Sansone Cos. has paid $54.5 million for the Boulevard Mall in Las Vegas.
The Henderson, Nev., real estate company is expected to keep the property a shopping mall. But local real estate professionals say Sansone could take advantage of the mall’s proximity to a number of medical facilities, including the Sunrise Hospital and Medical Center, and convert some of its space to medical-office use. They also argued that the property ought to be repositioned to reflect the area’s heavy Hispanic population.
Sansone bought only the 587,170 square feet of the 1.2 million-sf mall that had served as collateral for $95 million of securitized debt. The remainder of the property is owned by its tenants.
Boulevard Mall, at 3528 South Maryland Parkway, about three miles from the Las Vegas Strip, was sold by Midland Loan Services through CBRE. Its previous owner, Rouse Properties Inc., had turned the property over in a deed-in-lieu of foreclosure to Midland, the loan’s special servicer, in June.