Crossroads Towne Center sells for $52 million

Phoenix -- DTZ, a leader in commercial real estate services, announced the $52 million sale of Crossroads Towne Center in North Las Vegas -- a 148,791-sq.-ft. neighborhood retail center located on 16.34 acres -- on behalf of the sellers, a company formed by The Eagle Group, Los Angeles. The buyer was a company formed by Cornerstone Advisers of Santa Monica, California.



Built in 2007, Crossroads Towne Center is located at the intersection of I-215 and Decatur Boulevard, part of the Aliante master planned community in North Las Vegas, Nevada. The retail center services an affluent and dense trade area in North Las Vegas with a population of nearly 300,000 within five miles of the property.



DTZ executive managing directors Ryan Schubert and Michael Hackett of Phoenix brokered the investment sale.



Anchored by Walmart Supercenter (not a part of sale), Crossroads Towne Center has a strong mix of national and regional tenants including Bed Bath and Beyond, Bank of America, Bath and Body Works, Starbucks, GNC, Payless Shoesource and Mattress Firm. The property was 90% occupied at the time of sale.