December 13, 2021 12:00 PM
Newmark announces it has arranged the $63.75 million sale of Rainbow Plaza, a dual grocery-anchored shopping center located in Las Vegas, Nevada. Newmark Senior Managing Director Rob Ippolito represented the seller, Brixton Capital.
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 over 85,000 cars per day.
“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.”
Shoppers in nearby Summerlin can access the center easily from US 95 via the Rainbow interchange located one mile to the north. The shopping center is 94% occupied by credit, internet-resistant tenants including Albertsons, Ross Dress for Less, The Home Depot, Sprouts Farmers Market, Goodwill, EOS Fitness and Chase Bank, among others. The weighted average tenure of Rainbow Plaza tenants exceeds 15 years with over 37% of the existing tenants having been at the center for more than 25 years.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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