Las Vegas shopping center sells for $42.5M

LAS VEGAS, Nov. 18, 2021 – JLL Capital Markets announced today that it has closed the $42.5 million sale of Rainbow Springs Shopping Center, a 364,195-square-foot retail center with superstore anchor in Las Vegas, Nevada.

JLL represented the private buyer, which acquired the asset from a private seller.

Anchored by a multinational discount department store with large grocery section, Rainbow Springs Shopping Center is also home to a diverse 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.

Rainbow Springs Shopping Center is situated on 38.21 acres at 3501, 3595 and 3615 South Rainbow Bld. and 7017 Spring Mountain Rd. at the highly visible intersection of Rainbow Boulevard and Spring Mountain Road, which has a daily traffic count of approximately 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 that live within a three-mile radius of the property.

The JLL Retail Capital Markets team representing the buyer was led by Managing Director Gleb Lvovich (Nev. Lic. No. S.0189602) and Director Daniel Tyner (Nev. Lic. No. S.0189603).

“The Sale of Rainbow Springs Shopping Center represents the strong post-COVID recovery in Las Vegas and the retail sector in general,” Lvovich said. “Our team has closed on some of the most significant transactions in Las Vegas – often setting benchmarks.”

“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.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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