Retail center on north end of Strip up for sale
A retail center anchored by Walgreens on the north end of the Strip is up for grabs.
The building is for sale with additional retail space available for lease, according to listing brokerage Colliers Las Vegas.
It’s not the first time the property has been on the market, but Colliers broker Steve Neiger said this time things are different.
“The renovation of The Strat, the renovation of the SLS, new construction of Resorts World and the convention center expansion, the city of Las Vegas archway and the roadway improvements on Sahara going north — they’ve all come together to reinvigorate the entire area,” Neiger said.
The more than 37,000-square-foot building sits on 1.8 acres at 2427 Las Vegas Blvd. South, at the corner of Las Vegas Boulevard and Sahara Avenue. It’s across the street from the Bonanza Gift Shop, which bills itself as the “World’s Largest Gift Shop.”
The Walgreens makes the property easy to spot because it faces a busy intersection, but Neiger said the retailer accounts for only 42 percent of the building’s square footage. He said the firm is looking to add additional tenants.
There are two ground-floor retail spaces at 3,689 square feet and 3,319 square feet for lease as well as a 13,162-square-foot space upstairs boasting a grandfathered nonrestricted gaming license.
Property records show an entity linked to Salt Lake City-based developer Sorenson Group Management purchased the site in 2014 for $36 million before constructing the building now home to Walgreens.
During the real estate bubble in the mid-2000s, Australian developers planned to build a 73-story condo tower dubbed Ivana Las Vegas on the site. Donald Trump’s ex-wife Ivana Trump agreed to have her name on the tower, which was never built.
The site ended up selling in 2007 for $47 million before going into foreclosure after 2010.
Contact Subrina Hudson at shudson@reviewjournal.com or 702-383-0340. Follow @SubrinaH on Twitter.