Las Vegas-area retail project sold

Additional space planned on vacant lot

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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...