Silver City Plaza, a 100%-leased retail center at the epicenter of more than $10 billion of development activity on the Las Vegas Strip, has been listed for sale. NKF is handling the listing for Irvine, CA-based Passco Companies, LLC in a deal expected to garner interest in excess of $60 million.
The 41,583-square-foot retail center features five tenants, including Ross Dress for Less, 7-Eleven, Las Vegas Tickets and Tours, and Crazy Ely. The 2004-built center features a 40-foot neon monument sign with nearly 250 feet of frontage at Las Vegas Blvd. and Convention Center Dr.
Developments surrounding the property include 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.
NKF’s Rob Ippolito says, “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.”