BACKGROUND

Rainbow Commons is a $16.5mm, 46,000 square foot retail and office project on the I-215 and Rainbow Boulevard in Las Vegas, NV. Rainbow Commons illustrated Prospect Street’s real estate focus of acquiring high quality land, working with blue chip partners, and creating an excellent product for consumers. The ground-up development project highlighted Prospect Street’s strategy of working with blue chip operators such as In-N-Out Burger and 7Eleven prior to the land acquisition in order to create a positive outcome for all parties. Our partnership strategy resulted in a pad sale to In-N-Out and lease to 7Eleven during the land acquisition process in order to reduce the firm’s land basis and minimize development risk. The development project commenced in 2018 and was sold in 2021 resulting in 24.8mm in proceeds.