LAS VEGAS, NV – Brixton Capital has sold a 259,980-square-foot dual grocery-anchored shopping center Las Vegas, NV for $63.75 million.
The property, Rainbow Plaza, is 94% occupied by tenants, including Albertsons, Ross Dress for Less, the Home Depot, Sprouts Farmers Market, Goodwill, EOS Fitness, Chase Bank and more. The weighted average tenure of Rainbow Plaza tenants exceeds 15 years. More than 37% of the existing tenants having been at the shopping center for more than 25 years.
Situated seven miles northwest of the Las Vegas strip, Rainbow Plaza is located on the corner of Rainbow Ave. and Charleston Blvd. The location serves as one of Las Vegas' busiest intersections, with a combined traffic volume of more than 85,000 cars per day.
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Newmark arranged the sale and senior managing director Rob Ippolito represented the seller in the transaction.
"The sale of Rainbow Plaza is another example of the return of retail after what could have been a devastating outcome due to the COVID-19 shutdown," says Ippolito. "The resiliency of the sector and its participants is truly amazing. Demand will continue to drive pricing beyond pre-pandemic levels, a true testament to the validity of brick and mortar as it continues to pair with the world of e-commerce."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
