Newport Beach, Calif. (June 15, 2021) – SRS Real Estate Partners’ National Net Lease Group has completed the $2.9 million ground lease sale (land ownership) of a 2,325-square-foot retail property soon-to-be occupied by Chipotle Mexican Grill. The property will include a “Chipotlane” drive-thru, a new design for the restaurant chain, that will help accommodate more mobile order volume. Located just 13 miles north of the Las Vegas Strip, the property is situated .71 acres at Saint Rose Parkway and Amigo Street in Henderson, NV. Anticipated to open its doors in July 2021, the new construction property has an absolute triple-net 10-year corporate-guaranteed lease in place.
SRS National Net Lease Group’s Managing Principal Patrick Luther and Vice Presidents Frank Rogers and Michael Carter, represented the seller, a Las Vegas-based merchant developer, as well as the all-cash buyer, a Las Vegas-based private investor.
“The Las Vegas market is in high demand from investors seeking single-tenant restaurant properties with drive-thrus,” said Luther. “As testimony to this demand, this property sold $25,000 above asking price and secured a cap rate of 3.92 percent.”
The property is an outparcel to Shoppes on the Parkway, a new, 57,000-sf shopping center that includes Costco Wholesale. It is located along State Highway 146 which connects commuters to Interstate 15 and is within a densely populated area with more approximately 268,000 residents and 74,000 employees within a five-mile radius.
Since the COVID-19 crisis began, SRS’ National Net Lease Group (NNLG) has closed 673 transactions valued at over $2.5 billion. Additionally, the group has nearly $654 million of assets under LOI or in escrow and $1.5 billion in assets currently listed for sale. In 2020, the NNLG successfully completed more than 490 transactions, across 44 states nationwide.
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 25 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’ Investment Properties Group (IPG) & National Net Lease Group (NNLG) 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 2019, the group completed more than 400 sales across more than 35 states and has over 50 NNLG professionals nationally. 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.