Las Vegas Retail Market Report
Fourth Quarter 2019
Total retail inventory in the Las Vegas market area amounted to 115,935,978 square feet with 731,161 square feet under construction.
In the fourth 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 brings the total for the 2019 calendar year to 447 transactions totaling $1481,295,147. The total square footage sold was 5,793,800 square feet for an average price per square foot of $249.80. The average Cap Rate were 6.5%
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 Shadow Mountain Marketplace at 6415-6475 N. Decatur Blvd. This 136,279 square foot retail building sold for $51,665,648 or $379.12 per square foot. The property sold on 1/10/2019. The Buyer was Anupam & Daksha Patel Trust. The Seller was Laguna Pacific Development Corp.
The information in this post has been sourced by and is credited to ©2018 CoStar Group, Inc.