Chicago investment fund buys Las Vegas’ Montecito Marketplace

By Eli Segall Las Vegas Review-Journal

8 years ago

Jones Lang LaSalle Income Property Trust has purchased Las Vegas retail plaza Montecito Marketplace, seen in this undated aerial photo. (JLL Income Property Trust)

A strip mall in Las Vegas Montecito Marketplace, Thursday, Aug. 10, 2017. The strip mall has sold for $63 million. Elizabeth Brumley Las Vegas Review-Journal

A Chicago investment fund has acquired a suburban Las Vegas strip mall.

Jones Lang LaSalle Income Property Trust on Thursday bought Montecito Marketplace in the northwest valley for about $63.5 million, property records show.

In a press release, the company said the 190,000-square-foot plaza, located on North Durango Drive near the 215 Beltway-U.S. Highway 95 interchange, is fully leased and anchored by a Smith’s grocery store and T.J. Maxx discount retailer.

Allan Swaringen, president and CEO of JLL Income Property Trust, said Montecito is an “excellent fit” in its retail portfolio as the company increases its “exposure to high-quality, grocery-anchored centers in strong metropolitan markets.”

JLL did not disclose the seller in its announcement, but property records indicate it was New York-based Brixmor Property Group.

Brixmor could not be reached for comment.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.