For Sale —
Size +/- 62,565 SF
LOGIC Commercial Real Estate is pleased to exclusively offer for sale a Harbor Freight anchored value-add retail building located in the Stillwater Plaza shopping center in Fallon, NV. This +/- 62,565 SF asset is situated on a +/- 5.52 AC parcel and located on W. Williams Avenue with excellent visibility and access along Highway 50, boasting traffic counts in excess of +/- 46,750 CPD. Built in 1990, the center is located adjacent to Walmart within a strong regional retail corridor servicing +/- 21,564 residents with an average household income of +/- $66,964 within a 5-mile radius. Nearby national co-tenants include Walmart, Walgreens, Burger King, Anytime Fitness, Wells Fargo, Verizon, Dotty’s, and the Department of Motor Vehicles.
The building is currently 26% occupied – presenting an excellent value-add opportunity through lease-up of existing vacancy, which can be demised to accommodate multiple tenants. The property is anchored by Harbor Freight and benefits from a new corporate guaranteed 10-year lease with five (5) five-year options, extending the lease through 2056.
Value-Add Investment Opportunity:
- Delivered at 26% occupancy, the asset presents investors with immediate value-add upside through lease-up of the remaining vacancy at current market rents.
- Replacement cost in excess of $1.50 PSF.
- Vacancy rate average of 3.78% over the past 10 years.
New 10-Year Lease | Corporate Guarantee:
- Harbor Freight is rated Ba3 by Moody’s.
- Corporate guaranteed lease.
- New 10-year term with five (5) five-year options, extending the lease through 2056.
- The property is located in a superior regional retail location along Highway 50, a primary east-west thoroughfare, with total surrounding traffic counts of +/- 46,750 CPD.
- The asset features excellent access and visibility from the highway with prominent signage.
- Co-tenants within the center, such as Anytime Fitness, Dotty’s, Nevada Department of Motor Vehicles, Burger King, and Wells Fargo, help drive consistent daily traffic to the asset.
No State Income Tax:
- Nevada, as a state, has no income tax. Consult your accountant for more details.
This Offering Memorandum contains select information pertaining to the business and affairs of 2105 W. Williams Ave., Fallon, NV 89406. 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.