Las Vegas property sells for $216m
Property and Building Corp. (PBC) and IDB Group USA have sold Tivoli Village, a Mediterranean theme, mixed-use shopping and office center in the west Las Vegas valley, for $216 million.
The new owner is 3D Investments.
Located at the corner of Alta Drive and Rampart Boulevard, the nearly 670,406-square-foot space was first built in 2009.
The Las Vegas retail market in third quarter 2021 recorded $295 million in sales volume (up 80 percent quarter-over-quarter) across 22 centers and 1.5 million square feet during third quarter 2021 compared with $165 million in second quarter 2021 and $84 million in third quarter 2020, according to Cushman & Wakefield. Sales volume in the first three quarters of 2021 reached $550 million, compared with $207 million at the same time in 2020. Average price per square foot was $196 per square foot in third quarter 2021 compared with $260 per square foot in third quarter 2020 (a decline of 25 percent).
The average cap rate