STNL Albertsons – Boulder Crossing

5500 Boulder Hwy., Las Vegas, NV 89122

— For Sale —

List Price$11.48MM

Size +/- 59,158 SF

Cap Rate 5.15%

Property Information

Property Overview

LOGIC Commercial Real Estate is pleased to offer a Single Tenant Net Leased Albertsons situated within Boulder Crossing, a +/- 107,338 square foot shopping center built in 1999 within a dense and mature suburb of Las Vegas, NV. Albertsons, totaling +/- 59,158 square feet, is a dominant grocer in the Las Vegas market and services a 3-mile population of +/- 156,463 residents with average annual household incomes of +/- $62,415. The subject property is positioned at the northwest corner of Boulder Highway and East Tropicana Ave. with combined traffic counts of +/- 48,800 CPD (cars per day).

In March 2020, Albertsons filed their IPO and Kimco Realty Corp. (NYSE: KIM), one of North America’s largest publicly traded owners and operators of open air, grocery-anchored shopping centers and mixed-use assets, announced that the company will partially monetize its investment in Albertsons Companies, Inc. (Albertsons) in conjunction with Albertsons’ $1.75 billion sale of convertible preferred stock. Albertsons benefits from a consistent sales history at this location and increased in the past year leading to renewing their lease through 2032 along with six (6) 5-year options to extend the term through 2062. Additionally, the tenant completed a +/-$1mm interior remodel in Q2 2020.

Investment Highlights

DOMINANT GROCER WITH NEW LEASE EXTENSION: 

  • Albertsons is the nation’s 3rd largest grocer with 2,260 stores in 35 states and filed their IPO in March of 2020. 
  • Recent lease extension shows long term commitment from the tenant.

RECENTLY RENOVATED: 

  • The tenant completed a +/-$1mm interior remodel in Q2 2020.

STABILIZED RETAIL CENTER: 

  • The center is currently 99% leased with 71% of the rent roll consisting of national tenants.

DENSE CUSTOMER BASE:

  • More than +/- 25,537 residents live within a 1-mile radius, +/- 156,463 within a 3-mile radius and over and +/- 387,376 within a 5-mile radius, providing a dense customer base from which to draw.

HIGH TRAFFIC AND EXCELLENT VISIBILITY:

  • Located at the signalized intersection of Tropicana Ave. and Boulder Hwy. with traffic counts at the intersection exceeding +/- 48,800 CPD.
  • The asset is in close proximity to Eastside Cannery Hotel & Casino (307 rooms) and Sam’s Town Hotel & Gambling Hall (666 rooms).

Contact

Brokerage

Deana Marcello

Executive Vice President
Las Vegas
License S.0174174
linkedin-square
O 702.954.4104
C 702.375.1022
More Info
Shareholder

Adam Malan

Partner
Las Vegas
License S.0063542.LLC
linkedin-square
O 702.954.4105
C 702.449.1180
More Info
Shareholder

Brendan Keating

CEO
Las Vegas
License B.0068678.LLC
linkedin-square
O 702.954.4108
C 702.884.8070
More Info