Fresh & Easy Neighborhood Markets has signed a 20-year, $10 million dollar lease for 30,678 square feet of retail space in the former WOW building at 4,580 Sahara Avenue in Sin City, according to a report (which we verified) in the Las Vegas Business Press, a local publication that covers the commercial real estate industry in the region. The reported average rent in the building is about $1.35 per square foot.
The new store location is nearby the famous Las Vegas strip. Since the total square footage Fresh & Easy leased is 30,678 square feet, and the Fresh & Easy store format averages 13,000 to 15,000 square feet, we think the retailer will sublease the remaining square footage to another retailer.
To date, Fresh & Easy has five grocery markets in Nevada. All are located in the Las Vegas metropolitan area, which is the grocer's primary target market in the state.