Peccole Plaza Sells for $38.6 Million to Las Vegas Real Estate Veterans

Shopping center near Summerlin sells for nearly $40M – Image for illustrative purposes only (Image credits: Pexels)

Families and shoppers in west Las Vegas will continue enjoying reliable access to everyday retail staples at Peccole Plaza following its recent change in ownership. Local investors Hamid “Henry” Moradi and Dariush Imani acquired the fully leased shopping center for $38.6 million, preserving a key commercial hub near the growing Summerlin community.[1][2] The transaction underscores steady demand for stable, income-producing properties in a corridor poised for further residential expansion.

A Strategic Acquisition in a Prime Location

The sale closed last month, with Peccole Enterprises, tied to the family of the late developer Bill Peccole, parting with the 161,978-square-foot retail center.[3] Situated at the southwest corner of Charleston Boulevard and Durango Drive, the plaza sits on a busy thoroughfare serving as an entry point to Summerlin, one of the region’s largest master-planned communities.[1]

Mark Lucescu and Tanner Englelage of Lucescu Realty handled the transaction, representing the seller and securing the buyer.[2] At roughly $238 per square foot, the deal reflects confidence in the asset’s long-term value amid surrounding suburban growth.

Fully Occupied with Anchor Tenants

Peccole Plaza boasts 100 percent occupancy, featuring a diverse mix of national and local retailers under long-term leases.[1] Anchors include Kohl’s department store, Guitar Center for music gear, Golf Galaxy for sporting goods, and Walgreens pharmacy, alongside quick-service spots like Jack in the Box and neighborhood favorites such as Green Valley Grocery and Dotty’s.[3]

Other tenants like Desert Orthopaedic ensure the center caters to health, recreation, and daily needs for nearby residents. Moradi noted the absence of foreseeable vacancies, highlighting the plaza’s appeal to established businesses seeking space in this high-traffic area.[1]

Buyers Bring Proven Development Expertise

Hamid “Henry” Moradi, founder of Paramount Engineering & Development, and Dariush Imani, his co-owner, purchased the property through their respective trusts.[1][4] The pair, both seasoned Las Vegas real estate investors, targeted Peccole Plaza for its proximity to ongoing large-scale housing projects.

Moradi emphasized the site’s position “right down the street” from a major new residential development, positioning the center to capture increased foot traffic from future homeowners.[1] Their involvement signals a commitment to maintaining the plaza’s role as a community anchor.

Broader Market Dynamics and Growth Ahead

Nearby retail hubs like Crossroads Commons, Rampart Commons, and Boca Park complement Peccole Plaza in a competitive yet supportive landscape.[1] The transaction arrives as Lennar Corp. prepares to transform the former Badlands golf course into The Preserve, a 250-acre project with 1,480 homes including townhouses, condos, and single-family units slated for 2028 occupancy.

This influx of residents will heighten demand for convenient retail, benefiting property owners like Moradi and Imani. Stakeholders, from tenants to local families, stand to gain from the stability and expansion in west Las Vegas commercial real estate.[1]

As Las Vegas suburbs evolve, deals like Peccole Plaza’s sale illustrate how investors are betting on enduring neighborhood commerce to thrive alongside population growth. For the buyers, it represents not just an asset but a foothold in a corridor with lasting vitality.