Las Vegas Retail Market Report
Fourth Quarter 2021
Total retail inventory in the Las Vegas market area amounted to 118,232,267 square feet, up 483,165 square feet from one year ago. There is currently 1,043,833 square feet under construction.
In the fourth quarter, 196 retail transactions closed with a total volume of $1,410,755,317. The 196 buildings totaled 3,374,584 square feet and the average price per square foot equated to $553.53 per square foot. The average Cap Rates were 6.0%
That brings the total for the 2021 calendar year to 576 transactions totaling $2,305,430,973 sales volume. The total square footage sold was 8,286,340 square feet for an average price per square foot of $380.51. The average Cap Rate was 6.0%
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 9 building portfolio sale of Walmart Shopping Center at 3615 S. Rainbow Blvd. This 223,269 square foot retail shopping center sold for $25,866,634 or $115.85 per square foot. The property sold on 11/15/2021. The Buyer was Cherng Family Trust. The Seller was W&W Partnership.
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