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Well-Located Pad Building Fetches $680 Per SF

LAS VEGAS-The 7,683-sf, fully leased building sits out in front of a Wal-Mart grocery store here that anchors the Silverado Ranch Shopping Center. The price equates to a sub-6% cap rate.

By Brian K. Miller | Updated on November 19, 2006

LAS VEGAS-A new and well-located pad building here has changed hands for $680 per sf, which is believed to be a record high for a non-strip retail property. The 7,683-sf, fully leased building sits out in front of a Wal-Mart grocery store that anchors the Silverado Ranch Shopping Center. The $5.22-million purchase price equates to a sub-6% cap rate.

Silverado Ranch Shopping Center is located at the corner of East Silverado Ranch Boulevard and Bermuda Road, which is located east of Interstate 15, between Las Vegas Boulevard South and South Eastern Avenue. The development is part of the new master-planned community of Silverado Ranch, which includes new homes and condominiums, as well as extensive amenities that is expected to create an increasing traffic flow for the center as the area is developed.

The pad building is leased to Wells Fargo Bank, El Pollo Loco and Red Persimmon, a full-service salon. The property generated eight offers and sold at a 5.8% cap rate. The seller’s broker, Faris Lee Investments’ Dennis Vaccaro tells GlobeSt.com the per-sf price is the highest ever paid for a non-strip retail property. “The market for retail investments is still extremely strong,” he says.

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