Cushman & Wakefield Negotiates Sale of Smith’s Anchored Shopping Center

PHOENIX, Aug. 10, 2017 – 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.”

About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.