Overview

Description

Phoenix Plaza is a ±54,949 SF neighborhood center on four parcels totaling ±4.9 acres. The center was originally constructed in 1988 with pad buildings completed in 1992. The subject property has been professionally managed and well-maintained. Improvements such as landscaping upgrades, parking lot slurry/re-stripe (2019), exterior paint (2019), and elastomeric roof coating (2019) have been completed in recent years thus minimizing the need for improvements in the near future.

Phoenix Plaza, a multitenant neighborhood shopping center optimally positioned in the densely populated submarket of Spring Valley in Las Vegas, Nevada. The property encompasses ±54,949 square feet of retail space and is situated along the signalized intersection of West Flamingo Road and Torrey Pines Drive. The property is ±3.5 miles west of the world-famous Las Vegas “Strip”,±3.1 miles from T-Mobile Arena, and ±4.5 miles from Allegiant Stadium, home of the Las Vegas Raiders.

Highlights

• NNN Leases - Nearly all of the existing Leases are Triple Net (NNN) with at least 3% annual increases giving an investor consistent growth in rental income.
• Risk Mitigation - 40% of existing tenants occupy 1,200 square feet or less protecting an investor from a significant loss in occupancy. Current market conditions have created a high demand for these smaller suites.
• Potential Value Creation - Investors can renew existing tenants at Fair Market Value and leverage future tenants with monthly Pylon Sign and Covered Parking fees.
• Street Exposure - Phoenix Plaza is located on W. Flamingo Road approximately 3 miles from the world famous Las Vegas “Strip” with over 890 feet of frontage providing tenants with excellent street exposure. Tenants also benefit from a large pylon sign for added visibility on W. Flamingo Road (±40,500 VPD).
• Multiple Points of Access - Phoenix Plaza benefits from three ingress/egress points on W. Flamingo Road and an additional access on S. Torrey Pines Drive.
• Staple tenants - Phoenix Plaza is currently 90% occupied with staple neighborhood friendly tenants including pet grooming, hair and nail salons, barbershop, martial arts studio, bakery, insurance, orthodontics, and multiple dining options.
• Dense Residential Submarket (Spring Valley) - Formed in May 1981 as an unincorporated town and census-designated place in Clark County, Nevada. Spring Valley has over 1050 homes with a population of ±215,597 as of the 2020 census and is located 2 miles west of the Las Vegas Strip encompassing approximately ±33 square miles.

Documents

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