Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the fee-simple interest in the single-tenant retail out parcel located at 7005 N Durango Drive in Las Vegas, Nevada (the “Property” or “Asset”). The 3,147 SF Property is 100% leased to U.S. Bank National Association (“the Tenant”). The Property is subject to a double-net lease featuring approximately 4.5 years of lease term remaining with an attractive 4.35% rental increase in 2023 and two, five-year options remaining.
The Property is ideally situated just 14-miles northwest of the Las Vegas Strip at the intersection of N Durango Road and Dorrell Lane, a highly trafficked retail thoroughfare with over 33,000 vehicles per day. The Asset sits on a prime retail outparcel adjacent to the highly trafficked Montecito Marketplace and Centennial Hills Hospital Medical Center. Montecito Marketplace is anchored by Smith’s Food & Drug (1.2M visitors annually) and shadow anchored by TJ Maxx and Dollar Tree. The surrounding retail trade area includes high-quality national tenants including Kohls, Ulta Beauty, Burlington, Pet Smart, Chipotle, Starbucks, Walgreens, Popeyes and more.
BEST IN CLASS RETAIL TENANCY
- Investment grade credit rating (S&P Rating: A+).
- U.S. Bancorp (Parent Company & Guarantor) has 70,000+ employees and $574 billion in assets as of December 30, 2021.
- The subject Property U.S. Bank branch has $100M+ in deposits.
LONG-TERM OPERATING HISTORY & NEAR-TERM RENTAL INCREASE
- Tenant has occupied the Asset since it was constructed in 2007 (15+/- years).
- U.S. Bank has executed two extension options to-date and has two, five-year options remaining.
- The Property is subject to a 4.35% rent increase in September 2023.
STRATEGIC REAL ESTATE POSITIONING
- Prime outparcel location adjacent to Montecito Marketplace and the Centennial Hills Hospital Medical Center. The Marketplace is anchored by Smith’s Food & Drug (1.2M visitors annually) and shadow anchored by TJ Maxx and Dollar Tree.
- Strategically positioned within a main retail corridor at the intersection of Durango Dr. and Dorrell Ln. (33,000 VPD).
Jones Lang LaSalle Brokerage, Inc.
1980 Festival Plaza Dr, Suite 250
Las Vegas, NV 89135
NV Lic. #B.1000836.CORP