PEBB ENTERPRISES DOUBLES DOWN IN THE DESERT – ACQUIRES RAINBOW PROMENADE IN LAS VEGAS, NV
PEBB Enterprises has acquired Rainbow Promenade, a 228,279 SF retail power center directly adjacent to U.S. 95 and North Rainbow Boulevard near the affluent Summerlin submarket of Las Vegas, NV. The location boasts traffic counts in excess of 230,000 vehicles per day and sits directly adjacent to the Best in the West shopping Center which recently traded at $87M.
The center, acquired through an auction platform, recently underwent a $5M renovation and is currently 98% occupied featuring national and regional tenants including Hobby Lobby, Barnes & Noble, Party City and Cost Plus World Market, among others, as well as three ground leased pad sites occupied by Macaroni Grill, Chili’s and AMC Theatres. Future plans are to subdivide and sell off one or more of the outparcel pads.
Ian Weiner, PEBB President & CEO, commented, “The acquisition of Rainbow Promenade firmly cements PEBB’s presence in the Las Vegas market. As with the recent acquisition of Cheyenne Commons, Rainbow Promenade’s close proximity to the Best in the West shopping center, the surrounding mature residential areas, excellent tenant line-up and its visibility and proximity to US-95 further support the center’s desirability and future success”.
The Las Vegas market is growing in part due to a population shift away from California as the cost of living continues to rise. While experiential hospitality and gaming will always be the core driver of Las Vegas’ economy, the city has done a remarkable job of diversifying their reliance on hospitality and gaming with heavy investment in health care, transportation and distribution which is creating meaningful job growth and, consequentially, housing demand. Also, the addition of the Golden Knights NHL team and the Raiders moving to Las Vegas in 2020 further solidifies the city as a great place to live, work and play.
Pebb currently owns and manages approximately two and a half million square feet of commercial real estate across the United States for their own portfolio as well as major institutions and is actively seeking additional investments.