A single-tenant, 3k sf retail property in North Las Vegas sold for $1.9 mil, or $640/sf. The freestanding property is fully occupied by Arby’s. It is an outparcel to a Home Depot-anchored retail center and is across the street from a Walmart-anchored center.
Built in 2001, the property is located on .58 acres at 1465 W. Craig Rd, at the intersection with M.L.K. Blvd. The property is franchise guaranteed by an experienced operator and there are eight years remaining on the initial lease term with options to extend. The tenant is responsible for all maintenance and property management of the asset.
Chris Edwards, Patrick Luther and Matthew Mousavi with SRS’ National Net Lease Group, along with Oren Sha of Commercial Professionals Inc, represented the seller, a California-based private investor. SRS’ Luther and Edwards also repped the buyer, a West Coast-based private investor who was in a 1031 exchange. The closing cap rate was 6.25%.
“Quick service restaurants (QSR) are continuing to perform well and are in high demand for investors due to their resistance to ecommerce, attractive leases and exceptional locations,” said Edwards. “The majority of QSR usually sign long-term 15- to 20-year initial leases that are typically triple net, leaving the investor with little to no landlord responsibilities.”