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Monday, May 21, 2012Las Vegas Strip drugstore fetches record sale price
Investors will return to the Las Vegas retail market in greater numbers this year as single-tenant cap rates get tighter elsewhere in the nation, a second-quarter report from Marcus & Millichap said.
While market fundamentals remain depressed, investors are paying unprecedented prices for choice retail properties such as the Walgreens stand-alone drugstore on the north end of the Strip, between the Riviera and Encore.
The 16,000-square-foot drugstore sold for $27.8 million, or $1,736 a square foot, the highest price per square foot for a single-tenant leased drugstore in America, said Ray Germain, investment property broker for Marcus & Millichap in Las Vegas.
The drugstore is open 24 hours with frontage on the Strip, able to take advantage of heavy foot traffic from nearly 40 million visitors to Las Vegas every year, Germain said. Walgreens recently started selling beer and wine.
Similar pricing hasn't been achieved since January 2005, the height of the commercial real estate boom, when a drugstore in Miami was sold for $19.5 million, Germain said. The only comparable transaction was a drugstore in Fort Myers, Fla., that sold for $1,466 a square foot in August, according to CoStar, an independent commercial real estate analytics firm.
Commercial listing service LoopNet shows a stand-alone Walgreens for sale in New York for $11.6 million, or $1,225 a square foot, and one in Los Angeles for $14.4 million, or $1,078 a square foot.
Germain represented a local real estate investment partnership in the sale of Walgreens, and received multiple offers from investors around the world for this property. The buyer was an Israeli investment fund set up as a limited liability company. The property last sold for $12.2 million in 2004.
Walgreens had a 20-year lease and extended it for 10 years, showing the company's longterm commitment to the location and increasing asset value for the new owners, Germain said. The lease structure is rare for Walgreens in that it provides for 10 percent rent increases every 10 years in addition to a percentage rent clause.
Investors will pay a premium for net-leased properties in excellent locations, given the scarcity of quality assets on the market, Germain said.
"There was a lot of interest, not from mom and pop selling an apartment and looking for an investment, but from REITs (real estate investment trusts) and foreign funds and institutional buyers," Germain said.
The record-breaking sale price and competitive bidding speaks to the strength of the net-leased property sector, Germain said. Landlords have no obligation for expenses on net-leased properties, he said. The tenant pays all taxes, utilities, maintenance and repair costs.
Investors are seeking retail assets in cities such as Las Vegas to capture returns that are 50 to 100 basis points higher than similar properties on the West Coast, he said. Current cap rates -- a function of property purchase price and net income -- are averaging mid-6 percent to low-7 percent for a national name drugstore, mid-7 percent for a fast-food franchise, and 10 percent for lower quality assets.
LAND ACQUISITION
Spring Mountain Motor Resort and Country Club announced its successful bid on 120 acres of property adjoining the facility in Pahrump. It brings the total size of the track to 313 acres.
The parcel was acquired from the Bureau of Land Management by modified competitive sealed-bid sale on May 7. Bids could not be for less than the federally approved fair market value of $645,000.
According to the sale requested by Nye County, Spring Mountain Raceway will construct a 1.6-mile track extension of the track and also develop private businesses, including water and sewer lines at an estimated cost of $2 million.
The utility services would provide a public benefit to the undeveloped Nye County fairgrounds site across Highway 160 from the raceway.
COMMERCIAL TRANSACTIONS
Scot Marker of Colliers International represented Kimco Realty Corp. in a 60-month lease with Coast Dental Services. The 2,400-square-foot retail property is at 3169 N. Rainbow Blvd. in the Cheyenne Commons shopping center. Total value of the transaction was $420,000.
Spencer Pinter of Colliers International represented Valley View LLC in a 36-month lease with 3Wire Group. The 5,929-square-foot industrial property is at 6125 S. Valley View Blvd. in the Koll Business Center. Total transaction value was $115,488.
Cathy Jones of Sun Commercial Real Estate represented the SA Group Properties and Blue Diamond Animal Hospital in the 126-month lease of a 3,000-square-foot retail and office property at 8090 Blue Diamond Road. The total value of the transaction was $739,800.00.
Jones also represented Plaza Bank in the sale of a 6,032-square-foot office at 5852 S. Pecos Road to Hefetz 2002 Revocable Trust. The purchase price was $315,000.
Competitive bidding speaks to net-leased property sector's strength, broker says
Investors will return to the Las Vegas retail market in greater numbers this year as single-tenant cap rates get tighter elsewhere in the nation, a second-quarter report from Marcus & Millichap said.
While market fundamentals remain depressed, investors are paying unprecedented prices for choice retail properties such as the Walgreens stand-alone drugstore on the north end of the Strip, between the Riviera and Encore.
The 16,000-square-foot drugstore sold for $27.8 million, or $1,736 a square foot, the highest price per square foot for a single-tenant leased drugstore in America, said Ray Germain, investment property broker for Marcus & Millichap in Las Vegas.
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Similar pricing hasn't been achieved since January 2005, the height of the commercial real estate boom, when a drugstore in Miami was sold for $19.5 million, Germain said. The only comparable transaction was a drugstore in Fort Myers, Fla., that sold for $1,466 a square foot in August, according to CoStar, an independent commercial real estate analytics firm.
Commercial listing service LoopNet shows a stand-alone Walgreens for sale in New York for $11.6 million, or $1,225 a square foot, and one in Los Angeles for $14.4 million, or $1,078 a square foot.
Germain represented a local real estate investment partnership in the sale of Walgreens, and received multiple offers from investors around the world for this property. The buyer was an Israeli investment fund set up as a limited liability company. The property last sold for $12.2 million in 2004.
Walgreens had a 20-year lease and extended it for 10 years, showing the company's longterm commitment to the location and increasing asset value for the new owners, Germain said. The lease structure is rare for Walgreens in that it provides for 10 percent rent increases every 10 years in addition to a percentage rent clause.
Investors will pay a premium for net-leased properties in excellent locations, given the scarcity of quality assets on the market, Germain said.
"There was a lot of interest, not from mom and pop selling an apartment and looking for an investment, but from REITs (real estate investment trusts) and foreign funds and institutional buyers," Germain said.
The record-breaking sale price and competitive bidding speaks to the strength of the net-leased property sector, Germain said. Landlords have no obligation for expenses on net-leased properties, he said. The tenant pays all taxes, utilities, maintenance and repair costs.
Investors are seeking retail assets in cities such as Las Vegas to capture returns that are 50 to 100 basis points higher than similar properties on the West Coast, he said. Current cap rates -- a function of property purchase price and net income -- are averaging mid-6 percent to low-7 percent for a national name drugstore, mid-7 percent for a fast-food franchise, and 10 percent for lower quality assets.
LAND ACQUISITION
Spring Mountain Motor Resort and Country Club announced its successful bid on 120 acres of property adjoining the facility in Pahrump. It brings the total size of the track to 313 acres.
The parcel was acquired from the Bureau of Land Management by modified competitive sealed-bid sale on May 7. Bids could not be for less than the federally approved fair market value of $645,000.
According to the sale requested by Nye County, Spring Mountain Raceway will construct a 1.6-mile track extension of the track and also develop private businesses, including water and sewer lines at an estimated cost of $2 million.
The utility services would provide a public benefit to the undeveloped Nye County fairgrounds site across Highway 160 from the raceway.
COMMERCIAL TRANSACTIONS
Scot Marker of Colliers International represented Kimco Realty Corp. in a 60-month lease with Coast Dental Services. The 2,400-square-foot retail property is at 3169 N. Rainbow Blvd. in the Cheyenne Commons shopping center. Total value of the transaction was $420,000.
Spencer Pinter of Colliers International represented Valley View LLC in a 36-month lease with 3Wire Group. The 5,929-square-foot industrial property is at 6125 S. Valley View Blvd. in the Koll Business Center. Total transaction value was $115,488.
Cathy Jones of Sun Commercial Real Estate represented the SA Group Properties and Blue Diamond Animal Hospital in the 126-month lease of a 3,000-square-foot retail and office property at 8090 Blue Diamond Road. The total value of the transaction was $739,800.00.
Jones also represented Plaza Bank in the sale of a 6,032-square-foot office at 5852 S. Pecos Road to Hefetz 2002 Revocable Trust. The purchase price was $315,000.
