Menu
LAS VEGAS, Nev. (Nov. 1, 2022) — First National Realty Partners, LLC (FNRP) announced the addition of Tropicana Centre in Las Vegas to its grocery-anchored shopping center portfolio. This 586,000-square-foot asset continues the vertically integrated real estate firm’s coast-to-coast expansion in the open-air retail property sector and marks its entry into the Nevada market.
Tropicana Centre has the unique feature of three essential anchors: a 134,000-square-foot Sam’s Club and a 120,000-square-foot Walmart, which have been tenants since 1991; and a 40,000-square-foot Sprouts Farmer’s Market. One of the nation’s top natural organic retailers with more than 340 stores across 23 states, Sprouts plans to invest $1 million into upgrading its location at the center. The property’s tenant roster also includes Ace Hardware, Ross, Conn’s HomePlus, Big 5 Sporting Goods, Dollar Tree, Rainbow and McDonald’s. The remaining 26,000 square feet of available space provide meaningful upside potential by way of increased occupancy and cash flow.
“Las Vegas has experienced tremendous population growth fueled by cheaper costs of living, lower taxes, and newly built homes – solidifying its position as one of the fastest growing cities in the U.S.,” said Stephen Joseph, director of acquisitions. “FNRP was attracted by Tropicana Centre’s infill location, below market rents and investment grade tenant roster, which provide a one-stop shopping destination to customers in a market that is expected to see continued growth over the next five years.”
The property sits in a densely populated retail corridor approximately four miles east of the famous Las Vegas Strip. Situated along the region’s dominant east-west thoroughfare, which sees combined traffic of over 71,000 vehicles per day, the center serves a population of over 454,000 people within a 5-mile radius with an average household income of over $73,000.
The seller was represented by Julius Swolsky and Brenton Baskin of Graystone Capital Advisors.
FNRP provides everyday accredited investors with access to real estate assets that traditionally have been available only to institutional investors. Specializing in grocery-anchored, necessity-based retail product, the Red Bank, N.J.-based firm sources opportunities both on and off-market nationwide. From acquisition to disposition, FNRP oversees the entire investment lifecycle 100% in-house, leveraging top talent in legal, acquisitions, leasing, and other key areas to strive to achieve maximum value and attractive risk-adjusted returns for its partners.
###
As with all investments, an investment in commercial real estate is subject to risk, including the risk that all of your investment may be lost. Any representations concerning investing in commercial real estate; to include representations as to stability, diversification, security, resistance to inflation and any other representations as to the merits of investing in commercial real estate reflect our belief concerning the representations and may or may not come to be realized.
About First National Realty Partners, LLC
151 Bodman Place, Suite 201, Red Bank, NJ 07701
Get instant access to all of our current and past commercial real estate deals.
NOTICE: An investment in commercial real estate is speculative and subject to risk, including, inter alia, the risk that all of your investment may be lost. Any representations herein concerning the viability and profitability of investing in commercial real estate, including, without limitation, the stability, diversification, security, resistance to inflation and any other representations as to the merits of investing in commercial real estate reflect our belief concerning the representations and may or may not come to be realized. Cash distributions and any specific returns are not guaranteed. Securities are only available to verified accredited investors who can bear the risk of loss of their investment.
The information contained herein, including text, graphics, images and information, is general in nature and is for informational and illustration purposes only.
FNRP makes no representations or warranties of any nature whatsoever regarding any tax matters, including, without limitation, the ability of an investor to invest in FNRP with its specific self-directed IRA vehicle. The investor should independently obtain advice from his or her own independent legal counsel and/or tax accountant and/or IRA servicer regarding any such investment and the tax benefits and burdens associated with same.
*All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them. Any product names, logos, brands, and other trademarks or images featured or referred to within are the property of their respective trademark holders. None of the trademark holders are affiliated with FNRP.
Copyright ©2024. FNRP. All Rights Reserved
