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June 24, 2024
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Retail/Medical Center in Vegas Trades for $298/sf


Nellis Plaza, an 83.9k sf, retail shopping and medical center in Las Vegas, was acquired by Glen Una Management for $25 mil, or $298/sf. The purchase is the buyer’s first major retail acquisition in the Las Vegas market.

Anchored by Island Pacific Seafood Market, the multi-tenant-center-was-approximately 98% leased at the time of sale and is well located on the northwest corner of Nellis Blvd, the major commercial arterial serving the trade area, and Stewart Ave.

Located at 305-325 N Nellis Blvd and originally built in 2009, Nellis Plaza is situated on more than 7.5 acres and features many prominent national and regional tenants in the grocery, healthcare, restaurant, communications, footwear, and other services. Prior to the sale, the center recently leased 9.5k sf of space to Intermountain Healthcare to bring the center to 98% occupancy. The center offers just one vacant suite of 1.2k sf.

Cushman & Wakefield’s Marlene Fujita Winkel, CCIM, Charles Moore, CSM, Emily Brun, and Alex Casingal of the firm’s Private Capital Group in Las Vegas represented the seller, Omninet Capital, based in Beverly Hills, and the owner of more than 10 msf of commercial and multi-family assets. According to Fujita Winkel, almost half of the tenants have occupied space at Nellis Plaza for nearly a decade or longer, signifying its stability and desirability.

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