JUST SOLD! Cheyenne Commons Closes for $34.3MM
Logic Commercial Real Estate, utilizing RealInsights Marketplace, announces that it has closed the sale of Cheyenne Commons, a Walmart, Floor & Décor and Ross anchored retail center totaling 361,000 square feet in Las Vegas, Nevada. Logic Commercial Real Estate’s Brendan Keating, Adam Malan and Deana Marcello marketed the property on behalf of the seller, a special servicer. The asset was purchased by Pebb Enterprises, Inc., a private family office based in South Florida. Logic’s leasing and management team increased occupancy from 60% to 80% while growing NOI by 50% over an 18-month period prior to the sale. Additionally, the property recently received a +/- $2,700,000 renovation including new roof, exterior paint, awning repairs, updated lighting, parking lot repairs, landscaping repairs and updated pylon signs. Cheyenne Commons is 80% occupied, providing an attractive value-add opportunity for the buyer with over 70,000 SF of available space for lease.
Cheyenne Commons is a +/- 361,000 square foot – Walmart, Floor & Décor and Ross anchored power center, developed in 1993 within a dense and mature northwest suburb of Las Vegas, NV. The property is positioned at the southwest corner of Rainbow Blvd. and Cheyenne Ave. along the US-95 Freeway, featuring +/- 1,600 ft of frontage on Rainbow Blvd. with combined traffic counts in excess of +/- 227,000 cars per day.