Investment Offering
North Las Vegas, NV - BLAK Cheyenne Industrial Park
3650 W. Cheyenne Ave | North Las Vegas, NV 89032
$17,474,000
Price6.25%
Cap Rate$1,092,120
NOI100%
Occupancy56,500
± SF Offering GLADescription
SRS Real Estate Partners, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, freestanding, newly constructed, 56,500 SF two-tenant industrial building investment property, located in the BLAK Cheyenne Industrial Park in North Las Vegas, NV (Las Vegas MSA). Reece Supply, LLC, a wholly owned subsidiary of publicly owned Reece Limited ($9+ billion revenue FY24) occupies 35,000 SF and recently signed a 18-year lease with 2 (5-year) options, demonstrating their commitment to the site. The lease features attractive 5% rental increases every three years, steadily growing NOI and hedging against inflation. The lease is corporate guaranteed by Reece Inc. The Vegas Gymnastics Academy occupies the remaining 21,500 SF and recently signed a 5 year lease with 1 (5-year) option. The Vegas Gymnastics Academy lease features 3.5% annual rent increases and is personal guaranteed. Both leases are NNN with minimal landlord responsibilities. The building is a class A facility with brand new state-of-the-art, concrete tilt-up construction, with modern amenities and design.
Location
The building is strategically located at the signalized, hard corner intersection of W. Cheyenne Ave. and Allen Lane, averaging a combined 60,700 vehicles passing by daily. The property sits directly across the street from the North Las Vegas airport. The site benefits from excellent visibility and frontage along W. Cheyenne Ave. The site also has nearby access to Interstate 15 (201,000 VPD), a primary commuter freeway for travelers going to/from Las Vegas and Los Angeles. Additionally, the site is less than two miles from State Highway 95 (60,800 VPD). The property is located close to retail centers as it is less than two miles from the Cheyenne Market Place, a 78,000 square foot center anchored by Family Dollar & Reef Dispensary. Furthermore, the site is positioned less than three miles southwest of North Mesa Plaza, a 425,000 square foot shopping center anchored by Big Lots!, Old, Navy, Harbor Freight Tools, and more. The 5-mile trade area is supported by more than 490,577 residents and nearly 186,173 daytime employees with an average household income of $78,603.
Documents & Links
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 Offering Memorandum |  |  |
Contact
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]NV #: B.1003241.LP