LAS VEGAS, NV-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 104,397-square foot Harley-Davidson/24 Hour Fitness (top left photo) in Las Vegas. The listing price of $17,905,000 represents $172 per square foot.
Jeremy Foley and Ray Germain, both net-leased property investment specialists in the firm’s Las Vegas office, are representing the seller, a private investor.
“Las Vegas Harley-Davidson has been in this location since 2003 and is the world’s largest Harley-Davidson dealership,” says Foley. “24 Hour Fitness has been there since 1988 and has completed more than $2 million in tenant improvements since 2005.”
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The property is located at 2605 South Eastern Avenue in Las Vegas, just north of West Sahara Avenue, in a well-established retail corridor with traffic counts in excess of 82,000 vehicles per day. Nearby tenants include CVS, Food 4 Less, Panda Express, Burger King, 7 Eleven, Kmart, Ross and Starbucks.
The property is 100 percent leased by the two tenants. 24 Hour Fitness’s triple-net lease expires in 2016. Harley-Davidson’s triple-net lease expires in 2013 and has two five-year options to renew.
A total of $637,800 has spent on recent capital improvements, which include roof replacement, exterior paint and parking lot resurfacing. These were completed in 2005, 2006 and 2008.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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