HENDERSON, NV – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 375 North Stephanie, an 8,540 square-foot office property located in Henderson, NV, according to Justin C. White, regional manager of the firm’s Las Vegas office. The asset sold for $954,000.
Tina D. Taylor and Tim Erickson, investment specialists in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
375 North Stephanie is located in the Galleria Corporate Center in the heart of Henderson. The property was built in 2001 to accommodate a physical therapy practice. It is currently 100% occupied by two tenants. Stephanie Street in Henderson is home to a wide variety of restaurants, retail, and office space. It is in close proximity to the Galleria Mall and Sunset Station Casino. The proximity to other businesses and both the I-215 and US 95 freeways makes this an attractive location for a wide range of tenants. Businesses are also attracted to the area by the strong income demographics with average household income exceeding $80,000 in 2012. The two existing tenants run a physical therapy practice and a property management company. The physical therapy practice has been on site since the building’s construction, while the property management company has been there since 2010. Both tenants recently renewed their leases in 2013 at market rents. They have approximately four and five years remaining. According to Taylor, “The Buyer came out of a 1031 exchange and paid all cash at the close of escrow.”
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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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