LAS VEGAS, NV, May 21, 2014– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of El Jardin Plaza, a 19,680 square-foot retail property located in Las Vegas, NV, according to Justin C. White, regional manager of the firm’s Las Vegas office. The asset sold for $1,400,000.
Chris Cunning, First Vice President Investments in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was secured and represented by Joshua Jordan and Cameron Glinton, investment specialists also in Marcus & Millichap’s Las Vegas office.
According to Cunning, “This offering provided the buyer with the opportunity to acquire a value add retail center on one of the strongest retail corridors in the Las Vegas Valley for only $71 per square foot.” El Jardin Plaza is located at 5704 West Charleston Boulevard in Las Vegas, NV. Currently, the center is roughly 60 percent leased to a mix of local tenants. The majority of the existing tenants have been at the center for over five years. The center is unique in that all of the spaces but one are smaller spaces averaging well under 1,000 square feet each. Glinton adds, “The Marcus & Millichap platform allowed us to find our buyer an exclusive opportunity to purchase a great value add investment within a short amount of time. This property should provide for great upside in the future due to the location, future rent appreciation and current price per foot.”
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About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
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