Las Vegas Retail Market Report
Fourth Quarter 2022
Inventory
Total retail inventory in the Las Vegas market area amounted to 119,380,917 square feet, up 593,582 square feet from one year ago. There are currently 1,414,618 square feet under construction.
Sale Activity
In the fourth quarter, 52 retail transactions closed with a total volume of $257,502,883. The 52 buildings totaled 1,095,889 square feet and the average price per square foot equated to $234.97 per square foot. The average Cap Rates were 5.9%.
Tallying all retail building sales.
Mark of a Market
One of the largest transactions (excluding the resort corridor and specialty properties) that have occurred within the Las Vegas market is the sale of Desert 215 Superstore at 8030 Rafael Rivera Way. This 69,859 square foot dealership was sold for $35,685,240 or $510.82 per square foot. The property was sold on 12/30/2022. The Buyer was Lithia Real Estate, Inc. The Seller was John Grant.
The information in this post has been sourced by and is credited to ©2023 CoStar Group, Inc.
