Las Vegas, NV (June 16, 2021) – SRS Real Estate Partners’ National Net Lease Group has completed the $2.9 million ground lease sale (land ownership) of a 2,325-square-foot retail property soon-to-be occupied by Chipotle Mexican Grill. The property will include a “Chipotlane” drive-thru, a new design for the restaurant chain, that will help accommodate more mobile order volume. Located just 13 miles north of the Las Vegas Strip, the property is situated .71 acres at Saint Rose Parkway and Amigo Street in Henderson, NV. Anticipated to open its doors in July 2021, the new construction property has an absolute triple-net 10-year corporate-guaranteed lease in place.
SRS National Net Lease Group’s Managing Principal Patrick Luther and Vice Presidents Frank Rogers and Michael Carter, represented the seller, a Las Vegas-based merchant developer, as well as the all-cash buyer, a Las Vegas-based private investor.
“The Las Vegas market is in high demand from investors seeking single-tenant restaurant properties with drive-thrus,” said Luther. “As testimony to this demand, this property sold $25,000 above asking price and secured a cap rate of 3.92 percent.”
The property is an outparcel to Shoppes on the Parkway, a new, 57,000-sf shopping center that includes Costco Wholesale. It is located along State Highway 146 which connects commuters to Interstate 15 and is within a densely populated area with more approximately 268,000 residents and 74,000 employees within a five-mile radius.
Since the COVID-19 crisis began, SRS’ National Net Lease Group (NNLG) has closed 673 transactions valued at over $2.5 billion. Additionally, the group has nearly $654 million of assets under LOI or in escrow and $1.5 billion in assets currently listed for sale. In 2020, the NNLG successfully completed more than 490 transactions, across 44 states nationwide.
