Posted by - May 26th, 2012
I’ve been saying for some time to so many naysayers out there after the Las Vegas real estate market collapse, don’t bet against Las Vegas. Historically Las Vegas has reinvented itself many times and now it appears its rebirth is beginning to get started, albeit slowly.
Recently, per Ray Germain, investment property broker for Marcus & Millichap in Las Vegas, the 16,000 square foot Walgreen’s store located at Convention Center Dr and Las Vegas Blvd, was sold. The sale price equated to $1,736 a square foot, the highest price paid per square foot for a single-tenant leased drugstore in the USA. Similar priced properties have sold in Miami and New York City for less.
This same property sold for $12.2 million in 2004. This sale price was $27.8 million. Still betting against the return of Las Vegas? Careful where you place your money now in this amazing city.
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