February 19, 2019 – SRS Real Estate Partners’ National Net Lease Group has completed the $1.915 million sale of a single-tenant 2,986-square-foot freestanding retail property fully occupied by Arby’s in North Las Vegas, NV. Built in 2001, the property is located on just under .58 acres at 1465 W. Craig Road.
SRS’ National Net Lease Group Senior Associate Chris Edwards and Managing Principals Patrick Luther and Matthew Mousavi along with Oren Sha of Commercial Professionals, Inc. represented the seller a California-based private investor. SRS’ Luther and Edwards also represented the buyer, a West Coast-based private investor who was in a 1031 exchange. The closing cap rate was 6.25 percent and price per square foot was approximately $641.
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.
“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.”
The asset offers excellent visibility from the intersection of W. Craig Road and M.L.K. Boulevard which sees more than 72,000 vehicles per day and is an outparcel to a Home Depot-anchored retail center and is across the street from a Walmart-anchored center. There are more than 426,900 residents and nearly 131,200 employees within a five-mile radius of the property.