Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Speedee Mart, a 3,314-square foot net-leased property located in Las Vegas, Nev. The asset sold for $4,200,000.
Dustin R. Alvino, First Vice President Investments, in Marcus & Millichap’s Las Vegas office, procured the Buyer, a large private investment group out of Northern California. Speedee Mart is located at 3670 Paradise Road, across from the new Wynn Paradise Park development and a quarter-mile south of the Las Vegas Convention Center. Alvino commented, “The location’s high barriers to entry and the more than $2 billion in area redevelopments, made the asset very attractive to my client. We were able to exchange him out of multi-tenant asset in Oakland, Ca. at a sub-5.0% cap, and exchange him into this exceptionally located asset with a return more than 200 basis points higher.”