Las Vegas Retail Market Report
Second Quarter 2020
Total retail inventory in the Las Vegas market area amounted to 116,469,525 square feet with 822,764 square feet under construction.
In the second quarter, 32 retail transactions closed with a total volume of $85,900,000. The 32 buildings totaled 567,000 square feet and the average price per square foot equated to $150.00 per square foot. The average Cap Rate were 6.8%
That brings the total for the 2020 calendar year to 102 transactions totaling $254,000,000 sales volume. The total square footage sold was 1,200,000 square feet for an average price per square foot of $210.00. The average Cap Rate was 6%
Mark of a Market.
One of the largest transactions that has occurred within the second quarter in the Las Vegas market is the sale of Warm Springs Promenade at 1245 W. Warm Springs Road, former Sears building. This 121,310 square foot building sold for $7,700,000 or $63.50 per square foot. The property sold on 6/12/2020. The Buyer was Karamooz, Saeed VadaTech. The Seller was Lee & Patrick Chain Family Trust.
The information in this post has been sourced by and is credited to ©2020 CoStar Group, Inc.