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November 22, 2019
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Vegas Retail Listing Expected to Fetch Around $60 Mil

9/06/19

Silver City Plaza, a 41.6k sf retail center located at the epicenter of more than $10 bil of development activity on the Las Vegas Strip, has been listed for sale. The fully leased asset features five tenants including: Ross Dress for Less, 7-Eleven, Las Vegas Tickets and Tours, and Crazy Ely.

NKF’s Capital Markets group is representing the property seller, PASSCO Companies LLC, based in Irvine. The listing is expected to generate offers in excess of $60 mil.

Built in 2004, the center features a dynamic 40-foot neon monument sign with nearly 250 feet of frontage at the corner of Las Vegas Blvd. and Convention Center Dr. Three of the Las Vegas Strip’s most notable current developments surround Silver City Plaza including the $4.2 bil Resorts World Las Vegas, the $3.1 bil The Drew and the 1.4 msf Las Vegas Convention Center expansion.

“The property offers investment-grade income with tremendous tenant performance, inherent appreciation given the development of adjacent sites and a number of presumably profitable exit strategies only prime parcels of real estate are able to command,” said Senior Managing Director Rob Ippolito.

“The Las Vegas Strip is the second most visited tourist site in the United States as well as one of the most popular destinations worldwide. Sidewalks in front of casinos on The Strip see 800 to 1,500 pedestrians every 15 minutes on a typical Saturday. Multi-billion-dollar projects such as The Drew and Resorts World as well as the Convention Center expansion are set to power adjacent development and enhance the already robust traffic Silver City Plaza benefits from daily,” added Ippolito.





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