Town Square Las Vegas

February 1, 2017 Comments Off on 1M-SF Town Square Las Vegas Has New Owner Views: 570 National News, Top National Stories

1M-SF Town Square Las Vegas Has New Owner

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.

Read More at Las Vegas Journal Review

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