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Decron continues shedding retail properties


Decron Properties’ sale of a Target-anchored center in Las Vegas was its sixth disposition of an office or retail asset in the last two years as it continues to focus on multi-family housing projects.

The $17.5 million sale of the Flamingo Maryland center near the Las Vegas Strip added to a bank of $300 million in proceeds realized from the deals that the Los Angeles based company put toward the purchase of seven multifamily communities in California.

“During the Great Recession we saw tremendous volatility in our commercial portfolio but very little in our residential portfolio,” said Decron CEO David Nagel. “Successfully executing this strategy puts us in a more stable position to continue to grow for the next 60 years.”

Nagel said that office and retail properties had made up 40% of Decron’s portfolio.

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