Sahara Development Divests of Shopping Center in Las Vegas for $57 Million

Las Vegas — Sahara Development has completed the disposition of The Gateway on The Strip, a 37,499-square-foot retail center located on the Las Vegas Strip. KB Gateway on the Strip LLC acquired the property for $57 million. Constructed in 2015 at 2427 S. Las Vegas Blvd., Walgreens anchors the property with a long-term lease through 2040. At the time of sale, the property was 42 percent occupied. The center features a freestanding parking garage, additional income via electronic billboard contracts, an upper-deck patio and an unrestricted gaming license. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the seller in the deal.

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