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Rainbow Plaza Sale is an Example of Retail’s Post-COVID Return
Rainbow Plaza, a dual grocery-anchored shopping center located in Las Vegas, recently sold for $63.75 million. The buyer was undisclosed.
The property, spanning 259,980 rentable square feet, is located on the corner of Rainbow Avenue and Charleston Boulevard, seven miles northwest of the Las Vegas Strip. The corner is one of the busiest intersections in Las Vegas with combined traffic volume of more than 85,000 cars per day.
Newmark’s Rob Ippolito represented the seller, Brixton Capital.
“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,” said 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.”
- ◦Sale/Acquisition
