Brixton Capital and ALTO Real Estate Funds Sell Dual Grocery-Anchored Rainbow Plaza Shopping Center in Las Vegas
BRIXTON CAPITAL AND ALTO REAL ESTATE FUNDS SELL DUAL GROCERY-ANCHORED RAINBOW PLAZA SHOPPING CENTER IN LAS VEGAS
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 anchored by Albertsons and Sprouts Farmers Market to Phillips Edison & Company (NASDAQ: PECO) for an undisclosed amount.
Encompassing 731-1049 S. Rainbow Blvd. and 6820-6846 Charleston Blvd., the center is located on one of the busiest intersections in a dense, western Las Vegas suburb. Rainbow Plaza has over 60 tenants, including a Ross Dress for Less, Advance Auto Parts and Goodwill Retail Store.
According to Brixton’s Vice President of Acquisitions Jim Hamilton, “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.”
“Rainbow Plaza demonstrates the Brixton/ALTO partnership’s strategic approach to retail re-positioning and redevelopment,” said Brixton Capital President Mark Selman. “This is an outstanding outcome for Brixton Capital, ALTO Real Estate Funds and our investors.”
Pete Bethea and Rob Ippolito from Newmark as well as Brian Sorrentino and Jennifer Ott from ROI Commercial Real Estate Inc. represented the sellers. The buyer represented itself.
Brixton owns and operates a portfolio valued in excess of $1.3 billion, representing over 10 million square feet of retail, multifamily, office and land investments across the United States and Europe.
For more information about this transaction:
Mark Selman, President