TH Real Estate acquires Town Square in Las Vegas in joint venture with Fairbourne Properties, LLC
TH Real Estate has acquired an 85% interest in Town Square in Las Vegas on behalf of its T-C US Super Regional Mall Fund LLC. The remaining 15% interest is being acquired by Chicago- based Fairbourne Partners.
Town Square is a 1,147,202 sq ft, Class A, lifestyle retail centre comprised of 26 buildings. 79% percent is retail space, including restaurants, and 21% is office space. The property is currently 90% occupied overall and is anchored by a desirable and diverse mix of national retailers including Apple, Whole Foods, H&M, Victoria’s Secret, Saks OFF 5th and The Container Store. Solar City, a company led by Elon Musk that specialises in full-service solar power systems, leases approximately 113,000 sq ft of the office space.
“Town Square aligns with our Fund’s strategic focus on high-quality, well-located mall assets which have proven to be distinctly strong and stable performers throughout multiple cycles,” said Scott Kempton, Managing Director and Portfolio Manager for the Super Regional Mall Fund at TH Real Estate. “We believe Town Square can benefit from proactive asset management and will reformat and remerchandise aspects of the retail offering to provide the fashion and entertainment mix that appeals to millennials and other consumers.”
“The asset also benefits from its central location at the junction of Interstates 15 and 215, at the south end of the Las Vegas Strip. It primarily attracts the local Las Vegas community, making it a true ‘town center’ that draws an upscale demographic from the surrounding areas including Henderson and Summerlin” added Kempton.
TH Real Estate has interests in other large retail assets in Las Vegas. In 2013, it acquired a 49.9% stake in the Grand Canal Shoppes from owner General Growth Properties. In July 2016, the company bought a 50% stake in Fashion Show mall, also from General Growth.
Source: TH Real Estate