PEBB Enterprises Closes $22.5 Million Sale of Galleria Pavilion near Las Vegas
Multi-tenant retail property is outparcel to 1.1 million-square-foot Sunset Mall
LAS VEGAS, NV – Oct. 20, 2022 – PEBB Enterprises, the South Florida-based private equity real estate investment company with a national commercial real estate portfolio, completed the $22.5 million sale of Galleria Pavilion in the Henderson suburb of Las Vegas, Nevada. The company successfully leased up and stabilized the multi-tenant retail property before the disposition.
The transaction closed on Oct. 18. Dong Koo Kim and Jong Ok Kim, trustees of the Dong Koo Kim and Jong Ok Kim Family Trust, are the buyers of the 601-617 Mall Ring Circle property.
Galleria Pavilion is a 64,598-square-foot retail center on an outparcel of the 1.1 million-square-foot Sunset Mall. It is 95% occupied. Notable tenants include Buffalo Wild Wings, Panera Bread, Nothing Bundt Cakes, Aqua Tots and Plato’s Closet.
PEBB acquired the property in October 2019, when it was only 37.4% occupied. The company saw potential in Galleria Pavilion due to its proximity to the Sunset Mall and US-95.
“Our team was able to quickly unlock the significant leasing upside at Galleria Pavilion,” PEBB President and CEO Ian Weiner said. “That enhanced the property’s value to the point where pursuing a disposition made sense. With a dynamic tenant roster that complements the adjacent Sunset Mall, Galleria Pavilion is well-positioned for long-term success.”
Adam Malan and Deana Marcello of LOGIC Commercial Real Estate represented PEBB in the Galleria Pavilion sale. Jennifer Lee of Berkshire Hathaway Home Services Nevada represented the buyers.
Henderson is Nevada’s second-largest city with an estimated population of 290,000 residents (as of 2016), trailing only Las Vegas. It has been recognized by Forbes, Bloomberg Business Week and the FBI Uniform Crime Report as one of the safest cities in the U.S.
PEBB currently owns Cheyenne Commons, a 325,425-square-foot shopping center in Las Vegas. In August 2022, the company obtained a $36.15 million refinancing for the Walmart-anchored center.
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About PEBB Enterprises: Based in Boca Raton, FL, PEBB Enterprises is an entrepreneurial, full-service private equity real estate investment company. PEBB has operated as a family-owned business for more than four decades and takes pride in the company’s team of forward-thinking associates who continue to push and expand PEBB’s growth daily. PEBB has an unparalleled track record of acquiring and developing high-quality neighborhood, regional and power shopping centers, as well as suburban office buildings. The company’s vast portfolio includes properties in Florida, Texas, Nevada, New York and numerous Midwest and Southeast states. For more information, visit https://pebbenterprises.com/.