Las Vegas Retail Market Report
Third Quarter 2023
Inventory
Total retail inventory in the Las Vegas market area amounted to 121,655,706 square feet, up 493,854 square feet from one year ago. There are currently 1,073,511 square feet under construction.
Sale Activity
In the third quarter, 37 retail transactions closed with a total volume of $157,305,935. The 37 buildings totaled 908,304 square feet and the average price per square foot equated to $173.19 per square foot. The average Cap Rates were 6.2%
That brings the total for the 2023 calendar year to 110 transactions totaling $380,887,077 in sales volume. The total square footage sold was 1,853,421 square feet for an average price per square foot of $206.16. 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 sale of Walmart Superstore at 4350 North Nellis Boulevard. This 206,297 square foot facility sold for $19,000,000 or $92.10 per square foot. The property was sold on 8/31/2023. The Buyer was Rockefeller Group. The Seller was Viceroy, LLC.
The information in this post has been sourced by and is credited to ©2023 CoStar Group, Inc.
