Phillips Edison & Company, a real estate investment trust (REIT) with a nationwide portfolio of grocery-anchored shopping centers, has acquired the Crossroads Towne Center in North Las Vegas for $56 million, according to Clark County property record.
The 148,770 square feet property is located on 6436-6512 N. Decatur Boulevard, North Las Vegas, NV 89131 and is shadow-anchored by Walmart. Major tenants include Bath & Body Works, Mattress Firm, and Planet Fitness.
The acquisition marks the company’s fifth shopping center in the greater Las Vegas market. As of June 30, 2022, Phillips Edison & Company manages 289 shopping centers, including 269 wholly-owned centers across 31 states, and 20 shopping centers owned in one institutional join venture.
“We are excited to welcome Crossroads Towne Center to the PECO portfolio. This addition provides an excellent opportunity to expand our presence in the Las Vegas MSA and exemplifies our strategy of acquiring high-quality, well-occupied, grocery-anchored shopping centers in markets supported by strong demographic and economic fundamentals,” said David Wik, Senior Vice President of Acquisitions at PECO.