Las Vegas, NV - Shake Shack

Description:

SRS Real Estate Partners, LLC is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN leased, corporate guaranteed, freestanding Shake Shack investment property located in Las Vegas, Nevada. The tenant, Shake Shack Nevada LLC (NYSE: SHAK) recently signed a brand new 15-year lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. The property recently had its grand opening and is now operating for business.

The property is located near the signalized, hard corner intersection of W Warm Springs Rd and S Durango Dr with a combined 70,500 vehicles passing by daily. S Durango Dr, is a major retail thoroughfare serving the city of Las Vegas. Shake Shack is positioned adjacent to Rhodes Ranch Town Center, a 131,000 square foot shopping center that is anchored by Vons. Additionally, the asset is located just across S Durango Rd from Desert Marketplace, a 188,000 square foot shopping center with national/credit tenants including Smith’s, HomeGoods, T.J. Maxx, and more. Furthermore, the property is a few miles southwest from The Arroyo at Market Square, a 1,116,000 square foot power center anchored by a Walmart Supercenter, Sam’s Club, The Home Depot, Marshalls, and more. The property is in the center of a primary retail corridor with other nearby national/credit tenants including Macy’s, Ross Dress for Less, Best Buy, CVS Pharmacy, IKEA, Michaels, Office Depot, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 317,200 with an affluent average household income of $109,626.