A joint venture between Brixton Capital and ALTO Real Estate Funds has sold Rainbow Plaza, a 259,980-square-foot shopping center in Las Vegas to Phillips Edison & Company (NASDAQ: PECO) for an undisclosed amount. Located at 731-1049 S. Rainbow Blvd. and 6820-6846 Charleston Blvd., the center is located at a busy intersection in a dense, western Las Vegas suburb. Anchored by Albertsons and Sprouts Farmers Market, Rainbow Plaza has over 60 tenants, including a Ross Dress for Less, Advance Auto Parts, and Goodwill Retail Store.
Brixton’s Vice President of Acquisitions Jim Hamilton, states, “After acquiring the property in 2015, our leasing team replaced a vacating anchor tenant with a grocer and a national auto parts retailer, filled another large vacancy with a national healthcare provider, and improved the durability of the property’s income stream through increasing both the weighted average lease term and the credit profiles for the tenants. Finally, our team positioned three individual single-tenant parcels to be sold separately for substantial profits during our ownership of the center. As the investment market for retail continues to improve, we are pleased to be able to capitalize on this successful investment.”
Pete Bethea and Rob Ippolito from Newmark, along with Brian Sorrentino and Jennifer Ott from ROI Commercial Real Estate Inc. represented the Brixton Capital and ALTO Real Estate Funds. Phillips Edison & Company represented itself in the transaction.
To read more, visit the Las Vegas Review-Journal.
