DTZ, a global leader in commercial real estate services, announced today they brokered the $52 million sale of Crossroads Towne Center in North Las Vegas on behalf of the sellers, a company formed by The Eagle Group in Los Angeles. The buyer was a company formed by Cornerstone Advisers of Santa Monica, CA. Built in 2007, Crossroads Towne Center is located at the intersection of I-215 and Decatur Boulevard, part of the Aliante master planned community in North Las Vegas, Nev.
DTZ Executive Managing Directors Ryan Schubert and Michael Hackett of Phoenix brokered the investment sale.
“Crossroads is anchored by one of the top performing Walmart Supercenters in the state of Nevada,” according to Mr. Hackett. “The North Las Vegas retail market is rebounding nicely with Decatur and 215 one of the premier intersections, providing stability and upside for Cornerstone’s investment.”
Crossroads Towne Center (6436 and 6512 N. Decatur Blvd.) is a 148,791 square foot neighborhood retail center located on 16.34 acres that services an affluent and dense trade areas in North Las Vegas with a population of nearly 300,000 within five miles of the property. Anchored by Walmart Supercenter (not a part of sale), Crossroads Towne Center has a strong mix of national and regional tenants including Bed Bath and Beyond, Bank of America, Bath and Body Works, Starbucks, GNC, Payless Shoesource and Mattress Firm. The property was 90% occupied at the time of sale.