PEBB ENTERPRISES ROLLS AGAIN – ACQUIRES GALLERIA PAVILION IN HENDERSON, NV
HENDERSON, NV – (September 26, 2019) – PEBB Enterprises has recently acquired the Galleria Pavilion, a +/- 64,599 SF multi-tenant retail shopping center situated in the densely populated suburb of Henderson, Nevada, a highly desirable submarket located just south of Las Vegas. The center’s location, immediately west of US-95 with frontage along W. Sunset Road, enjoys in excess of 121,000 cars per day and sits directly adjacent to the Galleria at Sunset, a 1.1 million SF enclosed regional mall featuring many national tenants, specialty retailers and restaurants.
Galleria Pavilion, acquired through an auction platform, is currently 37.4% occupied including, among others, Panera Bread, Buffalo Wild Wings and Sport Clips. “We believe the center’s prime location and demographics provide substantial lease-up and/or value-add opportunities,” said Ian Weiner PEBB President and CEO. Henderson, NV, named one of Money Magazine’s Best Places to Live 2018, boasts a median family income of $80K, median home price of $300K and projected job growth in excess of 9%. These factors directly contribute to our pursuit of additional opportunities in this market.
This most recent purchase represents PEBB’s third purchase in the Las Vegas market in the past six months. PEBB currently owns and manages approximately three million square feet of commercial real estate across the United States.