powerpoint presentation...4755 dean martin drive | las vegas, nevada 89103 | p: 702.221.8226 | f:...
TRANSCRIPT
FOR SALE
Craig SummersSenior Associate, Brokerage Services
NRE License # S.0077796
(702) 487-9811
Tom Wagener, CCIMSenior Vice President, Brokerage Services
NRE License # BS.1001520
(702) 765-8896
GROCERY ANCHORED
RETAIL CENTER
345-479 WEST CRAIG ROAD
NORTH LAS VEGAS, NV 89032
THE GROVE
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Gatski Commercial Real Estate Services (the “Broker”) has been retained as the Exclusive Agent bythe Seller of the Property (the “Seller”) to extend qualified principals the opportunity to acquire a feesimple interest in the property referred to as The Grove, located at 345 – 479 W. Craig Rd.(“Property”) in North Las Vegas, Nevada.This Offering Memorandum presents property information that we were provided by Seller andcertain documents are described in summary form. It contains selected information pertaining to theProperty which Broker feels is pertinent to the pricing. It does not purport to be all inclusive or tocontain all of the information, which prospective purchasers and/or lenders may desire. It should alsobe noted that all market analysis projections are provided for general reference purposes and arebased on assumptions relating to the general economy, competition and other factors beyond ourcontrol and, therefore, are subject to material variation.No representation or warranty, expressed or implied, is made by the Seller, Broker, or any of theirrespective affiliates as to the accuracy or completeness of the information contained herein, as toengineering or environmental matters or as to the future performance of the Property. Prospectivepurchasers should make their own projections and form their own conclusions without reliance uponthe material contained herein and conduct their own due diligence, including engineering andenvironmental inspections, to determine the condition of the Property and the existence of thepotentially hazardous material located at the Property site or used in the construction ormaintenance of the Property.The Property is being sold in its as is, where is condition without representation or warranty.Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has noobligation, express or implied, to accept any offer. Further, Seller has no obligation to sell theProperty unless and until the Seller executes and delivers a signed agreement of purchase and saleon terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will bedeemed to have acknowledged the foregoing and agreed to release Seller and Broker from anyliability with respect thereto.Additional information and an opportunity to inspect the Property will be made available tointerested and qualified prospective purchasers and will be conducted by appointment only ContactBroker for additional information.
DISCLOSURE
SITE INFORMATION:
Property Address: 345 – 479 W. Craig Rd.
North Las Vegas, NV 89032
Building Size: +/- 55,595
Lot Size: +/- 4.69 Acres
APN: 139-03-311-016
RENT SCHEDULE:
Period Rent/SF/Mo Rent/SF/Year Monthly Rent Annual Rent
1/1/2021 – 12/31/2021 $1.99 $23.91 $103,612 $1,243,345
1/1/2022 – 12/31/2022 $2.12 $25.44 $110,210 $1,322,515
INVESTMENT OVERVIEW:
Sale Price: $19,600,000
CAP Rate: 6.34%
2021 NOI: $1,243,345
Rent Increases: +/- 2% annually
Occupancy: 93.5%
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*
* Any leases renewing in this year are assumed to renew with no increase in rent
PROPERTY OVERVIEW
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This is an excellent opportunity to own a groceryanchored shopping center with a diverse tenant mixon busy Craig Rd. in North Las Vegas. The propertyis located across the street from Craig RanchRegional Park, which is a very popular destinationfor major events throughout the year.Key tenants in this offering include Smart & Final,Dairy Queen, Tropical Smoothie, US Army Corp. ofEngineers,, and Sugar Daddy’s Cigar Lounge. Thereare long term leases of 8-10 years with 5 of the 20tenants in the retail center.The Craig Rd. location is conveniently accessiblefrom both the I-15 and I-95. The demographics,traffic counts, visibility, and favorable lease termsmake this an attractive addition to any investorportfolio. A detailed rent roll is available in theTenant Summary section of this OfferingMemorandum.
Demographics 1 mile 3 miles 5 miles
2020 Population 18,181 157,978 421,172
Average Household Income $62,468 $54,379 $49,798
Total Households 5,695 48,884 132,041
STRATEGICALLY POSITIONED EXCEPTIONAL DEMOGRAPHICS
LONG TERMLEASE
ATTRACTIVERENT SCHEDULE
PROFESSIONALLY MANAGED
The property is located in the busy W. Craig retail corridor with traffic counts exceeding 47,350
vehicles per day, and close proximity to the I-95/I-93 freeway.
The average household income within a three-mile radius is $54,739.
5 Tenants with 8+ years remaining +/- 2% annual increases
EXECUTIVE SUMMARY
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MLK
BLV
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CLA
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ON
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MLK
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W CRAIG RD
REV
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Future Commercial Future Commercial
Multi-Family
SUBJECTPROPERTY
TENANT PROFILES
257 Locations
149 Years in Business
Independently Owned & Operated
Lease Expiration: 10/31/2022
Six (6) 5-Year Options to Renew
Army & Air Force Recruiting
Expanded in 2017
Lease Expiration: 12/19/2022
80 Years in Business
Owned by Berkshire Hathaway
6,400+ Locations
Lease Expiration: 7/30/2031
Two (2) 5-Year Options to Renew
850 Locations
27 Years in Business
Lease Expiration: 4/30/2022
Three (3) 5-Year Options to Renew
SPORTS & ENTERTAINMENT
1. T-MOBILE ARENA 2016A multi-purpose indoor arena on the Las
Vegas Strip opened April 2016. The arena is
home to the NHL Vegas Golden Knights and
hosts numerous other sporting and
entertainment events.
2. ALLEGIANT STADIUM-2020This 65,000-seat stadium is just one mile
from the Las Vegas Strip and home to the
NFL Las Vegas Raiders.
3. LAS VEGAS BALLPARK-2019The $150 stadium holds 10,000 fans and will
be outfitted with a pool, suites, party zones
and decks, a kid zone and a host of other
amenities. The ballpark is home to the MiLB
Las Vegas Aviators.
4. LIFE IS BEAUTIFUL FESTIVALLife is Beautiful Music & Art Festival is an
annual music, culinary, art, and learning
festival held in Downtown Las Vegas.
5. AREA 15 - 2020A radically re-imagined retail, art and
entertainment complex opened in Las Vegas
on September 17, 2020. It’s Retail. It’s
Entertainment. It’s Art. Redefined.
6. MSG SPHERE LAS VEGAS - 2021The MSG Sphere will be a 360-feet-tall and
500 feet-wide concert venue offering
guests technology that will allow them to
feel the music.
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LAS VEGAS, NEVADAThe Las Vegas economy is diversifying from tourism and gaming. The metro’s business-friendly environment, access
to Western markets, large labor force, and the availability of high-speed data attracts companies. A powerful data
networks being built by Switch is helping to draw tech firms, while lower business costs and a large skilled labor pool
lure back-office operations. Population-serving sectors of the economy, such as education healthcare, and retail trade,
have grown in importance over the past two decades due to the population nearly tripling in size. These sectors will
continue to have a major role as population growth is forecasted to exceed the national average. In addition, relatively
affordable land compared to other major metros is attracting large logistics and manufacturing companies.
ROBUST EMPLYMENT GROWTHA diversifying employment base will support job growth that will
outpace the U.S. growth rate over the next five years
STRONG POPULATION GAINSThe metro’s population is expected to increase dramatically in the
coming years, exceeding national gains
VAST TOURISM INDUSTRYVisitor volume reached 42.5 million in 2019, ranking Las Vegas among
the top tourist destinations in the country
Tom Wagener, CCIMSenior Vice President, Brokerage Services
NRE License # BS.1001520
702.765.8896
Craig SummersSenior Associate, Brokerage Services
NRE License # S.0077796
702.487.9811
4755 DEAN MARTIN DRIVE | LAS VEGAS, NEVADA 89103P: 702.221.8226 | F: 702.221.1256 | GATSKICOMMERCIAL.COM
Disclaimer: No warranty or representation, expressed or implied, is made as to the accuracy of the information stated within this marketing piece – an independent due diligence study should be conducted.