Las Vegas Retail Market Report
First Quarter 2020
Inventory
Total retail inventory in the Las Vegas market area amounted to 116,336,218 square feet, up 510,490 square feet from one year ago. There is currently 921,312 square feet under construction.
Sale Activity
In the first quarter, 70 retail transactions closed with a total volume of $168,582,991. The 70 buildings totaled 629,230 square feet and the average price per square foot equated to $263.71 per square foot. The average Cap Rates were 5.6%
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 Durango Arby Plaza – Pad 2 at 7040 S. Durango Drive. This 9,806 square foot retail building sold for $7,450,000 or $759.74 per square foot. The property sold on 2/18/2020. The Buyer was Jeannette Allen. The Seller was Mehrab Behvandi.
The information in this post has been sourced by and is credited to ©2020 CoStar Group, Inc.
