is anchored by CVS Pharmacy, and tenants include Famous Dave’s, Ferraro’s Italian Restaurant & Wine Bar, and Gangman Asian Dining.
Paradise Esplanade is situated at 4480 Paradise Road within an Opportunity Zone. The center benefits from its proximity to the University of Nevada, Las Vegas (UNLV) and the Virgin Hotel, attracting approximately 1.1 million visitors annually.
JLL Capital Markets’ Investment Sales and Advisory team, led by Daniel Tyner and Gleb Lvovich, represented the Eagle Group in the transaction.
