LOS ANGELES, July 26, 2016 (GLOBE NEWSWIRE) -- Newport Beach, CA based Cambridge Companies announces an all cash purchase of a 32,032 SF retail center near the intersection of West Lake Mead Blvd and Del Webb in a high-income demographic and low-vacancy trade corridor. The property was neglected by prior ownership and is 50% occupied. The retail asset is shadow anchored by Walgreens Pharmacy, Wells Fargo Bank, Taco Bell and other national retailers. Enterprise Rent-A-Car, Anytime Fitness, State of Nevada and other long term tenants make up the 50% occupancy. “The Summerlin retail center has significant upside through strategic leasing opportunities,” says Polina Chebotareva, Partner at Cambridge Companies. The Class-A property has been neglected for several years and requires renovation in order for it to rival the surrounding retail product and remain competitive in the leasing market.
The planned renovations include a new roof, repainting the exterior, resurfacing and restriping the parking lot, comprehensive landscaping and irrigation, fountain repair and signage repair. OS Construction won the bid and work commences August 1st. “We identified this center as a potential acquisition target in January, after heavy due diligence and price negotiations we were able to satisfy the seller and discount the price to the point where it made a tremendous amount of sense,” says Filipp Chebotarev, Chief Operating Officer / Partner at Cambridge Companies.
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Coldwell Banker Commercial of Las Vegas represented the seller and Logic Commercial Real Estate represented the Cambridge Companies as buyer. Logic Commercial has been retained as a leasing agent.
Cambridge Companies SPG (“Special Projects Group”) LLC is Strategic Opportunity Investment Company with a focus on Real Estate, Private Equity and Venture Capital transactions. Cambridge Companies is a buyer of commercial real estate in the California and Las Vegas Markets and submarkets. Cambridge Companies turn opportunities into value. More information on Cambridge Companies can be found on their website here.