First National Realty Partners has entered the Nevada market with the acquisition of Tropicana Centre, a 586,000-square-foot grocery-anchored retail center in Las Vegas.
Graystone Capital Advisors brokered the transaction. CommercialEdge data shows that the asset last traded in 2013 for $39.8 million.
The 14-building shopping center came online in 1978, covering 57 acres. A 40,000-square-foot Sprouts Farmer’s Market anchors the property. The retailer plans a $1 million capital improvement plan, aimed at upgrading its location at the center.
Tropicana Centre is also anchored by a 134,000-square-foot Sam’s Club and a 120,000-square-foot Walmart, which have been operating at the location since 1991. Other tenants include Ace Hardware, Ross, Conn’s HomePlus, Big 5 Sporting Goods, Dollar Tree, Rainbow and McDonald’s. The retail center still has 26,000 square feet of space available for lease.
Expanding in growing markets
Located roughly 6 miles from downtown Las Vegas at 3075 E. Tropicana Ave., the property is situated in a high-density retail corridor. The property is some 4 miles east of the Las Vegas Strip, in an area where the daily car traffic reaches approximately 71,000 vehicles. More than 454,000 people live within a 5-mile radius.
In prepared remarks, FNRP Director of Acquisitions Stephen Joseph acknowledged Las Vegas’ retail market potential, due to the area’s population growth and ongoing residential building efforts. He also added that entering the Nevada market with the acquisition of Tropicana Centre marks a solid investment for the company, as the metro is expected to experience further expansion in the near future.
With an extensive grocery-anchored portfolio, FNRP continues to invest in the open-air retail property sector. Earlier this year, the company acquired two grocery-anchored shopping centers: a 287,000-square-foot retail center in Manassas, Va., and a 158,000-square-foot marketplace in O’Fallon, Mo. The firm has also added Southern Plaza, a 268,000-square-foot, grocery-anchored shopping center in Indianapolis, to its retail portfolio.
