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Phoenix & Southwest  + Southwest  + Retail  | 
Rainbow Springs Shopping Center

Vegas’ Rainbow Springs Shopping Center Sale Represents Strong Post-COVID Recovery

A private buyer recently acquired Rainbow Springs Shopping Center, a 364,195-square-foot retail center with a superstore anchor in Las Vegas, from a private seller. The total consideration was $42.5 million.

Anchored by a multinational discount department store with large grocery section, Rainbow Springs Shopping Center is also home to a national and regional tenant mix including Petco, Dollar Tree, Applebee’s, Krispy Kreme, Dotty’s, Wing Stop, Sally Beauty Supply, IHOP and Payless. The center was originally constructed between 1991 and 1993, and has retained the majority of its original tenants.

The JLL retail capital markets team representing the buyer was led by Gleb Lvovich and Daniel Tyner.

“The sale of Rainbow Springs Shopping Center represents the strong post-COVID recovery in Las Vegas and the retail sector in general,” says Lvovich.

Rainbow Springs Shopping Center is situated on 38.21 acres at 3501, 3595 and 3615 South Rainbow Blvd. and 7017 Spring Mountain Rd., an intersection that has a daily traffic count of 68,000 vehicles a day. The center serves a trade area in Las Vegas that includes 197,855 residents earning an average annual household income of $63,228 within a three-mile radius of the property.

“We continue to see a high demand for grocery-anchored centers,” Tyner added. “Rainbow Springs Shopping Center represents a great opportunity to achieve an attractive going-in cap rate while also acquiring a strong-performing anchored center with a superior national tenant roster.”

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Gleb Lvovich

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Sale/Acquisition