Las Vegas, NV ( PressAbout ) January 18, 2011 – Retail tenants acted to secure retail space in well located retail centers as anticipation grew that better tourism and convention business may lead to an improving economy in Las Vegas. Miami Bakery, Inc. signed a new five year lease at University Plaza retail center and Simplicity Travel signed a new three year deal at Apache Square located at Fort Apache and Spring Mountain Road near Summerlin.
Fortis Commercial Advisors, a boutique Las Vegas commercial real estate firm represented the landlord on both transactions. “We’re seeing transaction volume pick up as retailers are starting to see the local economy improve” explains Fortis’ Managing Partner Dean Jalili. Jalili reports that University Plaza has maintained occupancy levels above 90% throughout the economic downturn and Apache Center, anchored by Dollar Tree, is garnering significant tenant attention because of its close proximity to Summerlin and rates that are far more attractive than the asking rents on the Charleston corridor.
Both centers are an excellent example of well located properties faring better through this down cycle. The local Las Vegas commercial real estate market has been in a slump since the housing boom went bust in 2007. While investors have stepped in to buy residential real estate, commercial real estate remained stagnant while banks and special servicers figured out how to approach the glut of troubled assets in the market.
According to research firm Real Capital Analytics, Las Vegas still leads the nation in troubled assets as a percentage of total market inventory however, as foreclosures are processed, more space inventory can be reset to market rates. The first part of January has already seen a couple of significant retail foreclosures including Renaissance West and Sahara Hart retail centers.
Fortis Commercial Advisors represents Las Vegas commercial property landlords, tenants and investors of commercial real estate in Las Vegas and is a wholly owned subsidiary of the Fortress Group, Inc.
Contact:
Dean Jalili
10100 W. Charleston Blvd., Suite 160
Las Vegas NV 8913
702-982-8968 x101
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