Wednesday, December 8, 2010
Las Vegas, Nevada - Today we have Net Lease Properties information on a retail building with a triple net lease. A retail building that was formerly occupied by Walgreen's was purchased in Las Vegas. Retail developer Sahara Crossing LP bought the triple net lease property at 4580 W. Sahara Ave. in Las Vegas, Nevada. The triple net leased property sits on 6.15 acres, and sold for approximately 24% less than its original asking price.
The 14-year-old triple net leased property was also once leased to Tower Records and The Good Guys, the electronics seller. These Tenants leasing the property both filed for Chapter 11 bankruptcy protection, leaving the once popular 61,125-square-foot venue in limbo. The triple net lease property buyer continues doing new developments if they make sense. However, the economic downturn created many opportunities to acquire distressed investment properties.
The seller of the triple net lease property was Facchino Properties, Inc. They received $5.3 million, or $87.12 per square foot for this triple net leased property. The "NNN" triple net lease property was built in 1996. The triple net leased property was about 50 percent leased at the time of the sale. The current triple net lease Tenant is with Fresh and Easy Market. The current tenant, Fresh and Easy Market, is currently signed for 20 years on a triple-net lease. The current tenant, Fresh and Easy Market, occupies 30,678 square feet of this triple net leased property. Fresh & Easy, hasn't opened yet in this triple net leased property but continues to pay rent.
Sahara Crossing LP, a Juliet-led entity, and Vancouver, British Columbia-based partner Titanstar Capital Corp., bought this triple net leased property. Juliet plans to attract new tenants to this triple net leased property while upgrading the property. They may also divide the remaining space into two or three stores for this triple net lease property. This triple net lease property can be viewed as a value added investment. These types of triple net lease properties, with value added, can make for a nice 1031 Exchange.
Juliet is responsible for retail shopping centers such as Lake Mead Crossing at Lake Mead Parkway and Water Street in Henderson. The company frequently deals with large Corporate tenants, national retailers like Target, Marshall's and Bank of America. Big Lots last month opened a 21,000-square-foot store inside Juliet's net leased property, Blue Diamond Crossings in southwestern Las Vegas.
We offer single tenant, net leased properties to qualified buyers. "NNN" Triple Net Lease Properties located on primary thoroughfares in heavy retail corridors with excellent visibility make for fine investments. Also, NNN Lease Investments with No Landlord responsibilities in a strong retail area with an above average household income and long term net leases are highly desirable. "NNN" Triple Net Lease Properties can be purchased individually or on a portfolio basis.
CONTACT US HERE for a solid recession resistant net lease investment. Also contact us to sell your existing Net Lease Properties portfolio or a 1031 Exchange Property.
When you are purchasing Commercial Real Estate or a "NNN" Triple Net Leased Property, you can apply for CTL Financing, Non Recourse Loans and Commercial Loans at Loanrise.com.
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