Las Vegas Retail Market Report
Third Quarter 2021
Inventory
Total retail inventory in the Las Vegas market area amounted to 117,830,306 square feet, up 487,264 square feet from one year ago. There is currently 1,002,802 square feet under construction.
Sale Activity
In the third quarter, 165 retail transactions closed with a total volume of $420,905,897. The 165 buildings totaled 2,321,868 square feet and the average price per square foot equated to $274.70 per square foot. The average Cap Rates were 5.7%
That brings the total for the 2021 calendar year to 374 transactions totaling $890,074,049 sales volume. The total square footage sold was 4,892,667 square feet for an average price per square foot of $255.96. The average Cap Rate was 6%
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 Walgreens Drugstore at 1701 N. Green Valley Pkwy. This 12,244 square foot retail center sold for $15,050,000 or $1,229.17 per square foot. The property sold on 8/27/2021. The Buyer was Legacy Park LLC. The Seller was Kalihi Kai Partners.
The information in this post has been sourced by and is credited to ©2021 CoStar Group, Inc.
