Las Vegas -- In the latest acquisition for its Primestor-Platinum Urban Opportunity Fund I, LP, Primestor Development has acquired 4G Plaza, a neighborhood shopping center in Las Vegas, for $8.8 million.
Purchased from 4G Properties LLC, the 78,849-sq.-ft. center is anchored by El Super and shadow-anchored by The Home Depot. It is 93% leased. Other tenants include Wells Fargo, Taco Bell, Big 5 Sporting Goods and Sprint.
"4G Plaza is right up our investment alley," said Alan Araki, managing director for investments of Los Angeles-based Primestor. "It is well-leased to terrific credit tenants, and is located in a densely populated Latino market."
4G Plaza is Primestor's second project in Nevada; it also owns and manages Paradise Plaza in Sparks, Nev. The company also has developed numerous projects in Southern California and Chicago.