Small retail center on Las Vegas Strip sold for almost $60M
More than four years after buying a Walgreens store on the north Strip, a New York investor has picked up a small retail center next door for nearly $60 million.
Home-curtains manufacturer Ely Cohen acquired Silver City Plaza for $59.25 million from Southern California-based Passco Companies, property records show.
Brokerage firm Newmark Knight Frank announced the sale Thursday.
Cohen’s purchase comes as the sluggish north end of Las Vegas’ famed casino corridor gears up for a long-hoped-for turnaround.
Silver City, 3001 Las Vegas Blvd. South, is across from the under-construction Resorts World Las Vegas, around the corner from the expanding Las Vegas Convention Center and less than a half-mile south of the towering Drew Las Vegas, as the unfinished former Fontainebleau is known — all of which, when finished, could bring waves of new foot traffic to the area.
The retail center spans 41,583 square feet, according to Newmark, and includes a Ross Dress for Less, a Denny’s and a 7-Eleven.
Newmark broker Rob Ippolito said the sales process was “highly competitive.” He did not provide dollar amounts but acknowledged the tenants’ rental rates and sales volume are much higher in Silver City than in the suburbs, where property values are typically a fraction of what they are on the tourist-choked Strip.
For instance, Cheyenne Commons, a formerly foreclosed strip mall at Rainbow Boulevard and Cheyenne Avenue whose tenants include Ross, is much larger than Silver City but sold for a lot less last year. It spans around 361,500 square feet and traded for $34.35 million.
Cohen, head of Regal Home Collections, acquired the Walgreens store next to Silver City in October 2015 for $37 million, records show.
He could not be reached for comment Thursday.
Passco, based in Irvine, California, is led by founder Bill Passo and boasts $3 billion in assets under management.
The firm did not return a call seeking comment.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.