Faris Lee Investments Chosen by LNR Partners to Market Landmark Retail Center in Las Vegas Area
LAS VEGAS, NV – May 19, 2011 – (RealEstateRama) — Faris Lee Investments, the nation’s largest retail-specialized investment sales and advisory firm, has been named the exclusive broker to market The District at Green Valley Ranch, a 384,107-square-foot landmark retail community center located in Green Valley Ranch, a leading master planned community located near Las Vegas at Green Valley Parkway and Interstate 215.
Richard Walter, president, and Donald MacLellan, senior managing director, out of Faris Lee’s Irvine, Calif. headquarters, and Rob Moore, senior managing director in Faris Lee’s Las Vegas office are responsible for leading the marketing efforts. Faris Lee was selected to market the property by the seller, LNR Partners, LLC. The property is currently in foreclosure.
“Faris Lee has a proven track record for strategically tapping into both institutional and private buyer pools that have the sophistication and capital resources required for acquiring and owning a high-profile retail center such as The District,” said Bill Ohlsen, senior vice president of LNR Partners, LLC. “The District is a rare opportunity to own a high-grade, trophy asset in the Las Vegas market with a great deal of upside potential. We are confident that Faris Lee will proactively manage the sales process and target the various investor pools that would be a good match for the center, the local community, and our disposition requirements.”
The center is being marketed as two separate investment offerings. Phase one of The District is located at 2220-2275 Village Walk Drive and encompasses 212,622 square feet of retail and office product. The 21.54-acre property had a very successful opening April 2004, is located on the west side of Green Valley Parkway. Phase one is comprised of 50 national and regional stores and restaurants; 88 luxury condominiums, and complementary office users. The shopping, dining, entertainment, residences and office space are combined with a pedestrian-friendly main street plaza, and a beautiful central park, complete with a vintage-style Carousel. High-profile tenants include REI, Pottery Barn, Anthropologie, Lucille’s BBQ, Elephant Bar, King’s Fish House, P.F. Chang’s, Williams-Sonoma, Ann Taylor Loft, White House/Black Market, among others. Phase one is also adjacent to the popular Green Valley Ranch Resort and Spa, a 498-room high end hotel, casino, and resort spa owned and o perated by Stations Casinos. The resort and spa is designed as a destination apart from the Las Vegas strip, inspired by the design of European casinos so that it appeals to business and vacation travelers.
Phase two of The District is anchored by Whole Foods. Located on the east side of Green Valley Parkway at I-215 at 100-190 S. Green Valley Parkway, this phase totals 171,485 square feet and is situated on 16.02 acres. The property opened in 2006 and consists of six buildings with a retail and office tenant mix . Major tenants in Phase two also include The Cheesecake Factory , West Elm, among others.
“The District at Green Valley Ranch is truly a retail landmark located in one of the premier master planned communities in Nevada offering an opportunity rarely seen to acquire an asset of this quality. We anticipate this to be one of the finest retail investment offerings on the market today in the Western U.S.,” said MacLellan. “We plan to take a unique approach by marketing The District to a private and institutional buyer pool that consists of both domestic and foreign investors. We also believe that high net worth investors from around the world who travel to Las Vegas will take a look at the opportunity own the highest quality retail asset in the market.”
To underscore the expected interest level, MacLellan added that even before the property was officially on the market, Faris Lee had received a considerable amount of investor interest from around the world from a variety of investors.
Faris Lee Investments will leverage its local Las Vegas office contacts to market the property to the wide variety of institutions and high net worth entities that are familiar with the Las Vegas market.
“LNR Partners wanted a knowledgeable brokerage team that had years of experience in the Las Vegas area,” said Moore. “LNR understands the importance of on-the-ground relationships with a Vegas community that extends nationally as well as internationally.”
According to Walter, The District is indicative of the complexity of today’s investment market. “Our team spends time at the property level to best understand the operational aspects that can be modified to add value. We combine that with a creative transactional approach that is designed to deliver a diverse buyer pool, in many ways we target our buyer as opposed to simply pushing information out to the marketplace. Ultimately, we bring all of our intelligence together, including capital markets expertise, to bring about the best outcome,” Walter added.
The center benefits from its location at the heart of the affluent, master planned community of Green Valley Ranch which boasts higher than average annual household incomes of in excess of $100,000 for the greater Las Vegas area. The center also gains from a consumer population of 267,000 within a 5-mile radius.
The District at Green Valley Ranch has evolved into a popular gathering spot for the local community with some of the finest restaurants and entertainment. The center benefits from traffic to the Green Valley Ranch Resort and Spa and adjacent Regal Cinemas Green Valley Ranch Stadium 10 theatres. The property also features a trolley to transport customers throughout the center. The management holds numerous community events including outdoor movies, wine tastings and more.
About Faris Lee Investments:
Faris Lee Investments is an advisory and brokerage firm specializing in retail real estate. The company’s transactional, operational and financial intelligence works in combination to the benefit of clients. Faris Lee is adept at developing creative, results-oriented acquisition and disposition strategies that maximize value. Cumulatively, the senior management team of Faris Lee has been involved in more than $20 billion of transactions. Faris Lee’s senior experts are skilled in 1031 exchanges, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, visit www.farislee.com.
