Las Vegas Retail Market Report
Second Quarter 2019
Inventory
Total retail inventory in the Las Vegas market area amounted to 115,357,958 square feet with 951,823 square feet under construction.
Sale Activity
In the second quarter, 14 retail transactions closed with a total volume of $71,728,145. The 14 buildings totaled 729,816 square feet and the average price per square foot equated to $98.28 per square foot. That compares to 12 transactions totaling $126,258,651 in the first quarter 2019. The total square footage in the first quarter was 756,274 square feet for an average price per square foot of $166.95.
Tallying office building sales of 15,000 square feet or larger
Mark of a Market.
One of the largest transactions that has occurred within the second in the Las Vegas market is the sale of Rainbow Promenade at 2021-2251 N. Rainbow Blvd. This 145,898 square foot retail building sold for $15,440,602 or $105.83 per square foot. The property sold on 4/18/2019 as and was 98% occupied. The Buyer was Pebb Enterprises. The Seller was JP Morgan Chase.
The information in this post has been sourced by and is credited to ©2018 CoStar Group, Inc.
