Walgreens Locations Las Vegas Nv – Walgreens anchor shopping center at the northeast corner of Las Vegas Boulevard and Sahara Avenue, Friday, February 18, 2022. The property has been sold. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Walgreens shopping complex at the northeast corner of Las Vegas Boulevard and Sahara Avenue on Sunday, February 20, 2022. The property has been sold. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
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The proposed commercial complex at the northeast corner of Las Vegas Boulevard and Sahara Avenue was previously planned to have a landmark of more than 500 feet, as shown in this artist’s rendering. (City of Las Vegas)
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An artist’s rendering of a 73-story apartment tower to be built in the mid-2000s at the northeast corner of Las Vegas Boulevard and Sahara. The site is now occupied by a commercial complex anchored by Walgreens. (City of Las Vegas)
Advertisement for an Ivana Trump-branded apartment tower in Las Vegas. The high-rise was never built, and the project site at Las Vegas Boulevard and Sahara Avenue is now occupied by a commercial complex occupied by Walgreens. (Courtesy of Jeff Pori/Kingsbarn Realty Capital)
Fontainebleau’s troubled past reflects the ups and downs of the Las Vegas economy. Las Vegas Strip’s penchant for reinvention is in full swing, South Strip survives once again as a 1-project stand, lots more of former ‘financial graveyard’ sold: North Strip shows more signs of life
During the real estate boom of the mid-2000s, when developers planned waves of high-rises in Las Vegas, the Sahara Hotel was penciled in.
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Like most of that era in Southern Nevada, the skyscraper was never built. But a later project built on the site has now changed hands.
A Walgreens-owned commercial complex on the northeast corner of Las Vegas Boulevard and Sahara Avenue recently sold for $57 million. It covers 37,499 square meters and is 42 percent occupied, according to brokerage firm Colliers International.
The pharmacy chain is the sole tenant of the building. Walgreens’ lease runs through spring 2040, according to a brochure for the complex.
Colliers announced the deal last week and said it represented the seller. The purchase by Kingsbarn Realty Capital and developer Eli Applebaum closed on Feb. 14, according to real estate records.
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Pharmacies on the strip sell food, alcohol, glasses and more. is known to throw up and it is a great deal considering the large number of tourists. Realtors say the Walgreens and CVS locations on Las Vegas Boulevard are booking big sales numbers, and landlords have paid big dollars to own the property.
Not the most recent independent dispensary to be sold, nor is it technically on the Strip north of Sahara Avenue in Las Vegas.
But it is across from the northern end of the famous casino corridor, an area that has been most active in recent years. It is at a busy intersection for a footbridge that brings more people into the complex.
In an interview Friday, Kingsbarn CEO Jeff Pori pointed to more activity along the north strip, such as the opening of the $4.3 billion Resorts World Las Vegas last year and the planned debut of the 67-story Fontainebleau Las Vegas in late 2023.
Walgreens, Denny’s And White Castle On Las Vegas Strip In Las Vegas, Nevada, Usa Stock Photo
Pori also said the new walkway, envisioned as an elevated loop around the intersection, will improve traffic flow and travel ability.
The city of Las Vegas announced plans for the bridge in November, and the project is expected to be completed by the end of 2024.
For now, the new tenants plan to lease an empty space in the complex and replace the existing electronic sign outside with a large 4D sign, which Pori said will include a video that “looks like something is jumping out to you.”
In 2004, the Australian duo unveiled plans to build an apartment tower called Summit, according to reports. In 2005, Donald Trump’s ex-wife, Ivana Trump, collaborated on a project called Ivana Las Vegas at the time.
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City records showed that the proposed tower would be 73 storeys; press releases described Ivana’s project as 80 stories.
About 2 hectares of land were sold in 2007 for 47 million dollars. The economy soon tanked, and the land changed hands through foreclosure in 2010, according to property records.
A pharmacy is not as flashy as a luxury mansion. But no one has built a condo in Las Vegas in more than a decade, and as recent sales show, toothpaste and the like. There is still plenty of money to be made.
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