Las Vegas Retail Market Report
Second Quarter 2021
Inventory
Total retail inventory in the Las Vegas market area amounted to 117,809,632 square feet, up 654,246 square feet from one year ago. There is currently 1,037,781 square feet under construction.
Sale Activity
In the second quarter, 107 retail transactions closed with a total volume of $263,410,305. The 107 buildings totaled 1,508,142 square feet and the average price per square foot equated to $272.33 per square foot. The average Cap Rates were 6.2%
That brings the total for the 2021 calendar year to 186 transactions totaling $435,147,133 sales volume. The total square footage sold was 2,443,549 square feet for an average price per square foot of $240.38. The average Cap Rate was 6.2%
Tallying all retail building sales.
Mark of a Market
One of the largest transactions (excluding the resort corridor and specialty properties) that has occurred within the Las Vegas market is the sale of Rainbow Promenade at 2021-2251 N. Rainbow Blvd. This 145,898 square foot retail center sold for $25,500,000 or $174.78 per square foot. The property sold on 5/13/2021. The Buyer was 8454 Steller Drive, LLC. The Seller was Rainbow Promenade NV LLC.
The information in this post has been sourced by and is credited to ©2021 CoStar Group, Inc.
