LAS VEGAS (August 8, 2016) – Ten-X, the nation’s leading online real estate marketplace, today announces the opportunity to acquire more than $52 million in Las Vegas land in an online Live Bid event taking place Aug. 16 at the Clark County Commission Chambers. The Ten-X Commercial platform is selling three leased fee interest land properties separately for seller Clark County, Nev.
One of the three land properties being offered for sale is the approximately 88 acres located under the Rainbow Arroyo Commons retail center, with 39 years remaining on the 50-year ground lease. With an asking price of $40.7 million, it is located at 7200 Arroyo Crossing Pkwy., and is a leased fee interest property consisting of 21 parcels. The 919,192-square-foot retail power center was built in 2009 and currently is 95-percent occupied by 43 tenants, with anchors The Home Depot, Sam’s Club and Walmart (each on ground subleases and subsequently built their own improvements). Other national and regional tenants there include Bed Bath & Beyond, Best Buy, Toys ‘R’ Us, Pet Smart, GNC and Chilli’s.
“This rare opportunity marks the first time the Rainbow Arroyo Commons land has been put on the market, and the Ten-X Commercial platform is the ideal vehicle to expose this high-quality asset to investors across the nation,” said Ten-X Commercial Real Estate Division General Manager Gordon Smith. “This leased fee interest property provides a passive income stream for investors seeking non-distressed, stabilized real estate on the proven Ten-X platform. And in this instance, it is just one of three high-quality Las Vegas shopping center assets Ten-X is offering in one day.”
The 6845 South Las Vegas Blvd., land, also known as The Strip, is being offered for $7.33 million. The land consists of 12.26 acres of leased fee land improved with a circa-2002, 151,200-square-foot freestanding retail building currently 100-percent occupied by Fry’s Electronics under a 25-year lease (with the ground lessee expiring in 2027). The tenant has four, five-year renewal options remaining, including a final two-year option period. The ground lease has a 50-year lease term with 31.5 years remaining.
The land at 8205 W. Warm Springs Road, offered for $4.591 million, is the location of the Durango Warm Springs shopping center. The 36.2-acres of land includes includes 30.55 acres of leased fee land and 5.68 acres of fee simple land. The 50-year ground lease agreement expires in March 2054 and does not include any option extension terms. The improvements include Desert marketplace, a 194,319-square-foot retail power center anchored by TJ Maxx, Walgreens and Glaziers Food Marketplace. Overall it is 99-percent occupied. The center consists of five buildings and includes Desert Professional Center, a two-story, 57,466-square-foot Class A office building currently 63-percent occupied.
For all listings, please click here or call 844-694-4976.