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Completed in 2013, Decatur 215 comprises eight buildings on a 16.2-acre site. Image courtesy of Brixton Capital
Brixton Capital has sold Decatur 215, a 126,678-square-foot shopping center in Las Vegas. A private investor purchased the asset in a 1031 exchange for $36.3 million, according to CommercialEdge data. Lucescu Realty brokered the transaction, working on behalf of the buyer.
Brixton acquired Decatur 215 five years ago from Kimco Realty for $28.6 million, the same source shows. After the purchase, Brixton repaved and restriped the parking areas.
Completed in 2013, the retail center comprises eight buildings on a 16.2-acre site. Fully leased at the time of the sale, Decatur 215 has a diverse mix of national and regional tenants such as Petco, Hobby Lobby, ULTA Beauty, Sprouts Farmer’s Market, Sleep Number and Blaze Pizza.
Located on the southeast corner of N. Decatur Boulevard and W. Tropical Parkway, the property is in The Springs neighborhood. Decatur 215 is also near Route 95, which provides direct access to downtown Las Vegas.
Brixton Capital recently purchased a 143,217-square-foot retail center in Stockton, Calif. Hanley Investment Group arranged the off-market transaction on behalf of the seller, CORE Commercial.
Despite numerous challenges, Las Vegas’ retail sector has shown signs of resilience. According to a recent Marcus & Millichap report, the metro had a 3.0 percent population growth between 2021 and the first quarter of the year, resulting in the creation of almost 50,000 new households. Jobs in the sector also grew, with the metro’s retail trade headcount rising by 3,500 roles in the first five months of 2023.
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