Walgreens on the Strip Hits the Market

Marcus & Millichap recently announced that it has begun marketing for a Walgreens drugstore located on the famous Las Vegas Strip. The commercial real estate investment services firm has the exclusive right to offer the net-leased property up for sale. Although the price is currently set as open bid, the asset is set to fetch a purchase fee around the $40 million mark, industry specialists estimated. The selling entity is a joint venture that includes Harbor Group International

 

A Walgreens at a prime Las Vegas Strip location is on the market. Marcus & Millichap Real Estate Investment Services Inc. announced this week that it is marketing the property on behalf of a joint venture that includes Harbor Group International. Although the price is currently set as open bid, the net-leased property is expected to command a price in the $40 million-range, industry specialists estimate.

Located on a 1.6-acre parcel at the intersection of S. Las Vegas Boulevard and Convention Center Drive, the Walgreens is also across the street from the site of Resorts World Las Vegas, a megaresort project currently under development. The Las Vegas Convention Center is located less than a mile away at the other end of Convention Center Drive; the facility contributes greatly to the $7.4 billion in economic activity generated by the city’s meeting and convention business. The store operates 24 hours a day, sells food, features a W Café that offers bistro-style foods, coffee and beverages, and holds a full liquor license. It also offers 86 spaces of off-street parking.

The Marcus & Millichap team representing the ownership of the Walgreens includes Ray Germain, an associate director of the company’s National Retail Group in Las Vegas; first vice president investments in the firm’s Encino office, Lior Regenstreif, Dean Zang, first vice president investments in Washington, D.C., and Mark Taylor, first vice president investments in Philadelphia.