Newport Beach, CA (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.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 20 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.
SRS’ National Net Lease Group is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2017, the group completed more than 270 sales across more than 30 states. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.