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January 18, 2022
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Grocery-Anchored Retail Center in Las Vegas Trades for $63.75 Mil

12/16/21

Rainbow Plaza, a 260k sf, dual grocery-anchored shopping center located in Las Vegas, sold for $63.75 mil ($245/sf).

Photo: 501 Studios, Levi Ellyson
Photo: 501 Studios, Levi Ellyson
The property is located on the corner of Rainbow Ave and Charleston Blvd, seven miles northwest of the Las Vegas Strip. The corner is one of the busiest intersections in Las Vegas with combined traffic volume of over 85,000 cars per day.

Shoppers in nearby Summerlin can access the center easily from US 95 via the Rainbow interchange located one mile to the north. The shopping center is 94% occupied by credit, internet-resistant tenants including Albertsons, Ross Dress for Less, The Home Depot, Sprouts Farmers Market, Goodwill, EOS Fitness and Chase Bank, among others. The weighted average tenure of Rainbow Plaza tenants exceeds 15 years with over 37% of the existing tenants having been at the center for more than 25 years.

Rob Ippolito with Newmark represented the seller, Brixton Capital.




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