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7/06/22
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A retail portfolio comprising two retail assets totaling 17.9k sf of space in Las Vegas traded in a recent deal worth $7.9 mil ($441/sf).
The portfolio includes Flamingo Jones Plaza, a 10.7k sf six-tenant retail pad located at the intersection of Flamingo Rd and Jones Blvd that is 78% leased to Subway, Marco’s Pizza, Robert James Salon, B&T Nails and Rapid Cash. The other asset is Tropicana Centre, a 7.2k sf, five-tenant retail pad located near the intersection of Tropicana Ave and Jones Blvd that is 100% leased to Del Taco, Ethiopian Spice, Planet Vegas Smoke Shop, Trenz Salon and Nail Pro & Training.
CBRE’s Roy Fritz, Michael Hsu, Dylan Heroy, Arthur Flores, Mark Latimer, Jay Gomez and James Kaye represented the seller, Farmers and Merchants Trust Company Trustee, in the transaction. The buyer was Rand & Miner LLC and Tropicana Centre 22 LLC.
“The interest and demand for the portfolio were very high as investors were drawn not only to the premium quality of the real estate, but to the strength of the tenants and depth of one of the busiest commercial thoroughfares in Las Vegas,” said Fritz.
According to CBRE Research, demand for big-box and junior-box spaces accelerated in the first quarter of 2022, pushing net absorption to 540.1k sf, the highest quarterly level in nearly 15 years. The overall direct vacancy rate also decreased 60 basis points (bps) from Q4 2021 and 140 bps over the year to 5.3%.
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