JUST SOLD! Gramercy Commons Retail Center Closes for $6.35MM
LOGIC Commercial Real Estate announces that Directors, Jason Otter and Chris Richardson, CCIM, have closed the sale of Gramercy Commons, a multi-tenant retail building in the Southwest submarket in Las Vegas, NV. The team took on the assignment at 21.9% occupancy and over the course of 18 months achieved 100% occupancy by bringing six (6) new tenants to the center. The investment sales team ran a competitive marketing process working through multiple offers throughout the listing term, which lead to a successful and smooth disposition of the asset.
Gramercy Commons fits a market trend for the team to fully lease a property to increase value and then run a sales process to maximize the sellers returns. Last year the team closed over $70MM in sales transactions.