News
RECEIVA LAS VEGAS
November 10, 2010
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| Stream Realty Partners was named receiver by the District Court in Las Vegas for Simmons Marketplace in Vegas (above), an 83k SF neighborhood shopping center at 5465-5595 Simmons. The center is anchored by a Walmart Neighborhood Market and Dollar Tree. Stream Realty's Retail Division partner Lance Taylor tells us the Order Appointing Receiver effectively transfers possession of the property to him, although technically ownership is still retained by the borrower. | |
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| As an agent of the court, Lance says he's hired Vegas-based MDL Group as the property manager and Newmarket Advisors as the leasing agents to help stabilize the property. Once that happens, Stream will hire the appropriate investment sales team to market the property and generate the highest net-sales proceeds, he tells us. Due to weak consumer spending in Vegas, many of the tenants continue to experience declining sales. So the assignment includes working with tenants to keep them around and working with the new leasing team to scour the North Las Vegas market for new tenants, Lance says. He also says several other potential assignments are on the horizon that he hopes to announce before year end. |
