Las Vegas Retail Market Report
Fourth Quarter 2018
Total retail inventory in the Las Vegas market area amounted to 114,510,465 square feet in 7,521 buildings and 1087 centers as of the end of the fourth quarter 2018.
In the third quarter, 14 retail transactions closed with a total volume of $188,577,500. The 14 buildings totaled 974,054 square feet and the average price per square foot equated to $193.60 per square foot. That compares to 18 transactions totaling $147,215,154 in the second quarter 2018. The total square footage in the second quarter was 761,736 square feet for an average price per square foot of $193.26.
Cap rates have been higher in 2018, averaging 7.20% compared to the same period in 2017 when they averaged 7.13%.
Tallying retail building sales of 15,000 square feet or larger.
Mark of a Market.
One of the largest transactions that has occurred within the last four quarters in the Las Vegas market is the sale of 6211 N. Decatur Blvd in Las Vegas. This 126,678 square foot retail center sold for $28,600,000, or $225.77 per square foot. The property sold on 11/19/2018, at a 7.5% cap rate. The buyer was BruttenGlobal and the seller was Weingarten Realty Investors.
The information in this post has been sourced by and is credited to ©2018 CoStar Group, Inc.