BPG acquires Las Vegas retail center

Philadelphia-based BPG Properties has acquired a grocery store-anchored retail center in Las Vegas.

BPG Properties has acquired the Winterwood Pavilion in Las Vegas for $23.8 million (€17.4 million), according to the firm.

The 144,653-square-foot shopping center, 90 percent leased at the time of the acquisition, is anchored by a Vons grocery store and has other tenants like Washington Mutual, Blockbuster Video and Little Caesar’s Pizza. The center is located on Nellis Boulevard.

In a statement, Elizabeth Owens, a senior vice president with BPG in charge of retail acquisitions, said the deal was a chance to acquire a well-located retail center at a discount to replacement cost.

“We plan to leverage BPG’s direct operating approach and execute capital improvements to enhance and improve the retail experience that Winterwood offers,” she said.

The investment was made from BPG Investment Partnership VIII, which closed earlier this summer on $850 million and will invest in the office, multifamily, industrial and retail sectors in the US.

Earlier this month, the firm sold the 200 East Sandpointe office building in Orange County, California for $39.7 million. It was a 2003 acquisition from BPG Investment Partnership VI.