Two national chains scoop up land parcels in Las Vegas at strong 3.7% and 4.1% cap rates.
The retail market is heating up in Las Vegas. CAI Investments has developed and sold two of the land parcels in its larger 3883 Flamingo Center mixed-use project in Las Vegas, which will include a hotel and apartment units in addition to retail and entertainment. The parcels traded to a Chick-Fil-A and Del Taco at respective cap rates of 3.7% and 4.1%. These yields exceeded the seller’s expectations.