Description

Our August 12th PRO Perspective features Adam Malan and Deana Marcello of LOGIC Commercial Real Estate discussing retail leasing in Las Vegas. Crexi's PRO Perspective series explores various aspects of the commercial real estate industry in conversation with some of the top CRE professionals in the industry. In each episode, we feature different guests to tap into their wealth of CRE expertise and explore the latest trends and updates from the world of commercial real estate. In this episode, Crexi's Bob Drury and Robert Anderson chat with Adam and Deano to cover the current state of retail net leases in Las Vegas and how things have changed since before the pandemic. The conversation ranges from trending submarkets, better performing retail types, and what retail buyers are looking for as Las Vegas slowly reopens. Some key takeaways include: - While retail transaction volume has dropped off compared to year over year numbers, there are still plenty of transactions. Buyers are looking for distressed deals and 1031 exchange options (especially in the face of its potential removal). - Not all retail assets are struggling: essential businesses like grocery stores see a healthy variety of confident buyers and some of the highest historical transaction volumes in June and July 2020. - Plenty of dry powder sits on the sidelines, ready to pursue attractive retail transactions, particularly from buyer pools out of Southern California. - Before COVID, single-tenant restaurants were highly desirable, whereas today, larger sit-down, indoor restaurants have been struggling with increasing cap rates. Those who had drive-thrus or could embrace to-go models and or delivery/take out methods recovered more quickly. - Some existing retail tenants are taking advantage of opportunities to expand that otherwise would not have been possible pre-COVID. Like this? Hop over to our blog to check out the latest CRE hot tips and insights: https://www.crexi.com/insights