1540 W. Sunset Rd., Henderson, NV 89014
Recently Sold • Represented Seller —
Size +/- 10,797 SF
CAP RATE 6.9%
On behalf of Sunstone Bonita, LLC, LOGIC Commercial Real Estate is pleased to present the opportunity to acquire Galleria Marketplace, a triple net-leased, five-tenant retail investment opportunity in Henderson, Nevada (the “Property”). The Property is 100% occupied and anchored by PT’s Gold tavern featuring a corporate guaranty by its parent company, Golden Entertainment (NASDAQ: GDEN), which makes up nearly 50% of the center’s total revenue. Golden Entertainment is a publicly-traded gaming company with +/-8,000 employees, 10 casinos, 66 taverns and more than 1,000 route locations. In addition to PT’s Gold, Galleria Marketplace features an internet resistant tenant mix including Jackson Hewitt Tax Service, Las Pupusas Restaurant, Hollywood Smokes & Vape, and Las Vegas Barber Shop.
The Property totals +/-10,797 SF and is situated on +/-1.18 AC at the signalized hard corner of W. Sunset Rd. and Whitney Ranch Dr. The center is located just west of the N. Stephanie St./Sunset Rd. intersection which is the retail mecca of the valley including countless national retailers such as Walmart, Lowes, Home Depot, Costco, Target, Best Buy, Macy’s, Kohl’s, CVS and many more. Additionally, just down the street is the 80-AC, 448-room Sunset Station Hotel & Casino and the +/-1.1MM SF Galleria at Sunset Mall, each of which drive significant traffic to the area. The site features strong demographics including average household income of more than $79,000 with a population of 325,000 within a 5-mile radius.
Galleria Marketplace provides investors with a stabilized, cash flowing investment opportunity featuring a strong anchor tenant, ease of management, and staggered lease expirations.
- 100% OCCUPIED NNN RETAIL INVESTMENT: Galleria Marketplace presents investors with an easy-to-manage, 100% leased 5-tenant retail investment opportunity featuring triple-net leases with staggered expirations.
- ANCHORED BY PT’S GOLD W/ CORPORATE GUARANTY: The Property is anchored by PT’s Gold tavern (which accounts for nearly 50% of the center’s revenue) that features a corporate guaranty by its parent company, Golden Entertainment Inc. (NASDAQ: GDEN), which has +/-8,000 employees, 10 casinos, 66 taverns and more than 1,000 route locations.
- INTERNET RESISTANT TENANT ROSTER: In addition to PT’s Gold, the center features diverse internet & recession resistant tenants including Jackson Hewitt Tax Service, Las Pupusas Restaurant, Hollywood Smokes & Vape, and Las Vegas Barber Shop.
- PROXIMITY TO US-95 ON HARD CORNER: The property is located on the signalized hard corner of W. Sunset Rd. and Whitney Ranch Dr. with a prominent monument sign promoting excellent visibility and exposure to passing traffic (combined traffic counts of +/-38,000 CPD). The center benefits from dual ingress/egress on both W. Sunset Rd. and Whitney Ranch Dr. and is also located just minutes from the US-95 Freeway.
- SUPERIOR LOCATION IN RETAIL EPICENTER: Galleria Marketplace is located just off the intersection of W. Sunset Rd. and N. Stephanie St., which is the epicenter for national retailers in Henderson. The area features the 80- acre, 448-room Sunset Station Hotel & Casino, the +/-1.1MM SF Galleria at Sunset Mall and countless national retailers including Walmart, Lowes, Home Depot, Costco, Target, Best Buy, Macy’s, Kohl’s, CVS and many more.
- STRONG DEMOGRAPHICS: The property has healthy demographics featuring an average household income of more than $79,000 with a population of 325,000 within a 5-mile radius.
- $1 BILLION OF HENDERSON DEVELOPMENT PROJECTS: The site is located in the City of Henderson which is undergoing a resurgence of development including the $25MM Golden Knights Hockey facility on Water St., the $40MM AHL hockey arena, the $600MM 64-acre Google Data Center, the +/-650,000 SF Amazon Distribution Center, +/-130-acre Union Village mixed-use development, the $75MM Raiders practice facility and the +/-2,200-acre Cadence master planned community with over +/-13,250 planned residences.
This Offering Memorandum contains select information pertaining to the business and affairs of 1540 W. Sunset Rd., Henderson, NV 89014. This Memorandum was prepared based on information supplied by Seller and Broker. It contains selected information about the Property and the real estate market, but does not contain all the information necessary to evaluate the acquisition of the Property. The financial projections contained herein (or in any other Confidential Information) are for general reference only. The projections are based on assumptions relating to the general economy and local competition, among other factors. Accordingly, actual results may vary materially from such projections. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or legal analysis of such documents.
The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Logic Commercial Real Estate (LCRE). The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Seller, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. While the information contained in the Memorandum and any other Confidential Information is believed to be reliable, neither Broker nor Seller guarantees its accuracy or completeness. Due to the foregoing and since the Property will be sold on an “As Is, Where Is” basis, a prospective purchaser must make its own independent investigations, projections, and conclusions regarding the acquisition of the Property without reliance on this Memorandum or any other Confidential Information. Although additional confidential information which may include engineering, environmental or other reports may be provided to qualified parties as marketing proceeds, prospective purchasers should seek advice from their own attorneys, accountants, engineers, environmental and other experts.
By acknowledging your receipt of this Offering Memorandum from LCRE, you agree:
- 1) The Offering Memorandum and its contents are confidential;
- 2) You will hold it and treat it in the strictest of confidence; and
- 3) You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.
Seller and LCRE expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and/or until a written agreement for the purchase and sale of the Property has been fully executed and delivered. A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against the Seller or LCRE or any of their affiliates or any of their respective officers, directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date of this Offering Memorandum. LCRE has a policy of proactive broker cooperation with the investment brokerage community. If applicable, a cooperating broker fee of the sales price shall be paid at closing to the cooperating broker that procures and represents the buyer that acquires this property. If applicable, cooperation does not include brokers that represent themselves as Principals or broker’s whose member of his immediate family is participating in the purchase of the property. No broker will be recognized on a prospect that has previously contacted or been contacted by the Seller or the Seller’s representatives.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT A LCRE AGENT FOR MORE DETAILS.