Las Vegas Retail Market Report
Third Quarter 2020
Inventory
Total retail inventory in the Las Vegas market area amounted to 116,758,024 square feet, up 793,484 square feet from one year ago. There is currently 1,067,935 square feet under construction.
Sale Activity
In the third quarter, 72 retail transactions closed with a total volume of $135,211,823. The 72 buildings totaled 530,669 square feet and the average price per square foot equated to $285.10 per square foot.
That brings the total for the 2020 calendar year to 202 transactions totaling $372,288,736 sales volume. The total square footage sold was 1,835,945 square feet for an average price per square foot of $235.03.
Mark of a Market.
One of the largest transactions that has occurred within the third quarter in the Las Vegas market is the sale of 9420 W. Lake Mead Boulevard, leased to Walgreens. This 13,905 square foot building sold for $8,800,000 or $632.87 per square foot. The property sold on 9/17/2020. The Buyer was FWM Trust. The Seller was Morris Optimus Investments LLC.
The information in this post has been sourced by and is credited to ©2020 CoStar Group, Inc.
