Marcus & Millichap announced the sale of Mulligan’s Pub & Grill, a 3,416-square foot net-leased property located in Las Vegas. The asset sold for $1,500,000, according to Todd R. Manning, sales manager of the firm’s Las Vegas office. The approximate aggregate value of the transaction is $439.11 per square foot.
Ray Germain, Associate Vice President Investments in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, KSRD Real Estate, LLC, a limited liability company. The buyer, Boulder Hwy Properties, LLC, was secured and represented by Germain as well.
The sale of the Mulligan’s Pub & Grill, located at 6471 Boulder Highway, represents the third sale of a net-leased tavern site by Germain in less than 12 months, two of which involved a complex sale-leaseback transaction. “This sale-leaseback transaction was an effective way for the former owner to focus on their operations and reinvest the proceeds in the business to ensure their continued success in the Southern Nevada submarket,” states Germain. “Additionally, this was a great fit for an out-of-state investor who was looking for a stable management-free income for years to come,” adds Germain.
