Chris Richardson, CCIM and Jason Otter of LOGIC Commercial Real Estate (Logic) are pleased to announce the sale of Centennial Square, a +/- 46,316 sf multi-tenant retail center located in the northwest submarket. Logic represented the seller, Monaco Properties and Colliers International, Steven Haynes, represented the buyer, Weightman Holdings. The property closed at $16,000,000, which was $346 per square foot, at a 7.14% CAP rate.
Logic was engaged to fill available spaces with the intent to re-launch the sales process. “We have been very successful in the past to tie in a strong leasing effort with a sales disposition strategy to achieve our client’s goals,” said Jason Otter, Director at Logic Commercial Real Estate.
Through the sales process, Chris, Jason and their investment team, worked with the seller to focus on lease up, buyer procurement, negotiations, and managed through the diligence and closing periods. “We had a seller that wanted to sell, and a buyer that wanted to buy…once we managed through a few issues, it worked out well,” said Chris Richardson, CCIM, Director at Logic Commercial Real Estate.
“Chris and Jason with Logic did a terrific job navigating several challenging issues that surfaced during negotiations and escrow. Most importantly, they got us to the finish line”, said Kevin Marsh with Monaco Properties.
Logic Commercial Real Estate is a local boutique real estate firm with offices in Las Vegas and Reno. They have a national affiliation with Realty Resources. Chris Richardson, CCIM and Jason Otter are retail investment specialists with over 30 years of combined experience. They are regularly recognized as industry leaders.