Albertsons-anchored retail center trades hands in Las Vegas

ORANGE COUNTY, Calif., Nov. 18, 2024 – JLL Capital Markets announced today that it has arranged the sale of Vista Commons, a 98,716-square-foot grocery-anchored retail center located in the Summerlin area of Las Vegas, Nevada.

JLL represented the seller, The Vista Commons Shopping Center, LLC, managed by MIG Real Estate. The buyer was AEW Capital Management.

Vista Commons, strategically positioned at 11700 - 11770 W Charleston Blvd. on the hard corner of W Charleston Blvd. and Desert Foothills Dr., offers excellent visibility to over 40,000 vehicles daily and attracts an impressive 4.5 million visitors annually. Surrounded by residential areas, the center’s prime location provides easy accessibility to the nearby I-225 and Downtown Summerlin.

Consistently recognized as a top five "Top-Selling Master Plan in the U.S.”, Summerlin is an affluent Las Vegas suburb known for its master-planned communities. The area boasts average household incomes exceeding $155,000 within a three-mile radius of the property. The demographic, coupled with ongoing residential growth, contributes to Vista Commons' strong performance and long-term income stability.

The thriving 10.3-acre retail center of Vista Commons is currently 100% leased and anchored by one of the nation's most visited Albertsons stores. The property features a synergistic mix of national tenants such as Bank of America, Wells Fargo and Dunkin' Donuts. Catering to the surrounding suburban community, the center boasts impressive tenant longevity, with over 95% of the rent roll in place for more than a decade.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Managing Director Gleb Lvovich and Senior Director Dan Tyner.

“The sale of Vista Commons represents the strong demand for core grocery anchored retail in high demand submarkets in our western states. We saw bidding from institutional investors as well as private capital (mostly based in California), representing a diverse and deep buyer pool for this quality asset,” Lvovich said.

“Our team has successfully closed on the three most recent Albertsons-anchored shopping center transactions in the Las Vegas market,” Tyner added. “Demand continues to rise for these opportunities as capital seeks well performing grocery anchored retail.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500^® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

MIG Real Estate, is a private real estate investment firm that acquires and revitalizes diverse property types across the Western U.S. and Sun Belt states. With over $3.5 billion in assets under management including more than 6,500 multifamily units, 1,000 hotel rooms and 4.3 million square feet of commercial buildings, MIG leverages its strong track record and talented real estate team to facilitate continued growth of its portfolio throughout volatile real estate cycles. The company's entrepreneurial approach, rooted in integrity and disciplined investing focuses on strategic property improvements to create long-term value for its investors.

AEW is a global real estate investment management firm with over 40 years of experience serving investors worldwide. The company actively manages portfolios across public and private property markets leveraging extensive research and market expertise to navigate the complexities of real estate and capital markets. AEW offers a range of investment strategies through customized separately managed accounts and commingled funds tailored to various risk/return profiles.