LAS VEGAS, NV – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 99¢ Only Stores Anchored Mixed Use Project, a 65,979 square-foot mixed-use property located in Las Vegas, NV, according to Justin C. White, regional manager of the firm’s Las Vegas office. The asset sold for $4,000,000.
Ray Germain, Associate Director of the National Retail Group and Candace Carrell, an Associate with Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. “This was a very complex assignment due to the bankruptcy issues which had to be overcome in order to successfully close the transaction. With a very aggressive marketing campaign, we were able to generate a multi-phase competitive bidding atmosphere which pushed the price and ended up in a full list price sale which was unachievable by other firms who previously had the assignment,” states Germain. “We were fortunate to secure the University of Nevada, Las Vegas as the buyer for the property and couldn’t have wished for a better outcome for both the Buyer and Seller in this transaction. Due to the asset’s close proximity to the university, the Board of Regents saw this property as an opportunity to renovate the existing warehouse facility which is well suited to a visual arts program,” adds Carrell.
The uniquely designed, mixed-use property is located at 1325 East Flamingo Road in Las Vegas, NV. This site is anchored by the national retail chain 99¢ Only Store and offered tremendous potential for upside for either an operator like UNLV or an Investor/Developer. The anchor tenant is the only tenant on a long term lease, occupying only 33 percent of the building. UNLV intends to keep 99¢ Only Stores as a long term tenant and will utilize their rent to subsidize the operational costs of maintaining the property.
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About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit:
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