Trizec Properties has sold a 475,000 sq. ft. retail and entertainment center in Las Vegas. The buyer is an investment partnership consisting of German real estate investment firm RFR Holdings and the Sutton East Corp. The new owners will reposition and improve the property, which is called Desert Passage and is located in the heart of the Las Vegas commercial strip. The price was undisclosed.
Desert Passage boasts more than 140 stores and eight restaurants located at the "50-yard line" of the Las Vegas Strip, near the Aladdin Resort & Casino Hotel.
The RFR-Sutton partnership has hired Urban Retail Properties to manage the facility. Urban Retail will work in conjunction with retail brokerage Robert K. Futterman & Associates.
"We’re very excited about this acquisition," said Aby Rosen of RFR. "As a company, RFR rarely ventures outside of New York for retail assets, but entrée into the thriving retail market of Las Vegas with Desert Passage was an opportunity far too attractive to pass up."
