Hamilton Lane Takes Majority Stake in Tenaya Village Retail Center in Las Vegas Recapitalization
Funds managed by Hamilton Lane (Nasdaq: HLNE) have acquired a majority stake in Tenaya Village, a roughly 50,000-square-foot essential service retail center in suburban Las Vegas, through a recapitalization transaction announced March 19, 2026. CenterSquare Investment Management, which has owned the unanchored shopping center since 2022, will retain a minority stake and continue in an operational role. Financial terms of the transaction were not disclosed.
The deal is structured as a GP-led secondary recapitalization, positioning Hamilton Lane as the majority investor in the five-building retail property situated in an affluent Las Vegas neighborhood.
Deal Structure and Retail Real Estate Strategy
The recapitalization of Tenaya Village reflects Hamilton Lane's stated focus on deploying capital into GP-led secondary opportunities within the essential service retail sector. The Conshohocken, Pennsylvania-based investment firm manages approximately $146.1 billion in discretionary assets as of December 31, 2025.
"We hold strong conviction not only in the ESR niche, but also in the CenterSquare team and their capacity to enhance Tenaya Village's long-term performance through disciplined property management and active leasing efforts," said Elizabeth Bell, Co-Head of Real Estate at Hamilton Lane. "As we look to deploy more capital in the GP-led secondaries space and in essential retail strategies, we are thrilled to have established this partnership with CenterSquare."
For CenterSquare, the transaction provides a capital partner while allowing the firm to maintain its operational presence at the property. The Philadelphia-area investment manager oversees more than 80 essential service retail shopping centers totaling more than $1 billion in assets nationally.
"Support from Hamilton Lane, a leader in private markets for several decades, only further lends credibility to our strategy and demonstrates the ongoing opportunity in the retail sector," said Rob Holuba, Co-Chief Investment Officer at CenterSquare. "We're thrilled to partner with Hamilton Lane on this opportunity, and grateful for the trust they have placed in CenterSquare and our platform."
Tenaya Village Property Details
Tenaya Village is a five-building, approximately 50,000-square-foot retail center located in an affluent suburban Las Vegas neighborhood. The property features a tenant mix oriented toward everyday services, including Starbucks, Capriotti's, Frijoles & Frescas Mexican Restaurant, Lino's Pizza, Barking Dogs, Nevada State High School, Southwest Bikes, and Texture Hair Salon, among others.
CenterSquare cited the property's infill location and proximity to a highway intersection as drivers of what it described as durable tenant demand and outsized rent growth since its acquisition in 2022. The center is classified as an Essential Service Retail center — a designation applied to neighborhood-oriented shopping centers anchored by service and convenience tenants that are generally considered resistant to e-commerce displacement. The unanchored format, while lacking a traditional grocery or big-box anchor, relies on a diversified mix of service-oriented tenants to drive foot traffic.
Hamilton Lane Expands Real Estate Footprint
Hamilton Lane, headquartered in Conshohocken, Pennsylvania, operates across private markets strategies globally and reported $1.0 trillion in total assets under management and supervision as of December 31, 2025. The firm employs approximately 780 professionals across offices in North America, Europe, Asia Pacific, and the Middle East.
The Tenaya Village recapitalization represents the firm's participation in the essential service retail real estate sector through its GP-led secondaries platform. GP-led secondaries are transactions in which a fund manager — in this case CenterSquare — brings in a new capital partner to recapitalize an existing asset or portfolio, allowing the original manager to continue operating the investment while providing liquidity or growth capital.
CenterSquare, founded in 1987 and headquartered in suburban Philadelphia with offices in New York, Los Angeles, London, and Singapore, manages $14 billion in assets under management as of December 2025. The firm focuses on listed real estate, private equity real estate, and private real estate debt.