Las Vegas Retail and Medical Center Sells for Nearly $300/SF

Nellis Plaza, an 83,900 sf, retail shopping and medical center in Las Vegas, was acquired by Glen Una Management for $25 million, 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. 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.

A Cushman & Wakefield team lead by Marlene Fujita Winkel represented the seller, Omninet Capital. Based in Beverly Hills, Omninet owns more than 10 million sq ft 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.