Lake Mead Promenade Sold
Author: Diana Heeb Bivona
Lake Mead Promenade LLC purchased the 22,700-square-foot retail shopping center from a private investor. The center sold for $9.9 million, or approximately $436 per square foot. A 6.5% cap rate based on pro forma income was reported by the broker. The center is currently more than 80% occupied.
The center is in a densely populated area with numerous big-name retailers such as Office Depot, Albertson’s, Barnes & Noble, Best Buy, Blockbuster, Linens ‘n Things and Bed, Bath & Beyond.