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Las Vegas Retail Market Report
First Quarter 2021
Total retail inventory in the Las Vegas market area amounted to 117,168,150 square feet, up 853,511 square feet from one year ago. There is currently 936,797 square feet under construction.
In the first quarter, 79 retail transactions closed with a total volume of $153,906,724. The 79 buildings totaled 842,737 square feet and the average price per square foot equated to $205.72 per square foot. The average Cap Rates were 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 Eastern Commons at 10405 S. Eastern Ave. This 145,534 square foot retail center sold for $18,500,000 or $127.12 per square foot. The property sold on 3/11/2021. The Buyer was CTO Realty Growth Inc. The Seller was Seritage Growth Properties.
The information in this post has been sourced by and is credited to ©2021 CoStar Group, Inc.