As the residential real estate market in Florida got stabilized further as several transactions for residential development were closed in February such as the sale of a master-planned community by Bradenton, Florida- based Starwood Land Ventures, one of the most active real estate investment brokerage firms in the US, Lucescu Realty, announced today that the it has closed or currently has in escrow, an estimated $500 million in retail property transactions and has opened a new office in Las Vegas in order to serve its clients better.
Lucescu Realty recently bought Park West Place, a 757,000 sq. ft. power center in Stockton, California, for $92.5 million, and Gilroy Crossing, a 474,000 sq. ft. power center in Gilroy, California, for $68.5 million.
The real estate firm expects their core and core plus offerings to continue garnering the greatest demand for them as a result of the dearth of available inventory and the surplus of capital from pursuing these types of offerings. Their Class B and C retail properties will be offering declining lease rates because of increasing vacancies and increasing competition from Class A centers as tenants trade higher quality locations for properties of similar lease rates.
On the other hand, Lucescu Realty’s new office will be constucted in the Howard Hughes Center at 3960 Howard Hughes Parkway, Suite 500, Las Vegas with industry veteran Frank J. Marretti, III as Managing Director. It will the company’s first office outside their Newport Beach, California headquarters.
Marretti is anticipated to play a part in the company’s further success in the Valley and to help it position for continued growth throughout Southwestern America, with plans to open an office in Phoenix this summer.
Last year, Lucescu Realty was recognized as one of the most active brokerage firms in the US with a sale of shopping centers valued in excess of $25 million. It is the third most active in California in terms of transactions and the sixth most active in the whole US.