DTZ, a global leader in commercial real estate services, announced today the sale of Cheyenne Point Shopping Center (“Property”), 2045-2175 East Cheyenne Avenue in North Las Vegas, NV, on behalf of an entity formed by Sarofim Realty Advisors. Medford Capital LLC of Calabasas, CA, acquired the 93,901 square foot grocery-anchored retail center for $19.7 million.
DTZ Executive Managing Directors Ryan Schubert and Michael Hackett represented the sellers.
“The North Las Vegas market continues a robust recovery, and Cheyenne Point is ideally located to service the city’s growing population,” according to Mr. Hackett. “The property has a strong mix of national and local service and ‘daily needs’ retailers that cater to the local consumer base in North Las Vegas.”
Located on 9.23 acres, Cheyenne Point Shopping Center is anchored by a 30,000 square foot Mariana’s Supermarket, a Las Vegas-based, top-performing Hispanic grocer.
Mariana’s occupies nearly 32% of the total leasable space in the property. In addition to Mariana’s, the property’s tenants include Dollar Tree, Gen X Clothing, Rainbow, CiCi’s Pizza, T-Mobile, Taco Bell and Subway and nearly two dozen locally owned retailers.
Las Vegas-based Virtus Commercial had the leasing and property management assignment for Cheyenne Point at the time of sale.