As We See It

Comparing Strip real estate with prices just around the corner

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The Walgreens between Venetian and Palazzo sold for $71 million in 2012.
Photo: Delen Goldberg

Strip real estate is like a $108 steak—way too expensive but appealing anyway. You can’t beat the foot traffic, which might be why a CVS inside Sky Las Vegas just sold for $30 million, translating to just over $2,086 per square foot. That’s steep, but a majority stake in another Strip-side pharmacy fetched more than double back in 2012. And whopping price tags are all over Las Vegas.

Walgreens (between Venetian and Palazzo)

Year sold: 2012

Price: $71 million (for a stake of at least 70 percent)

Appeal: Bottled water to souvenirs, emergency makeup to booze, it’s a deal outpost in a sea of Strip opulence. Hello, four stars on Yelp.

Boulevard Mall

Year sold: 2013

Price: $54.5 million

Appeal: Minutes from the Strip, 100 purveyors and a taxi stand to boot. Its heyday was in the ’70s, and with that era in vogue, maybe it’s time for this classic’s comeback.

The Hughes Center

Year sold: 2013

Price: $347 million

Appeal: A 68-acre complex with sleek office buildings and restaurants in the heart of the city sounds like a killer investment (or fortress primed for the zombie apocalypse).

Tags: Opinion
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