In biggest deal of year, North Las Vegas mall sells for $50.5 million
A sprawling North Las Vegas shopping center has been sold for more than $50 million, the valley’s most lucrative real estate deal of the year.
The 62-acre Deer Springs Town Center, developed in 2009 by Florida’s Regency Centers Corp., was sold to Stoltz Real Estate Partners in Pennsylvania.
The $50.5 million deal was recorded with Clark County on Friday and announced by the brokerage firm Lucescu Realty, which represented Regency.
The 512,325-square-foot retail hub on North Fifth Street near the 215 Beltway, at the northern edge of the Las Vegas Valley, has several big-box tenants, including Target, The Home Depot, Toys ‘R’ Us, Ross Dress for Less and Staples.
Target, however, owns its 143,160-square-foot store, which was not included in the sale.
Stoltz owns and manages 9.5 million square feet of retail, office, industrial and other real estate nationwide.
CEO Keith Stoltz did not return a call for comment.
Regency, a real estate investment trust, owns or co-owns roughly 350 shopping centers. On its website, it lists only one shopping center in Nevada as being in its portfolio — the 257,363-square-foot Centennial Crossroads Plaza, near the U.S. 95-Beltway interchange in northwest Las Vegas.