Newmark Knight Frank (NKF) announces the $59.25 million sale of Silver City Plaza, a 41,583-square-foot retail center on the northern end of the Las Vegas Strip. The retail center, which is located at 3001 South Las Vegas Boulevard, includes seasoned anchor tenants Ross Dress for Less and Walgreens as well as Denny’s, 7-Eleven and others. Senior Managing Director Rob Ippolito of NKF’s Capital Markets group cooperated with local market expert, Executive Managing Director Frank Volk to represent the California-based seller, PASSCO Companies, LLC in the sale to the buyer, Regal Acquisitions.
More than $10 billion of the Resort Corridor’s $12 billion current development pipeline surrounds Silver City Plaza on the north end of the Strip. Three of the most notable projects include the nearly complete $4.2-billion, 3,400-room Resorts World Las Vegas mega-resort; the $3.1-billion, 3,780-room The Drew Las Vegas delivering in 2022, and the $935-million, 1.4-million-square-foot Las Vegas Convention Center District (LVCCD) expansion project which is projected to attract an additional half a million convention attendees each year. These projects continue to urge adjacent development and enhance the robust foot traffic at Silver City Plaza.
“With Resorts World Las Vegas and The Drew’s more than 7,000 combined hotel rooms coming online upon completion each to house an average of 280 visitors annually*, and the completion of Phase II of the LVCCD expansion, there is potential for approximately 2.5 million additional annual visitors in the immediate vicinity of Silver City Plaza,” said Ippolito. “The acquisition of the retail center serves as a strategic addition to Regal Acquisitions’ Las Vegas portfolio given its ownership of the adjacent property as well as several other high-image retail assets along the Las Vegas Strip.”
Las Vegas welcomed 42.1 million visitors in 2018, nearly an 8% increase over 2017 and recorded the third-highest level of visitation in 18 years; and for the 25th consecutive year, Las Vegas was named the country’s number one trade show destination hosting 48 of the largest shows held in the country last year.
*According to the Las Vegas Convention and Visitors Authority (LVCVA)
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,000 professionals operate from approximately 480 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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