Australian Company Purchases Las Vegas Retail Center for $23.4M

DTZ, a global leader in commercial real estate services, announced today the $23.4 million sale of Las Palmas Village in Las Vegas on behalf of the seller, Donahue Schriber Realty Group of Costa Mesa, Calif.

Las Palmas Village_Las Vegas

DTZ Executive Managing Directors Ryan Schubert and Michael Hackett of Phoenix represented Donahue Schriber in the investment sale. The buyer was Australian-based Citywest Investments Joint Venture. The ±106,838 square foot Las Palmas Village is located at 445-525 E. Windmill Lane.

“Las Palmas Village is a solid neighborhood shopping center with daily needs tenants and a strong history of occupancy,” according to Mr. Hackett. “Its location near surrounding master-planned communities and the city’s largest concentration of employment, the Las Vegas Strip, made it an attractive investment opportunity.”

Built in 1997, Las Palmas Village is anchored by one of Las Vegas’s highest performing Vons grocery stores, which occupies ±57,566 square feet. The neighborhood retail center is 99.2% leased, with a substantial list of national tenants including Wells Fargo, Bank of America, Taco Bell, Fantastic Sams, American Family Insurance, The UPS Store, Pizza Hut and H&R Block. Las Palmas is located on 10.8 acres at the corner of Bermuda Road and Windmill Lane, an intersection that has visibility to approximately 72,000 daily vehicles.

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