Marcus & Millichap Arranges the Sale of a 15,016 Square-Foot Net-Leased Property

Marcus & Millichap Real Estate Investment Services has announced the sale of Walgreens on 4905 West Tropicana Avenue for $5,900,000.Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Walgreens, a 15,016 square-foot net-leased property located in Las Vegas, NV, according to Richard A. Bird, regional manager of the firm’s Las Vegas office. The asset sold for $5,900,000.

Tina D. Taylor, Vice President Investments, and Ray Germain, a Senior Associate in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a real estate investment trust, was also secured and represented by Taylor and Germain.

Walgreens is located at 4905 West Tropicana Avenue in Las Vegas, NV.  “Prime location is an understatement for this top performing Walgreens site,” said Taylor.  It is on the signalized southwest corner of Decatur Boulevard and West Tropicana Avenue. This 1.65 acre parcel is situated on an elevated shopping center parcel and is comprised of approximately 14,992 square feet of rentable space.  “There is a severe shortage of solid net-leased properties like this, which played a key role in enabling us to secure multiple offers within only one week of marketing and finally selling to one of the most reputable buyers in the market,” adds Germain.

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With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.

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