A neighborhood shopping center, measuring 115,037 square feet and situated in the Mountain’s Edge master-planned community of Las Vegas, Nevada has been sold to an out-of-state investor for $50.3 million. This amounts to a price of $437 per square foot. The buyer took over a CMBS loan worth $33 million as part of the deal. The loan was originally issued by Morgan Stanley Bank in 2022 and carries an interest rate of 4.51 percent for the first five years with interest-only payments before transitioning into a calculated amortization schedule based on a 30-year term.
The seller was Remington Nevada, known for their development projects focused on Class A retail centers in the Southwest region.
CBRE’s National Retail Investment Partners-West team led by Roy Fritz and Preston Fetrow facilitated this transaction on behalf of Remington Nevada.
Mountain’s Edge Marketplace is situated on 14.79 acres at 7975 Blue Diamond Rd and was built in 2016.The property boasts high occupancy rates with leases signed by major national retailers such as Ross, Planet Fitness, Starbucks,T-Mobile,and local businesses like Supercuts,the UPS Store,and China A Go Go.
