Marcus & Millichap lists $17.9M Vegas Retail Property
- Mar 25, 2010
March 25, 2010
By Allison Landa, News Editor
Marcus & Millichap has retained the exclusive listing for a $17.9 million retail property in Las Vegas. The 104,397 square-foot property contains a Harley Davidson store as well as a 24 Hour Fitness gym and is 100 percent leased.
Jeremy Foley and Ray Germain of the Las Vegas office represent the seller, a private investor. According to Foley, the Harley-Davidson store has been at the location since 2003 and is the world’s largest Harley dealership. Meanwhile, 24 Hour Fitness has been at the location since 1988 and has completed more than $2 million in tenant improvements since 2005.
Germain said that below-market assumable financing of $10.9 percent is available for the property at 5.69 percent interest, fixed, due February 2016.
The property is located in an established retail corridor just north of the heavily traveled West Sahara Avenue. Harley Davidson’s triple-net lease expires in 2013 and has two five-year options to renew, while 24 Hour Fitness’s triple-net lease expires in 2016.
Capital improvements to the tune of $637,800 have been spent on capital improvements in recent years, including a roof replacement in 2005, exterior paint job in 2006, and parking lot resurfacing in 2008.