Las Vegas, Nevada – Our news today is from Las Vegas about a retail building with a triple net lease. A retail building that was formerly occupied by Walgreen’s was purchased in Las Vegas. The commercial real estate developer Sahara Crossing LP bought the NNN lease property that is located at 4580 W. Sahara Avenue in Las Vegas, Nevada. This triple net leased property sits on approximately 6.14 acres, and sold for about 24% less than its original asking price.
The 14-year-old triple net leased property was also once leased to Tower Records and The Good Guys, the electronics seller. These Tenants leasing the property both filed for Chapter 11 bankruptcy protection, leaving the once popular 61,125-square-foot venue in limbo. The triple net lease property buyer continues doing new developments if they make sense. However, the economic downturn created many opportunities to acquire distressed investment properties.
The seller of the triple net lease property was Facchino Properties, Inc. They received $5.3 million, or about $87 per square foot for this triple net leased property. The NNN net lease property was built in 1996. The triple net leased property was about 50% leased at the time of the sale. The current triple net lease Tenant is Fresh and Easy Market. The current tenant, Fresh and Easy Market, is currently signed for 20 years on a triple-net lease. The net leased tenant, Fresh and Easy Market, occupies over 30,500 square feet of this triple net leased property. Fresh & Easy, hasn’t opened yet in this triple net leased property but continues to pay rent.
Sahara Crossing LP, a Juliet-led entity, and Vancouver, British Columbia-based partner Titanstar Capital Corp. (en entity with TitanStar Properties Inc.), bought this triple net leased property. Juliet plans to attract new tenants to this triple net leased property while upgrading the property. They may also divide the remaining space into two or three stores to generate more income on triple net lease property investment. This triple net lease property can be viewed as a value-added investment by splitting the space or adding on to the Building. The new NNN Property Owner can increase the Net Operating Income (NOI) with value-added property. These types of triple net lease investments, that are value-added properties, can make for a great 1031 Exchange.
TitanStar Properties Inc. operates in the NNN commercial real estate sector for investments. TitanStar Properties Inc. has a 50% interest in the Deer Springs Property that is located in Las Vegas. TitanStar Properties Inc., through their (JV) joint venture with Juliet Companies, LLC, also owns and develops the Sahara Property, a commercial retail property located in Las Vegas, Nevada. TitanStar Properties Inc. is currently based in Vancouver, Canada.
Juliet is responsible for retail shopping centers such as Lake Mead Crossing at Lake Mead Parkway and Water Street in Henderson. The company frequently deals with large Corporate tenants, national retailers like Target, Marshall’s and Bank of America. Big Lots last month opened a 21,000-square-foot store inside Juliet’s net leased property, Blue Diamond Crossings in southwestern Las Vegas.
We offer single tenant, net leased properties located on primary thoroughfares in heavy retail corridors. Also recommended are Triple Net Lease Properties with No Landlord responsibilities in a strong retail area with an above average household income and long term net leases. These Triple Net Lease Properties can be purchased individually or on a portfolio basis.
Feel free to Contact us to sell or purchase various Net Lease Properties. If you are in need of funding for a Net Leased Property, Loanrise.com can assist you with Investment Property financing.