Cushman & Wakefield Negotiates Sale of Smith’s Anchored Shopping Center
PHOENIX, Arizona – Cushman & Wakefield completed the sale of Montecito Marketplace, a high-volume Smith’s anchored neighborhood shopping center in Las Vegas, Nevada. LaSalle Investment Management purchased the property for $63.55 million.
Cushman & Wakefield Executive Managing Directors Michael Hackett and Ryan Schubert represented the seller, Brixmor.
Located at the southeast corner of Durango Drive and Elkhorn Road, Montecito Marketplace encompasses 190,434-square-feet of retail space. Spanning 18.71 acres, the property is 98.6% leased to national, regional and local tenants led by a top-tier Smith’s Food & Drug and TJ Maxx.
Smith’s is part of Kroger (NYSE: KR), which is the country’s largest supermarket chain and the second-largest general retailer, behind Walmart. Smith’s recently renovated and expanded this location and purchased the Smith’s Fuel (NAP), which further enhanced the value of the property.
“Montecito Marketplace is one of the premier grocery anchored centers in Las Vegas,” according to Hackett. “LaSalle should continue to enjoy stable cash flow and rental growth from this high quality asset.”