Cushman & Wakefield of Phoenix sells 81,057 SF Las Vegas, NV center
PHOENIX, Arizona – Cushman & Wakefield completed the sale of Craig Promenade, a Big Lots anchored neighborhood shopping center, located at 655-755 W. Craig Road in North Las Vegas, Nev. Liberty Crossing Apartments, LLC (an entity formed by Precision Equity) of Tulsa, Okla. purchased the property from RREF-II KI Promenade (an entity formed by Rialto Capital Advisors) for $12.9 million ($159 PSF).
Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office, along with Lauren Tabeek of the Cushman & Wakefield’s Las Vegas office negotiated the transaction on behalf of the seller.
Craig Promenade is an 81,057-square-foot shopping center located at the southeast corner of Craig Road and Revere Street. Spanning 7.6 acres, the center is currently 84.8 percent leased to a complimentary collection of tenants led by Big Lots and several other retailers including Salvation Army.
“Craig Promenade services high growth North Las Vegas and the Craig road corridor with multiple national retail tenants and restaurants,” said Executive Managing Director Michael Hackett.
Craig Road is one of the main retail corridors in the North Las Vegas trade area. Craig Promenade is situated in a high-growth area of North Las Vegas with several new developments being recently added or currently under construction along the Craig Road corridor. There has also been an influx of single family residential and multifamily developments, fueled by job growth and new opportunities.