Desert Marketplace retail center, anchored by Smith’s Food & Drug, Inc., a wholly owned subsidiary of Kroger (NYSE:KR). Smith’s recently executed a long- term lease (25 years with five, 10 year options), replacing former grocer Glazier’s, with rent anticipated to commence in third quarter, 2018. Smith’s has also executed a similar term lease for its fuel station amenity, signaling a long-term commitment to the property and its surrounding trade area. Note that the financial model assumes Smith's rent will have commenced on the analysis start date.
This 99% leased property is AAA located on the southeast corner of Warm Springs Road and Durango Drive, directly across the street from the 147 bed St. Rose Dominican Hospital in southwest Las Vegas. The center services the Summerlin South and Rhodes Ranch master planned communities and is already home to a line-up of credit tenants: Walgreen’s, TJ Maxx, Home Goods, Petco, Big 5 and Chase Bank. Smith’s will be a welcome addition to this best of class line-up.
The property is situated on ±32.46 acres, of which roughly 7.8 acres remain available for future development. Offers will be considered for the asset as a whole, or with the land being sold separately.
Desert Marketplace retail center, anchored by Smith’s Food & Drug, Inc., a wholly owned subsidiary of Kroger (NYSE:KR). Smith’s recently executed a long- term lease (25 years with five, 10 year options), replacing former grocer Glazier’s, with rent anticipated to commence in third quarter, 2018. Smith’s has also executed a similar term lease for its fuel station amenity, signaling a long-term commitment to the property and its surrounding trade area. Note that the financial model assumes Smith's rent will have commenced on the analysis start date.
This 99% leased property is AAA located on the southeast corner of Warm Springs Road and Durango Drive, directly across the street from the 147 bed St. Rose Dominican Hospital in southwest Las Vegas. The center services the Summerlin South and Rhodes Ranch master planned communities and is already home to a line-up of credit tenants: Walgreen’s, TJ Maxx, Home Goods, Petco, Big 5 and Chase Bank. Smith’s will be a welcome addition to this best of class line-up.
The property is situated on ±32.46 acres, of which roughly 7.8 acres remain available for future development. Offers will be considered for the asset as a whole, or with the land being sold separately.
