CBRE announced the $3.02 million sale of a new 5,000-square-foot retail property in Las Vegas.
CBRE’s Roy Fritz, CCIM, Michael K. Hsu and Dylan Heroy represented a high-net-worth investor. The seller was Henry Moradi, also a private investor.
Located at 3875 W. Craig Road, the property is a free-standing, single-story building leased to Red Dragon, a gaming tavern operated by Dotty’s, under a triple-net (NNN) lease.
“We negotiated an above market cap rate in this extremely competitive environment and were able to close on a property that perfectly fit our client’s investment criteria within 21 days,” said Mr. Fritz.
According to CBRE Research, net-lease investment volume—using single-tenant asset transactions as a proxy—increased by 87.5% quarter-over-quarter in Q4 2020 to $23.6 billion. Net-lease investments are particularly appealing during times of economic uncertainty because they provide greater security with long-term leases and creditworthy tenants.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
