Avison Young announces $6.6 million sale of a retail building within Rainbow Sunset Pavilion in Las Vegas

Las Vegas, NV – Global real estate advisory firm Avison Young has completed the $6.6 million sale of an 18,000-square-foot multi-tenant retail property located at 6315 South Rainbow Boulevard in Las Vegas.

Hillary Steinberg and Corina Towle of Avison Young represented the seller, a Las Vegas-based private trust. The buyer, Syndicate MMA, a mixed martial arts gym, who has been a tenant at the property since 2019, was represented by Kevin Jacobson of Iron Will, LLC.

Syndicate MMA occupies approximately 15,000 sf with a salon and a medical practice within the remainder of the building.

“Owner-user retail assets in Las Vegas are increasingly desirable, offering stability and control in a market where rising lease rates create uncertainty,” said Steinberg, Vice President – Retail, who is out of Avison Young’s Las Vegas office. “The seller of this asset continues to retain ownership of six buildings within Rainbow Sunset Pavilion.”

She noted that Rainbow Sunset Pavilion is within the southwest submarket of Las Vegas, which is seeing extremely strong demand for retail.

Since 2017, Steinberg and Towle have been successfully leasing seven buildings on behalf of the private trust (including the just sold 6315 South Rainbow property) that total approximately 64,000 sf and make up a major portion Rainbow Sunset Pavillion. There is currently just one 2,000-sf vacancy which is testimony to the strength of the center and the submarket.

In its entirety, Rainbow Sunset Pavilion features more than 75,000-sf of retail and 450,000-sf of office. The property is located just off the Interstate 215 Rainbow exit with other tenants including Starbucks, Archi’s, and Yama Sushi. Some major office tenants include Boyd Gaming and Hakkasan Corporate, among others which create a favorable crossover traffic for the retail portion of the center.