Nationally Focused Investment Firm Acquires Tropicana Centre in Las Vegas, Nev.
LAS VEGAS, Nov. 1, 2022 /PRNewswire-PRWeb/ -- 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.
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