IRVINE, Calif., July 17, 2012 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $5.5 million sale of a NNN-leased, single-tenant retail property in Las Vegas.
The 13,233-square-foot asset is situated on 1.35 acres and is located at 4211 Paradise Road. The property is fully occupied by Destination XL (top left photo), a unique, all-inclusive superstore that offers one of the most extensive assortments of men’s big & tall clothing and shoes available anywhere.
Rob Moore (middle right photo), senior managing director, and Lisa Brady (lower left photo), managing director, and Katie Brase (lower right photo), director, of Faris Lee Investments in Las Vegas represented the seller, Las Vegas-based Durpat LLC. The all-cash buyer was Hurd Nevada LLC from Des Moines, Iowa. The buyer represented himself in the transaction.
“Faris Lee’s marketing strategy was to clearly communicate to potential buyers about the intrinsic value of the real estate offering,” said Moore. “The location was adjacent to the gaming enterprise district and at some point in the future will likely be acquired as part of a land assemblage for a new resort hotel. This buyer also owns an adjacent piece, which is occupied by PF Chang’s.”
Destination XL is well-located at the intersection of Paradise Road and Flamingo Road which sees approximately 106,000 vehicles per day. It is also situated approximately one-mile east of the Las Vegas Strip. The property benefits from excellent frontage and visibility along Paradise Road, and features a large monument sign.
“The Las Vegas area is a very unique market when it comes to retail property,” said Brady.
“Although I would be cautious using the word ‘recovery’ as we bounce along the bottom, we can emphatically state that the fear is gone and the activity continues to increase. National tenants are back in the market looking at new locations at realistic rent levels. Capital is in abundance and investors are beginning to look at opportunities other than distressed REO.”
Contact:
Darcie Giacchetto,
949.278.6224
Spaulding Thompson & Associates
For Faris Lee Investments
MAITLAND, FL – Michael Heidrich (top right photo), a principal at NAI Realvest recently negotiated three leases for industrial space totaling 20,224 square feet at CommerCenters in DeBary, Sanford and Orlando.
