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1/06/20
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Silver City Plaza, a 41.6k sf retail center on the northern end of the Las Vegas Strip, was purchased by Regal Acquisitions for $59.25 mil. The complex, which was sold by California-based PASSCO Companies LLC, was listed for sale in September 2019 with an expected price of around $60 mil, as reported by RENTV at the time.
Silver City Plaza is located at 3001 South Las Vegas Blvd,just north of Desert Inn Rd and across from Circus Circus Resort. The center includes seasoned anchor tenants Ross Dress for Less and Walgreens as well as Denny’s, 7-Eleven and others.
More than $10 billion of the Resort Corridor’s $12 bil current development pipeline surrounds Silver City Plaza on the north end of the Strip. Three of the most notable projects include the nearly complete $4.2 bil, 3,400-room Resorts World Las Vegas mega-resort; the $3.1 bil, 3,780-room The Drew Las Vegas delivering in 2022, and the $935 mil, 1.4 msf Las Vegas Convention Center District (LVCCD) expansion project which is projected to attract an additional half a million convention attendees each year. These projects continue to urge adjacent development and enhance the robust foot traffic at Silver City Plaza.
Rob Ippolito and Frank Volk of NKF’s Capital Markets group represented the seller in the transaction.
“With Resorts World Las Vegas and The Drew’s more than 7,000 combined hotel rooms coming online upon completion each to house an average of 280 visitors annually*, and the completion of Phase II of the LVCCD expansion, there is potential for approximately 2.5 million additional annual visitors in the immediate vicinity of Silver City Plaza,” said Ippolito. “The acquisition of the retail center serves as a strategic addition to Regal Acquisitions’ Las Vegas portfolio given its ownership of the adjacent property as well as several other high-image retail assets along the Las Vegas Strip.”
Las Vegas welcomed 42.1 million visitors in 2018, nearly an 8% increase over 2017 and recorded the third-highest level of visitation in 18 years; and for the 25th consecutive year, Las Vegas was named the country’s number one trade show destination hosting 48 of the largest shows held in the country last year.
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