Drive Time Sells Two Las Vegas Locations in Leaseback Deal

Originally Published: CoStar

DriveTime Automotive Group, Inc. and Verde Investments, Inc. has sold the DriveTime auto dealership at 2301 McLeod Dr. and 3030 E. Sahara Ave. in Las Vegas, NV to Noble Properties for $7.47 million, or about $278 per square foot.

The seller, an auto dealership focused on helping drivers with various credit issues obtain a vehicle, signed a brand new, 15-year lease with four five-year options and annual rental increases.

Located at the northeast corner of E. Sahara Ave. and McLeod St., the 6.5-acre site is improved with two retail showrooms totaling 22,177 and 4,728 square feet.

Pat Luther and Travis Fidel with SRS Real Estate Partners (SRS NNN) represented both the seller and buyer in the sale.