Representing Hobby Lobby, Ashley Furniture and Harsch Investment Properties
LAS VEGAS, NV., March 12, 2010 — X Team International, an international alliance of retail real estate advisors with expertise in more than 45 major markets throughout the U.S., Canada and Europe, announced today the completion of two purchases and one lease transaction by Las Vegas-based partner Dunbar Commercial. X Team International Partner and Dunbar Commercial Principal Bill Dunbar made the announcement.
All three transactions are located in the Galleria Mall trade area, the largest retail concentration in the state with over three million square feet of space.
Representing Oklahoma City-based Hobby Lobby in their first-ever Las Vegas location, Dunbar Commercial brokered the purchase of a 51,296-square-foot building in the Whitney Ranch Shopping Center on the northwest corner of Sunset and Stephanie anchored by Target and Ross. Vacant for six months, the location was previously occupied by Vons Grocery.
Dunbar Commercial represented Ashley Furniture in the $4.8 million purchase of a 37,707-square-foot free-standing building located at the Galleria at Sunset Mall on the northeast corner of Sunset and Stephanie. Previously occupied by Linens ‘N Things, the building has been vacant for nearly two years and will serve as an upgrade for Ashley from their previously leased 35,261-square-foot location at nearby Sunmark Plaza.
Dunbar Commercial also completed a lease on behalf of Harsch Investment Properties with Total Wine & More for a 21,909-square-foot space located at the northwest corner of Warm Springs and Stephanie. The space was previously occupied by Shoe Pavilion and sat vacant for 18 months before Total Wine & More signed on for its second Las Vegas location.
“Las Vegas prices are down 35% on prime retail box locations, which has created exceptional opportunities for regional and national retailers to occupy larger spaces at an affordable price,” said Dunbar. “These three transactions alone totaling 110,000 combined square feet have caused a 5% reduction in retail box vacancies in the Las Vegas market. This is a good indication that the market is starting to improve and this type of space won’t be available for long.”
About Dunbar Commercial
Bill Dunbar, a broker in Las Vegas since 1987, is the principal of Dunbar Commercial, a commercial real estate brokerage firm that has extensive experience working with retailers and developers to expand new retail projects in the Las Vegas Valley. Dunbar has handled numerous market expansions for top clients such as PetSmart, Bank of America, The Limited, and AT&T Wireless. Dunbar Commercial has also been instrumental in bringing national retailers such as Home Depot, Old Navy, Sport Chalet and Dollar Tree to the Las Vegas Valley. For more information, please visit www.dunbarcommercial.com.
About X Team International
X Team is an international alliance of retail real estate specialists with offices located in major cities throughout the U.S., Canada and Europe. X Team partners average more than 20 years of industry experience, with expertise in major markets worldwide, specializing in tenant, property and developer/landlord representation, workout services, property dispositions and retail investments. X Team services include transaction negotiation, portfolio analysis, lease valuations, acquisitions, and asset assessment and valuation. For more information, please visit www.xteam.net.