$3.7M RETAIL SALE IS NOW SUMMERLIN’S NEWEST STARBUCKS

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Las Vegas (November 29, 2021) – Escrow closed last week on a 3,596 square foot retail space located at 1260 N. Town Center Drive in Summerlin. The building sold for $3,710,000 and underwent a hefty renovation to accommodate the current tenant, Starbucks, and the coffee giant’s new prototype store design.

The seller was a local Las Vegas developer represented by Adam Malan and Deana Marcello of Logic Commercial Real Estate. The buyer, an investor with significant real estate holdings in Northern California, was represented by Brian Krueger of Coldwell Banker Premier Realty and John McClelland of Coldwell Banker Commercial Premier.

“This was an opportunity for our client to purchase a completely renovated building with a fresh lease by one of the world’s top companies, Starbucks, within Summerlin, one of the country’s leading masterplans,” said Brian Krueger, senior vice president of Coldwell Banker Premier Realty. “This building pioneers Starbucks’ updated design format and with proximity to Summerlin Parkway, the store will undoubtedly get attention.”

The new Starbucks prototype includes modern stone fixtures, a drive-thru, indoor/outdoor patio, and dedicated parking for mobile order pick up. It is one of the first of its kind being built in Las Vegas and has some unique features to complement the affluent community it will service.

“With significant medical and professional offices nearby and one of the Valley’s highest neighborhood incomes, strong value preservation for the asset is anticipated,” said Krueger.

This location on Town Center Drive south of Summerlin Parkway is a main thoroughfare and will service those who work at nearby businesses: Summerlin Hospital, Capital One Headquarters, and Allegiant corporate offices, as well as the many residents of exclusive nearby neighborhoods: Tournament Hills, Canyon Fairways, The Ridges, Red Rock Country Club and Queensridge.

“Our buyer wanted to venture into a new market and visits Las Vegas on a regular basis,” said Krueger.  “Commercial inventory is constrained but astute investors who are opportunistic will benefit from moving their money into real estate sooner rather than later.”

These types of investments require little landlord responsibility and that makes them good vehicles for investing in a variety of geographies. It’s an effective way to get exposure outside of your home market without causing intense management for the owner.

“Although cap rates for buildings occupied by Starbucks tend to trade within a relatively narrow band, picking assets in growing markets could mean more than just getting a bond-like return from the cash flow,” said John McClelland, vice president of research for Coldwell Banker Commercial Premier. “Summerlin has long been one of the top-selling masterplans in the U.S. and we anticipate a lot of durability in value. Moreover, localized housing and employment density further augments this long-term outlook.”

If you need assistance with buying, selling, or leasing a commercial property, or for more information about Coldwell Banker Commercial Premier, visit cbcvegas.com or call 702.234.4373.

About Coldwell Banker Premier Realty and Coldwell Banker Commercial Premier

Coldwell Banker Premier Realty is a full-service residential real estate brokerage in Southern Nevada owned and operated by Las Vegas natives, Bob and Molly Hamrick. With a spirited commitment to the continuous development and coaching of their expert team across three local campuses, the Hamricks have catapulted their residential company into the number three ranked woman-owned Coldwell Banker in the United States and one of the top Coldwell Banker franchises nationwide. Its commercial brokerage, Coldwell Banker Commercial Premier, covers all the principal asset classes of multifamily, office, industrial, land and retail.

About Coldwell Banker Commercial Affiliates

Coldwell Banker Commercial Premier is the local affiliate of Coldwell Banker Commercial® and provides commercial real estate solutions serving the needs of owners and occupiers in the leasing, acquisition, and disposition of all property types. Since 1906, the Coldwell Banker Commercial brand has been a premier provider of real estate, recognized globally as a company that puts the client first while delivering individual, distinctly different service. With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises almost 200 companies and more than 3,000 professionals throughout the U.S. and internationally. For additional information, visit www.cbcworldwide.com.

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