This post originally appeared on MDL Group's Blog and is republished with permission. Find out how to syndicate your content with theBrokerList.
Las Vegas Retail Market Report
Fourth Quarter 2020
Total retail inventory in the Las Vegas market area amounted to 116,879,711 square feet, up 691,407 square feet from one year ago. There is currently 892,224 square feet under construction.
In the fourth quarter, 99 retail transactions closed with a total volume of $281,177,118. The 99 buildings totaled 1,009,637 square feet and the average price per square foot equated to $306.55 per square foot. That brings the total for the 2019 calendar year to 302 transactions totaling $656,465,854. The total square footage sold was 2,851,038 square feet for an average price per square foot of $262.10. The average Cap Rate was 5.9%
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 Crossroads Commons at 8825-8975 W. Charleston Blvd, as part of a 2 property portfolio sale. This 157,152 square foot retail building sold for $46,601,546 or $296.54 per square foot. The property sold on 12/23/2020. The Buyer was SF Crossroads, LLC. The Seller was Panther Crossroads Commons LLC.
The information in this post has been sourced by and is credited to ©2020 CoStar Group, Inc.