Grubb & Ellis Co. negotiated the sale of a 103,134-square-foot retail property and 6.4 acres of undeveloped land in Henderson, Nev.

The transaction was valued at $23 million.

American Realty Advisors, a Glendale, Calif.-based pension fund advisor, purchased the property from The Merrill Cos. of Las Vegas.

Horizon Town Center, which is located at the northwest corner of Horizon Drive and Boulder Highway, is a recently built, 274,145-square-foot community center anchored by Lowe’s Home Improvement and Food 4 Less. Other tenants in the center include Anna’s Linens, Big 5 Sporting Goods, Bank of America, IHOP and Washington Mutual. The Lowe’s Home Improvement store was not a part of the sale. The asset was 94 percent leased at the time of sale.

The purchase also included 6.4 acres of undeveloped land, which is entitled for approximately 43,000 square feet of retail space. The buyer plans to begin development on Phase II of the center immediately.

Grubb & Ellis is a provider of integrated real estate services.

***

What’s your opinion? Send your Letter to the Editor to opinion@inman.com.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top