PEBB Enterprises Obtains $36.15 Million Refinancing for Las Vegas Shopping Center
City National Bank provides new loan for Walmart-anchored Cheyenne Commons
LAS VEGAS, NV – PEBB Enterprises, the South Florida-based private equity real estate investment company with a national commercial real estate portfolio, closed on the $36.15 million refinancing of Cheyenne Commons in Las Vegas, Nevada. The company has owned the Walmart-anchored shopping center since 2019.
City National Bank provided PEBB with the new loan. The transaction closed on Aug. 08.
Located at 3001 N. Rainbow Road, Cheyenne Commons is a 352,425-square-foot shopping center on 34.73 acres. Walmart occupies 114,513 square feet in the center. Other major tenants include Floor & Décor, Goodwill and Ross Dress for Less.
Cheyenne Commons was originally constructed in 1993 and extensively renovated in 2018. The center is 94.2% occupied. PEBB has successfully boosted occupancy from 80% at the time of its $34.35 million acquisition of the center.
The center is directly adjacent to US-95 access points and accessible to more than 100,000 local vehicle trips per day. It is also next to the recently expanded Mountain View Hospital.
“We are thrilled to secure this refinancing of Cheyenne Commons,” PEBB President and CEO Ian Weiner said. “This large-scale shopping center benefits from a strong tenant roster, visible location and compelling area demographics. Our team has done a tremendous job generating leasing momentum and enhancing the center’s value.”
The Northwest Las Vegas retail submarket is experiencing substantial tenant demand, with 753,000 square feet of positive net absorption outpacing 585,000 square feet of deliveries since 2017. Market rents have grown by 22% during that span.
PEBB also owns Galleria Pavilion in Henderson, Nevada.