Red
Author: Diana Heeb Bivona
Developer, Roger Anderson has completed the 48,500-sf mixed-use center and has leased it out, and now he’s looking to sell it for $20.9M. Three years prior, Anderson had purchased the property for development for around $2.2M and built Red Rock Plaza for $8M. At that time, the land price was approximately $462,000 per acre. Applied Analysis, at the end of 2006, reported the average price per acre, excluding resort properties, was $782,300.
Located 5191 W. Charleston Blvd., Red Rock sits on 4.7 acres and consists of a 42,300-sf shopping strip and a 6,200-sf office building. Tenants include the Academy of Hair Design, Starbucks, Verizon Wireless, Bimbo Bakeries and Carpet Extreme. All tenants are on triple-net leases.