Gerrity Group Sells Las Vegas Retail Center for $41M

Albertsons at Craig Marketplace. Image courtesy of JLL Capital Markets

Gerrity Group has sold its grocery-anchored retail center, Craig Marketplace, for $41.2 million. The asset, a 119,280-square-foot property located in Las Vegas, was purchased by a California buyer in a 1031 exchange.

Built in 2002, the center occupies a 12.28-acre land plot. Gerrity Group initially purchased Craig Marketplace in 2016 for $33 million, according to CommercialEdge data.

Currently 94.5 percent leased, the anchor tenant is an Albertsons grocery store on a long-term lease. Other tenants include Jack in the Box, Starbucks, Subway and Popeyes Chicken.

READ ALSO: Retail Fundamentals Stay Positive

Located at 7101-7181 West Craig Rd., Craig Marketplace is at the intersection of U.S. Highway 95 and Craig Road, in an area that’s transited by more than 135,000 cars daily. Traffic in the area comes in westbound from the Las Vegas Strip and southbound from Centennial Hills, as well as the larger Northwest Las Vegas County.

Summerlin, a wealthy community with some 125,000 residents, is within a 5-mile radius of the center. The Summerlin submarket and North Las Vegas are attracting large industrial and e-commerce companies like Amazon, Fanatics and WeWork. Another 18 million square feet of industrial space is planned for construction in the area, according to The Review Journal.

JLL Capital Markets closed the Craig Marketplace sale, representing Gerrity Group and arranging financing for the buyer. Gleb Lvovich, managing director at JLL retail capital markets investment sales and advisory team, and Daniel Tyner, senior director, represented the seller. The debt capital markets team that acquired the buyer’s financing was led by John Marshall, senior director, and Jordan Leake, analyst, as well as Carl Beardsley, senior director.

In prepared remarks, Tyner said that Craig Marketplace is the second Las Vegas retail sale to close that featured an Albertsons as the anchor tenant that the team has arranged.