Newmark is bringing Silver City Plaza to market for sale. Expected to garner interest in excess of $60 million, Silver City Plaza is a 100 percent leased retail center located at the epicenter of more than $10 billion of development activity on the Las Vegas Strip.
Silver City Plaza is a 41,583-square-foot retail center that features five tenants including: Ross Dress for Less, 7-Eleven, Las Vegas Tickets and Tours, and Crazy Ely. Built in 2004, the center features a dynamic 40-foot neon monument sign with nearly 250 feet of frontage at the corner of Las Vegas Blvd. and Convention Center Dr. Three of the Las Vegas Strip’s most notable current developments surround Silver City Plaza including the $4.2 billion Resorts World Las Vegas, the $3.1 billion The Drew and the 1.4-million-square-foot Las Vegas Convention Center expansion.
Newmark’s Capital Markets group is exclusively representing the seller, PASSCO Companies, LLC based in Irvine, CA.
“The property offers investment-grade income with tremendous tenant performance, inherent appreciation given the development of adjacent sites and a number of presumably profitable exit strategies only prime parcels of real estate are able to command,” said Senior Managing Director Rob Ippolito.
“The Las Vegas Strip is the second most visited tourist site in the United States as well as one of the most popular destinations worldwide. Sidewalks in front of casinos on The Strip see 800 to 1,500 pedestrians every 15 minutes on a typical Saturday. Multi-billion-dollar projects such as The Drew and Resorts World as well as the Convention Center expansion are set to power adjacent development and enhance the already robust traffic Silver City Plaza benefits from daily,” added Ippolito.
Newmark (“Newmark”), 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, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’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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