Las Vegas Strip Walgreens Hits the Market With an Expected Price in the Mid-$40 Million Range

  

Walgreens  on Las Vegas Strip, Las Vegas, NV

Ray Germain

LAS VEGAS, NV – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has retained the exclusive right to market for sale a net-leased Walgreens drugstore located on the world-famous Las Vegas Strip.

 The price is open bid, however, the net-leased commercial real estate investment specialists involved expect the asset to trade in the mid-$40 million range.

            The store is situated on a 1.61-acre parcel on the signalized corner of Las Vegas Boulevard and Convention Center Drive directly across the street from Las Vegas’s next mega-resort, Resorts World Las Vegas.

 The drugstore operates 24 hours a day, holds a full liquor license, sells fresh foods and features a W Café, which provides patrons with bistro-style fare, coffee and beverages. The store also has an 86-space off-street parking lot.

Lior Regenstreif

Ray Germain, an associate director of Marcus & Millichap’s National Retail Group in Las Vegas, Lior Regenstreif, first vice president investments in the firm’s Encino office, Dean Zang, first vice president investments in Washington, D.C. and Mark Taylor, first vice president investments in Philadelphia, are representing the ownership, a joint venture that includes Harbor Group International.

            “This Walgreens has substantial lease term remaining, phenomenal store sales, and we see tremendous appetite from domestic and foreign capital today for larger, trophy net-lease opportunities,” says Zang.

            “Walgreens will be subject to future rental increases that are extremely rare with this type of investment, and when coupled with the 24/7 nature of this exceptional location, we believe coastal markets buyers will gladly pay a comparable cap rate in ‘Sin City,’” adds Germain.

            The net-leased asset is located at 3025 S. Las Vegas Blvd. less than a quarter-mile north of the Encore at Wynn Las Vegas and in the midst of a significant amount of new hospitality development.

Dean Zang

The location serves as the closest pharmacy for visitors to the Las Vegas Convention Center and is on the most direct route to and from the Las Vegas Strip. 

Conventions drive approximately $7.4 billion in economic activity in Las Vegas and the greater Las Vegas metropolitan area attracts nearly 40 million visitors per year.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716