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June 22, 2024
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Net-Leased Walgreens on Las Vegas Strip Offered for Sale


A net-leased Walgreens drugstore located on the world-famous Las Vegas Strip has been put on the market. The price is open bid, however, the property is expected to trade in the mid-$40 mil range.

The store is situated on a 1.61-acre parcel on the signalized corner of Las Vegas Blvd and Convention Center Dr, directly across the street from Las Vegas’s next mega-resort, Resorts World Las Vegas. The drugstore operates 24 hours a day, holds a full liquor license, sells fresh foods and features a W Café, which provides patrons with bistro-style fare, coffee and beverages. The store also has an 86-space off-street parking lot.

The net-leased asset is located at 3025 S. Las Vegas Blvd, less than a quarter-mile north of the Encore at Wynn Las Vegas and in the midst of a significant amount of new hospitality development. The location serves as the closest pharmacy for visitors to the Las Vegas Convention Center and is on the most direct route to and from the Las Vegas Strip.

Ray Germain, an associate director of Marcus & Millichap’s National Retail Group in Las Vegas, Lior Regenstreif, first vice president investments in the firm’s Encino office, Dean Zang, first vice president investments in Washington, D.C. and Mark Taylor, first vice president investments in Philadelphia, are representing the ownership, a joint venture that includes Harbor Group International.

“This Walgreens has substantial lease term remaining, phenomenal store sales, and we see tremendous appetite from domestic and foreign capital today for larger, trophy net-lease opportunities,” says Zang.

“Walgreens will be subject to future rental increases that are extremely rare with this type of investment, and when coupled with the 24/7 nature of this exceptional location, we believe coastal markets buyers will gladly pay a comparable cap rate in ‘Sin City,’” adds Germain.

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