SRS Real Estate Partners announced today it has completed the $6.2 million sale of a Ross Dress for Less property located at 2420 E. Desert Inn Road in Las Vegas, NV.
SRS Capital Markets Managing Principals Patrick Luther and Matthew Mousavi represented the seller, a West Coast private owner. The buyer was a private investor from Southern California. The closing cap rate was 6.59%.
Situated on 2.56 acres, the 31,086-square-foot store has a long operating history with Ross being a tenant for more than 40 years. It is part of the Francisco Center which sees more than three million annual visitors. The property is also less than two miles from the Las Vegas Convention Center, one of the largest convention centers in the world.
“This was a rare Las Vegas retail opportunity for an investor to own commercial real estate near both downtown Las Vegas and Las Vegas Boulevard, with offers coming in from public companies as well as private investors resulting in multiple offers,” said Luther. “In addition to the major tourism industry, Las Vegas is home to more than 2.4 million residents – both of these factors are a strong draw for Ross as exemplified in its decades-long tenancy at the site.”
This year, SRS Capital Markets has completed more than $1.6 billion in deal volume comprised of more than 400 transactions across the nation. SRS currently has in excess of 900 properties actively on the market with a market value surpassing $4.3 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is celebrating 40 years of going the extra mile for its clients. A leader in consumer-driven real estate, SRS provides commercial real estate solutions across retail, industrial, and capital markets. Headquartered in Dallas with 30 offices nationwide, the firm measures its success by the achievement of its clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.