Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale
of North Ranch Plaza, a 21,003-square foot shopping center located in Las Vegas, Nevada. The asset sold for $2,750,000, according to Todd Manning, sales manager of the firm’s Las Vegas office.
Tina D. Taylor, Vice President Investments, and Candace Carrell, Senior Associate, in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, Professional Properties of Las Vegas, LLC. The buyer was a limited liability company.
North Ranch Plaza is located on the southwest corner of Craig Road and Decatur Boulevard, in the city of Las Vegas. Several of the tenants have occupied the center for more than 10 years, including a top producing Title Max location, and a Pizza Hut that has occupied their unit since the building was constructed in 1993.
“This was a favorable investment opportunity for the Southern California-based private client, who was in a 1031 Exchange. Multiple competing offers were received within the first few weeks of marketing, prompting an above-list sale price to the most qualified buyer,” commented Taylor and Carrell.
