550 - 580 N. Eastern Ave., Las Vegas, NV 89101
Size +/- 77,267 SF
The Berg Advisory Group is pleased to present the opportunity to acquire the 100% fee simple interest in Bonanza East Shopping Center (the “Property”), a +/- 77,267 SF grocery anchored shopping center located in Las Vegas, NV. The Property is 97% occupied consisting of a strong tenant mix and is the first major shopping center off the US-95 Freeway (158,000 CPD).
The anchor tenants in Bonanza East Shopping Center are Mariana’s Supermarkets and dd’s DISCOUNTS (Ross Stores, Inc: Moody’s A-). Mariana’s Supermarkets (38% of the leasable area/42% of the total income) is a corporate signed lease and recently extended their lease until 2040. They have five locations in Las Vegas, and this is their highest volume store in the valley (sales provided upon request). Mariana’s Supermarkets has been in Bonanza East Shopping Center since 1989 and over the years has built a loyal following. dd’s DISCOUNTS (34% of the leasable area/21% of the total income) is owned and operated by Ross Stores, Inc. and has a lease in place until 2026.
Jack in the Box occupies a pad in the Property with direct frontage on Eastern Ave. Other tenants include Oportun Financial, Boost Mobile, Boca Dental, and Chevron (NAP). Long-term leases are in place with 82% of the rent roll not coming due until after 2023, protecting the new owner from a spike in vacancy.
Bonanza East Shopping Center is located in a dense infill area with over 31,000 residents living within a one-mile radius (73% being of Hispanic Origin), and over 234,000 residents live within a three-mile radius. Over 55,650 vehicles pass the shopping center daily and the Property was strategically designed to have maximum exposure on Eastern Ave., the major thoroughfare in the area, with 475 feet of linear frontage.
SUCCESSFUL SHOPPING CENTER AT MAJOR INTERSECTION: Bonanza East Shopping Center is 97% occupied and is dual anchored by dd’s DISCOUNTS, which is owned by Ross Stores, Inc., and Mariana’s Supermarkets, a highly successful supermarket in Las Vegas with multiple locations. Other national/regional tenants include Jack in the Box (pad building), Boost Mobile, Oportun Financial, and Continental Currency.
ATTRACTIVE CAP RATE/EXCELLENT CASH-ON-CASH RETURN: Bonanza East Shopping Center is being offered at a 7.25% cap rate. With financing in place, the new owner can anticipate a 10.1% cash-on-cash return in year 1.
LONG-TERM LEASES IN PLACE: Mariana’s Supermarkets (38% of the leasable area/42% of the total income) is a corporate signed lease and has a firm lease in place until 2040. dd’s DISCOUNTS (34% of the leasable area/21% of the total income) lease expires 2026. 82% of the rent roll does not come due until after 2023, protecting the new owner from a spike in vacancy.
FIRST GROCERY ANCHORED CENTER OFF MAJOR FREEWAY: Bonanza East Shopping Center is located a half-mile from US-95 Freeway // 158,000 CPD, and is located at the hard corner of Eastern Ave. and Bonanza Rd., which brings over 55,650 CPD. The Property is the dominant shopping center in the immediate area.
GROCERY ANCHORED SHOPPING CENTER: Bonanza East is a ‘daily needs’ shopping center constantly driving traffic to the Property. The tenant mix is ‘Amazon proof’ consisting of internet resistant tenants, and this is proven due to the high volume Mariana’s Supermarkets is producing at this location.
LOW VACANCY RATE FOR GROCERY ANCHORED CENTERS: In the Las Vegas MSA the average vacancy rate for grocery anchored centers is 6.5%.