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