Retail plaza east of Strip sells for more than $70M
A New Jersey real estate firm purchased a retail plaza east of the Strip, its first acquisition in Nevada.
First National Realty Partners announced last week that it acquired Tropicana Centre, a strip mall on Tropicana Avenue at Pecos Road that spans more than 586,000 square feet.
It did not announce the sales price, but property records indicate the plaza traded for $72.5 million. The firm indicated Tropicana Centre has 26,000 square feet of available space.
Stephen Joseph, director of acquisitions at First National Realty, said in a news release that Las Vegas has experienced “tremendous population growth,” and he cited the strip mall’s below-market rents and tenant roster.
Located about four miles from Las Vegas’ famed casino corridor, Tropicana Centre features Walmart, Sam’s Club, Sprouts Farmers Market and other tenants.
The new landlord said the purchase marked its “entry into the Nevada market.”
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.
