Cushman & Wakefield Sells Second Shopping Center for Weingarten Realty
PHOENIX, Arizona – Cushman & Wakefield completed the sale of Tropicana Marketplace, a Smith’s anchored shopping center located at 6120-6180 W. Tropicana Avenue in Las Vegas, Nev., for $15 million ($216 PSF). Tropicana Square LLC purchased the property from Houston-based Weingarten Realty.
Executive Managing Directors Michael Hackett and Ryan Schubert of Cushman & Wakefield Phoenix represented the seller. This is the second sale the team has completed on behalf of Weingarten Realty in the last two months. John Weisler of JW Michaels Realty Services represented the buyer.
Anchored by Smith’s Food & Drug, Tropicana Marketplace is a 69,430-square-foot neighborhood shopping center spanning 6.77 acres. Built in 1989, the property is currently 86.2% leased to a diverse tenant roster including Family Dollar, Chase Bank, Pacific Dental, Supercuts and Pearle Vision.
“Tropicana Marketplace has been a strong performing neighborhood retail asset and the disposition provides the seller a continued focus on core growth portfolio initiatives,” said Michael Hackett.
Ideally located, Tropicana Marketplace is situated on the northwest corner of Tropicana Avenue and Jones Boulevard. Tropicana Avenue is a major east-west section line arterial in the Las Vegas Area, and part of the Nevada State Route 593, which offers superior access and visibility to a desirable demographic.