BPG Fund Pays $23.9Mln for Vegas Retail Center
Realpoint
08-27-07 A fund sponsored by BPG Properties Ltd. has paid $23.9 million for Winterwood Pavilion, a 144,653-square-foot retail center in Las Vegas.
The property, at 2208-2292 S. Nellis Blvd., is 90 percent leased to tenants such as Aaron Rents, Carl's Jr., Panda Express, Little Caesar's Pizza, Washington Mutual and Blockbuster Video. It is anchored by a Vons supermarket and had been owned by Pan Pacific Retail Properties Inc., a Vista, Calif., REIT that was acquired by Kimco Realty Corp. and Prudential Real Estate Investors last year.
The transaction was brokered by Reza Investment Group. Winterwood Pavilion was acquired by BPG Investment Partnership VIII, an $850 million vehicle that was raised earlier this year. As of the end of 2005, the 17-year-old property generated $1.4 million of base rent annually, according to a regulatory filing.