COLLIERS SELLS IN-N-OUT LOCATION NEAR ALLEGIANT STADIUM
Colliers International brokered the sale of a brand-new In-N-Out location. The transaction set a national price record for the sale of a QSR retail asset in 2021.
The In-N-Out development will break ground at the end of the year as a legacy asset and trophy site located directly across from Allegiant Stadium, the home of the NFL Las Vegas Raiders. Closing within a quick all-cash timeline, a sourced 1031 California-based buyer will own the brand new 20-year absolute NNN ground lease.
Colliers’ Snyder Carlton Team, a Southern California-based brokerage team specializing in single tenant and multi-tenant retail investment properties nationwide, represented the seller in the transaction. Negotiations of the In-N-Out legacy project by the Snyder Carlton Team underline a growing cross-market resurgence for national investment amid the transition out of COVID.
“Vegas is coming back strong in the post-COVID Era,” said Eric Carlton, executive vice president at Colliers. “The market is primed for growth as the economy continues to open for business. This transaction represents the faith investors have in both the Las Vegas market and retail assets across the country.”
COMPLETED SALES TRANSACTIONS
• A sale to TCP Nevada Investments LLC. The 190,538-square-foot industrial property is in North Las Vegas Business Park at 6250 Howdy Wells Ave. in North Las Vegas. The transaction value was $23,340,905. Greg Pancirov, SIOR, and Mike De Lew, SIOR, of RealComm Advisors represented the purchaser.
• Virtus Commercial acquired a 39,216-square-foot retail space for $13,275,000 through its growing investment platform, Virtus is Vegas. Located at 8570 West Charleston Blvd,, near the Boca Park area, the retail center serves the neighboring areas of Summerlin, Queensridge, Peccole Ranch and The Lakes.
The asset includes 39,000-plus square feet of retail space with a strong mix of national based retailers and local businesses.
“The continued rebound of this city from the pandemic and the terrific location of this shopping center will serve our investors and tenants well for years to come,” said Chris Emanuel, owner of Virtus Commercial. “Our investment platform continues to grow as we provide a vehicle for savvy investors to diversify their portfolio and not have to commit larger amounts for a single investment.”
• Sean Zaher of CBRE Inc. represented the seller in the sale of a 43,460-square-foot industrial unit at 3160 Simmons Road to Jeanne Lorin Chapman for $5,867,100.
• A sale to 1850 Losee LLC. The 8,525-square-foot industrial property is at 3601 Meade Ave. The transaction value was $1,850,000. Jennifer Levine, CCIM, and Elizabeth Moore of RealComm Advisors represented the seller, Tashjian Trust.
• A sale to ARG Properties LLC. The 8,000-square-foot industrial property is at 5686 La Costa Canyon Court. The transaction value was $1,600,000. Greg Pancirov, SIOR, and Mike De Lew, SIOR, of RealComm Advisors represented the seller, La Costa, II LLC.
• Jason Dittenber; Jerad Roberts; Devin Lee, CCIM; and Robin Willett of Northcap Commercial have announced the recent sale of an apartment building for $1,500,000 ($88,235/unit). This sale consisted of 17 multifamily units built in 1973, located at 1541 E. Harmon Ave. This transaction closed on April 1. Northcap Multifamily represented the seller, Meiji Sangyo Co. Ltd.
• A sale to Twain Holdings LLC. The 4,428-square-foot office condo property is at 10155 W. Twain Ave. The transaction value was $1,200,000. Jennifer Levine, CCIM, and Elizabeth Moore of RealComm Advisors represented the seller, National Loan Acquisitions Co.
• A sale to West 549 LLC. The 5,510-square-foot industrial property is in Sunset Pointe Industrial Center at 549 W. Sunset Road in Henderson. The transaction value was $1,050,000. Greg Pancirov, SIOR, and Mike De Lew, SIOR, of RealComm Advisors represented the seller.
A sale to Top Street Estate LLC. The 2.43-acre parcel is at 2624 Lincoln Road (APN No. 140-18-701-019). The transaction value was $690,000. Kimberly Noack-Summers, Travis and Warren Noack of RealComm Advisors represented the seller, Ronald & Patricia Ayers Family Trust.
COMPLETED LEASE TRANSACTIONS
• A lease to The Clean Supps d/b/a Liv Body. The 22,012-square-foot industrial property is in Warm Springs Distribution Center at 7370 Dean Martin Drive, Suite 405. Greg Pancirov, SIOR, and Mike De Lew, SIOR, of RealComm Advisors represented the tenant.
• A lease to Loyalty Brand Marketing LLC. The 21,224-square-foot industrial property is in Paradise Airport Center at 6800 Paradise Road. Greg Pancirov, SIOR, and Mike De Lew, SIOR, of RealComm Advisors represented the landlord, Harsch Investment Properties-Nevada, LLC.
• A lease to Viscap Media LLC. The 20,300-square-foot industrial property is in Westech Business Center II at 5075 W. Diablo Drive, Suite 200. Greg Pancirov, SIOR, and Mike De Lew, SIOR, of RealComm Advisors represented the landlord, Cable Investments-Diablo, LP.
• A lease to Grove Inc. The 12,000-square-foot industrial property is in Suncrest Commerce Center at 1051 Mary Crest Road, Suite G, in Henderson. Greg Pancirov, SIOR, and Mike De Lew, SIOR, of RealComm Advisors represented the landlord, Adin Realty (Henderson Distribution Center North NV), LP.
• A lease to Mentality LLC. The 5,953-square-foot industrial property is in Patrick Commerce Center at 2925 E. Patrick Lane, Suite G-I. Elizabeth Moore and Jennifer Levine, CCIM, of RealComm Advisors represented the landlord, Harsch Investment Properties LLC.
• A lease to Freedom Medical Inc. The 3,826-square-foot industrial property is in Brookhollow Business Park at 7340 Smoke Ranch Road, Suite B. Bob Hawkins of RealComm Advisors represented the landlord, Brookhollow Business Park, LLC.
• A lease to Waffle Brothers LLC. The 3,089-square-foot office-retail property is in Canyon Plaza at 7905 W. Sahara Avenue, Suite 106. Bob Hawkins of RealComm Advisors represented the landlord, Winner Properties LLC.
• A lease to DG & CO., LLC d/b/a College Hunks Hauling Junk & Moving. The 2,775-square-foot industrial property is in Post Hinson Business Center at 6351 Hinson St., Suite I. Elizabeth Moore and Jennifer Levine, CCIM of RealComm Advisors represented the tenant.
• Merexmortals Inc. dba Mastermind Merch leased approximately 105,615 square feet of industrial space in Nellis Industrial Park No. 3 at 4501 Mitchell St. Sean Zaher of CBRE represented the tenant.
• Packaging Corporation of America leased approximately 149,191 square feet of industrial space in CapRock Tropical Logistics at 5902 E. Tropical Parkway. Kevin Higgins, SIOR, of CBRE represented the tenant.
• SVINN Co. leased approximately 14,689 square feet of industrial space in Pacific Business Center at 192 Gallagher Crest Road. Jake Higgins of CBRE represented the landlord.
• Genesis Gaming Solutions Inc. leased approximately 11,882 square feet of industrial space in Hughes Airport Center at 1181 Grier Drive. Jake Higgins of CBRE represented the landlord.