February 1, 2017
TH Real Estate, on behalf of its T-C US Super Regional Mall Fund LLC, acquired an 85% interest in the 1.1-million-square-foot Town Square Las Vegas. The remaining 15% is being acquired by Fairbourne Partners. The sales price for the open-air retail property was undisclosed, though property records show that the buyers obtained a $215.6 million mortgage from Pacific Life Insurance Co.
The seller was a group of investment firms in New York, Connecticut and Los Angeles, which had seized the property through foreclosure during the recession. Until recently, Town Square was lender-owned.
Located at Las Vegas Boulevard and Sunset Road, the property is 90% occupied. Approximately 79% of the asset consists of retail space, with the remainder dedicated to office space. The new ownership is planning extensive improvements, according to local media reports.
For comments, questions or concerns, please contact Amy Sorter