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June 17, 2019
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Unique Corp HQ Property in Las Vegas Hits the Market

3/26/19

We thought we’d share this news of an interesting property in Las Vegas to hit the market. The listing is for the Zappos.com corporate headquarters property in downtown Vegas.

Situated on 7.31 acres at 400 Stewart Ave, the Class A 315.5k sf, 11-story tower is fully occupied by Zappos.com, with over nine years remaining on the absolute triple net-lease.

In 2013, Zappos invested $80 mil in a full property renovation including adding a theater and presentation space and obtaining LEED Gold Certification. The asset features a covered parking structure as well as its own full-service restaurant and fitness center, among other employee-friendly amenities and creative office features.

The site is situated directly off I-515 with on/off ramp access and has access points from both Las Vegas Blvd. and 4th Street. It is also just two blocks north of Fremont St, which features the Fremont Street Experience and Neonopolis.

Patrick Luther and Matthew Mousavi with SRS’ National Net Lease Group are handling the marketing for the asset.

The high-profile, fully occupied office asset in downtown Las Vegas has zero landlord responsibilities and a 30%-plus rent increase coming up in approximately four years, according to Luther. “Zappos recently consolidated several of its Vegas facilities in order have all of its local operations in this location. There are currently about 1,450 employees here now, with the capacity to accommodate up to 1,800.”

He adds, “The buyer also has the option to purchase 2.5 acres of nearby land for expansion for a wide variety of uses including retail, service, automotive, wholesale, office, or mixed-use.”

Due to the demand for office product for technology companies, the presence in an Opportunity Zone, and the lease rate Zappos pays, which is significantly below market, SRS advised the seller to market the property unpriced, as there are no recent sales comparables.






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