Las Vegas Retail Market Report
First Quarter 2022
Inventory
Total retail inventory in the Las Vegas market area amounted to 118,822,274 square feet, up 421,485 square feet from one year ago. There are currently 1,042,327 square feet under construction.
Sale Activity
In the first quarter, 136 retail transactions closed with a total volume of $580,038,178. The 136 buildings totaled 1,809,075 square feet and the average price per square foot equated to $339.35 per square foot. The average Cap Rates were 5.7%
Tallying all retail building sales.
Mark of a Market
One of the largest transactions (excluding the resort corridor and specialty properties) that occurred within the Las Vegas market is the sale of Desert Marketplace at 8445-8565 W. Warm Springs Road. This 117,513 square foot retail shopping center sold for $36,037,846 or $306.67 per square foot. The property was sold on 1/4/2022. The Buyer was Durango Warm Springs III, LLC. The Seller was Palm Desert Plaza LLC.
The information in this post has been sourced by and is credited to ©2022 CoStar Group, Inc.
