For Sale —
Size +/- 25,600 SF
The Berg Advisory Group at LOGIC Commercial Real Estate is pleased to present the opportunity to purchase the shop space inside Sunset Place (the “Property”), which consists of +/- 25,600 SF of retail space. The Property is currently 79% occupied, giving the new owner an opportunity to have immediate upside by leasing the current vanilla shell vacant spaces. The Property is being offered at $217 PSF, significantly below replacement cost, and consists of 13 units with most of them ranging between +/- 900 – 1,500 SF. All leases are structured as NNN, with the tenants reimbursing their shared expenses.
Sunset Place is anchored by Church LV, who occupies +/- 86,000 SF. In 2018, Church LV purchased the former K-Mart space, and recently completed their major renovation. They’ll utilize this location as a community center as well as hold service. Since 2014, the economic occupancy of Sunset Place has remained at a minimum of 70%, and once Church LV is fully operational, the shopping center is expected to see immediate spike in activity. The Property is located in the Southeast/Airport submarket, and per CoStar, the vacancy rate is currently at approximately 7%. The population within a 3 mile radius is 152,000 residents with the average household income at $78,000.
Secure Rent Roll | Internet Resistant Tenant Mix:
- There are zero Covid-19 Deferral Agreements in place, showing the strength of the current rent roll.
- Leslie’s Pool Supply (20% of the Total Income) is the world’s largest pool supply company and has been a tenant at Sunset Place since 1992.
- Miz Lola’s (21% of the Total Income) has been a tenant since 2010 and signed a lease extension pushing out their expiration date to 2026.
Upside Potential at 79% Occupancy | $217 PSF:
- The most recent lease was signed in September 2020, bringing the occupancy to 79%.
- The Property consists of 13 rentable spaces with the majority of spaces being between +/- 900 – 1,500 SF, which have proven to be some of the easier spaces to lease.
- The submarket vacancy rate, per CoStar, is 7%.
Shadow Space In Shopping Center | Signalized Intersection:
- Church LV purchased the former K Mart box in 2018, a +/- 86,000 SF building. They spent a significant amount of capital remodeling the facility.
- Once fully operational, Church LV plans to have large gatherings as well as daily events, giving the shopping center an additional draw.
- Located at a signalized intersection of Sunset Rd. and Sandhill Rd. (45,700 CPD).
NNN Leases | Annual Rental Increases | Strong Historical Occupancy :
- 70% of the in-place income has been at the Property since 2014.
- Every tenant has annual increases structured throughout the lease, hedging against inflation.
- All leases are structured as NNN with the tenants reimbursing their share of expenses.
This Offering Memorandum contains select information pertaining to the business and affairs of 3720 - 3740 E. Sunset Rd. Las Vegas, NV 89120. 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.