Shuttered Strip CVS Space Quietly Sells to New Landlord in $13.5 Million Deal

LAS VEGAS, NV — A high-visibility, long-vacant retail space on the north end of the Las Vegas Strip has officially traded hands, signaling a new chapter of redevelopment for the quiet corridor.

The transaction represents a steep drop in value from previous high-water marks but secures a major asset for a local investment group.

A Steep $13.5 Million Acquisition

According to commercial property transfer deeds finalized this week, Sanjiv Chopra, the founder of Rhino Investments Group, has officially completed the purchase of the former CVS space located on the ground floor of Sky Las Vegas—a luxury 45-story condominium tower.

The $13.5 million transaction closed earlier this month, marking a dramatic pricing slide from its peak. In 2014, previous landlord Capital Square acquired the identical ground-floor retail footprint for roughly $33.3 million. However, after the property slipped into foreclosure in spring 2025 following a loan default, lenders pushed the property back to the market, opening the door for Chopra to secure the prime real estate at a deep discount.

+--------------------------------------------------------+
|          SKY LAS VEGAS RETAIL TRANSACTION LOG          |
+--------------------------------------------------------+
|  - Asset Profile: 14,380-Sq-Ft Ground Floor CVS Space  |
|  - New Owner: Sanjiv Chopra (Rhino Investments Group)  |
|  - Closed Purchase Price: $13.5 Million                |
|  - Peak Valuation History (2014): $33.3 Million        |
|  - Current Lease Status: CVS Paying Rent Until 2029    |
+--------------------------------------------------------+

A Paying Tenant that Closed in 2017

The 14,380-square-foot storefront—located directly across the street from the Fontainebleau resort—has sat completely dark since CVS shuttered the pharmacy operation in 2017. Despite being closed to the public for nearly a decade, the new landlord confirmed a unique twist: CVS has maintained its corporate lease and continues to pay rent on the vacant space.

Because of this active corporate lease structure, which is set to run until 2029, Chopra has no plans to immediately alter the building’s facade. Instead, the investment group intends to collect the steady lease payments while laying the groundwork for a massive post-2029 overhaul. Chopra’s long-term vision focuses on gutting the interior to introduce multiple budget-friendly, casual dining restaurants designed to combat “sticker shock” for travelers exploring the north Strip corridor.

Source: Clark County Assessor Property Transfer Registries, Rhino Investments Group Executive Disclosures, Las Vegas Review-Journal Commercial Real Estate Archives.