A long-dark storefront on the north end of the Las Vegas Strip finally has a new landlord. Rhino Investments Group has closed on the former CVS space at the base of the Sky Las Vegas tower in a deal that local records show came in at about $13.5 million.
Property records and court filings show lenders foreclosed on the unit after a notice of default was recorded in late 2024, and the sale closed this month, according to the Las Vegas Review-Journal. That coverage notes that Capital Square bought the ground-floor retail in 2014 for roughly $33.3 million and that the space has sat vacant since CVS moved out. Marketing materials cited in the reporting indicate a corporate CVS lease remains active, brokers prepared pro forma cash-flow figures for the pad, and CVS representatives told the paper the company is still paying rent while exploring options, including a possible sublease.
Sanjiv Chopra, founder of Rhino Investments Group, told the Review-Journal the company plans to overhaul the space after the corporate lease runs out in 2029 and is already talking with several restaurant concepts. “It’s great real estate,” Chopra said. Rhino’s website describes the firm as a value-add retail investor that repositions underused shopping properties.
By the numbers
The storefront measures about 14,378 square feet on the ground floor of the 45-story Sky Las Vegas condominium, according to offering materials. Brokers marketing the pad tout 160 feet of Las Vegas Boulevard frontage, heavy vehicle counts and proximity to Fontainebleau and Resorts World in listings from LoopNet. Leasing contacts describe the space as suitable for restaurants, build-to-suit retail or a multi-tenant conversion once the lease situation clears, according to Cushman & Wakefield.
What to watch
With a corporate lease that will not lapse for several years, Rhino’s near-term moves may be limited to marketing the future potential of the site or making smaller improvements. A full rebrand or major construction would likely wait until the agreement ends in 2029. Even so, the sale offers another sign that outside buyers are resetting prices on Strip retail and quietly positioning for a fresh wave of dining and destination retail along Las Vegas Boulevard.
