LAS VEGAS – Retail brokerage group “CNR Retail” at Colliers Las Vegas is exclusively representing the owners in the sale and lease of a highly desirable Las Vegas Strip landmark located on the northeast corner of Las Vegas Boulevard and Sahara Avenue at 2427 South Las Vegas Boulevard.
CNR Retail is relaunching the property into the marketplace with a new name – The Gateway on the Strip – and new possibilities. The building, better known for its anchor tenant Walgreens, has not been marketed or improved upon for years.
The 1.82-acre parcel includes a multi-level building with its own parking garage on the northeast corner of Sahara Avenue and Las Vegas Boulevard as well as a massive LED screen billboard that faces the high-traffic intersection.
Walgreens only accounts for 42 percent of the building’s 37,499 total rentable square feet. The remainder of the space is vacant, including two ground floor retail spaces and an upper level that includes rare, highly coveted suitability for an unrestricted gaming license.
“A lot has changed since the last time this property was officially listed for sale or lease. With so many new attractions and several billions of dollars invested here on the North Strip in the last twenty-four months alone, the timing is perfect to bring some long-overdue attention back to this irreplaceable corner.”
-Steve Neiger, CCIM, broker at Colliers Las Vegas and member of the CNR Retail team
Listed as available for lease, the first floor consists of two retail spaces sized at 3,689 square feet and 3,319 square feet. Both retail spaces are at street level and are about to see a tremendous jump in pedestrian traffic. The new City of Las Vegas Arch will bring more people (on foot) to the area than ever before.
The upstairs space is an impressive 13,162 square feet and includes a large outdoor patio overlooking the Las Vegas Strip. A significant portion of the upstairs space includes a grandfathered unrestricted gaming license suitability – a very rare and valuable privilege license, especially on the Las Vegas Strip.
According to CNR Retail, ownership is also now accepting purchase offers for the corner property.
“This is an excellent value-add opportunity that is going to be attractive to commercial real estate investors from all over the world.”
-Chris Clifford, broker at Colliers Las Vegas and member of the CNR Retail team
The team at Colliers Las Vegas said that they are both honored and excited to relaunch the re-branded property to market for both sale and lease for ownership.
Colliers’ CNR retail team comprised of Chris Clifford, Steve Neiger, CCIM and Brett Rather are the listed brokers for both lease and sale opportunities at The Gateway on the Strip. For more information, contact Chris Clifford and Steve Neiger.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.
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