West Las Vegas Grocery-Anchored Asset Sells
- Jun 26, 2020
A Smith’s-anchored, 50,388-square-foot retail property in Las Vegas has sold for $6.1 million. Net Gain Properties LLC acquired the asset from a private investor, according to Clark County records. Rock Canyon Bank provided acquisition financing. The asset last traded in 2001 for $6.5 million.
Located on 5 acres at 1421 N. Jones Blvd., the single-story building opened in 1995. In addition to the grocery anchor, the property is also home to a PostNet print shop. Within the Santa Fe Plaza retail center, the building is adjacent to a number of other shops and restaurants, including Popeyes and Papa John’s. Several residential communities are in the area: Yardi Matrix shows nearly 3,600 units within 1 mile of the asset.
With more and more retail destinations reopening after the lockdown period, foot traffic has begun to swing in the opposite direction, with grocery stores and pharmacies returning to a normal influx of clients, according to a Marcus & Millichap report. However, given new social distancing restrictions and sanitation requirements in place, many retailers may choose to remain closed for the near future.