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Mark Lucescu, President of LUCESCU REALTY, announced today the closing of Anthem Highlands Shopping Center in Las Vegas, Nevada. The property is a neighborhood shopping center, anchored by Albertsons grocery store and CVS/pharmacy and totals approximately 118,763 square feet. Albertsons and CVS occupy approximately 58% of the gross leasable area. The blue-chip tenant roster also includes Bank of America, Wells Fargo Bank, Pizza Hut, Starbucks and Subway.
LUCESCU REALTY exclusively represented the interests of the seller, Regency Centers, a publicly-traded real estate investment trust, headquartered in Jacksonville, Fla., and procured the buyer, Excel Trust, located in San Diego, Calif. Excel, also a publicly-traded real estate investment trust, made its first acquisition in the Valley.
“It was a rare Principal-to-Principal transaction,” according to Frank Marretti, Managing Director of Lucescu Realty’s Las Vegas office. “This sale shows the local market is continuing to rebound,” Marretti further commented.
"In addition to a national company like Excel being the buyer, a further testament to the market’s rebound was that 18 offers were received during the marketing period,” said Lucescu. "Due to the strong investor demand the only buyers invited to bid in the second round were 'All Cash' investors that did not require third-party financing to complete the purchase."
Located at the northwest corner of Anthem Parkway and Bicentennial Parkway, Anthem Highlands Shopping Center is located on 13.02 acres in the master planned community of Anthem, approximately 14 miles southeast of the Las Vegas Strip. Nearing full build-out, Anthem, when completed, will boast approximately 13,000 homes, 2 championship golf courses, 3 parks and 7 schools across 4,755 acres. Anthem is also one of Las Vegas’ most affluent residential communities. Within a 1- and 3-mile radius the estimated average household income is $122,991 and $119,413, respectively. Built in 2009, Anthem Highlands Shopping Center is one of only two grocery-anchored shopping centers within the Anthem community.
“It’s an institutional quality piece of real estate, built by one of the premier real estate companies in the country,” noted Lucescu. “Regency did a great job lining these tenants up and built a quality center. Excel should continue to do well in its plan for a long-term hold."
LUCESCU REALTY (lucescurealty.com) is a market leading investment real estate services firm that uniquely combines major capital markets expertise with a complete and thorough understanding of real estate fundamentals to execute a wide range of services on behalf of its clients. LUCESCU REALTY specializes in individual property and portfolio transactions, on behalf of public and private companies worldwide, involving neighborhood, community, power, and lifestyle centers, regional malls, and suburban and central business district office buildings. The hallmark of LUCESCU REALTY is its ability to maximize value through its exclusive focus on sale transactions, access to the full spectrum of both public and private investors, intimate local market knowledge through its in-house group of market analysts, tailored marketing strategies, and depth of capital market experience. During 2010, LUCESCU REALTY was again recognized as one of the most active brokerage firms in the U.S. in the sale of retail shopping centers; including being the third most active in California transactions and the sixth most active in U.S. transactions. In 2011, LUCESCU REALTY has handled many of the largest retail shopping center dispositions throughout Northern and Southern California, Arizona and Nevada. Headquartered in Newport Beach, CA, the Company has regional offices in Las Vegas, NV, and Phoenix, AZ, and plans to open an office in San Francisco before year end.
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