PEBB ENTERPRISES PUSHES FURTHER WEST – ACQUIRES CHEYENNE COMMONS IN LAS VEGAS, NV
PEBB Enterprises has acquired Cheyenne Commons, a 361,486 SF power center along Rainbow Boulevard and Cheyenne Avenue, directly off the US-95 Freeway which carries over 160,000 vehicles per day in Las Vegas, NV.
The center which PEBB purchased out of foreclosure is 79% occupied and features national and regional tenants including Walmart, Floor & Décor, and Ross Dress for Less, among others, and recently underwent a $2.7 million renovation last year. PEBB plans to leverage the recent improvements to further enhance the property by installing LED parking lot lighting, improving signage opportunities along US-95 and implementing an aggressive lease up campaign for the 70,000+ SF of vacancy.
Ian Weiner, PEBB President & CEO, commented on the acquisition, “Cheyenne Commons has a tremendous amount of untapped potential – its close proximity to the Mountainview Hospital and ancillary services, the densely populated market, visibility and proximity to US-95 coupled with best-in-class anchor tenants all provide a unique opportunity for future tenants to succeed while operating at our center. As with all investments, we’re fully committed to position our tenants for success while working closely with the City to ensure the needs of the community are met.” Weiner also noted that the Las Vegas retail market has strong fundamentals compared to other secondary markets. Specifically, the vacancy rate in this submarket is 3% with no new major retail construction planned.
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.
This is PEBB’s first acquisition in the Las Vegas market. The company 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.