CBRE Arranges $7.9 Million Sale of Las Vegas Retail Portfolio

CBRE has arranged the $7.9 million sale of a retail portfolio comprising two retail assets totaling 17,940 square feet in Las Vegas. Rand & Miner LLC and Tropicana Centre 22, LLC acquired the portfolio from Farmers and Merchants Trust Company Trustee.

CBRE’s Roy Fritz, Michael Hsu, Dylan Heroy, Arthur Flores, Mark Latimer, Jay Gomez and James Kaye represented the seller in the transaction.

The portfolio includes Flamingo Jones Plaza, a 10,712-square-foot, six-tenant retail pad located at the intersection of Flamingo Road and Jones Boulevard that is 78 percent leased to Subway, Marco’s Pizza, Robert James Salon, B&T Nails, Rapid Cash and Vacant; Tropicana Centre, a 7,228-square-foot, five-tenant retail pad located near the intersection of Tropicana Avenue and Jones Boulevard that is 100 percent leased to Del Taco, Ethiopian Spice, Planet Vegas Smoke Shop, Trenz Salon and Nail Pro & Training.

“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. “As a result, we were able to deliver best-in-class results to all parties involved.”

According to CBRE Research, demand for big-box and junior-box spaces accelerated in the first quarter of 2022, pushing net absorption to 540,133 square feet, 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 percent.