The Royston Group Completes Sears Sale in Las Vegas for $8.25 Million

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The Royston Group has completed the sale of a 160,000 square foot retail building leased to Sears and located in Las Vegas, NV

The Royston Group

The Royston Group

When you have a buyer in a 1031 exchange and running out of time, it’s amazing how quickly things get done. It takes a team effort from the attorney’s to the escrow agent and brokers to complete a transaction this quickly

The Royston Group has completed an $8,250,000 sale in Las Vegas, Nevada. The building, leased to Sears, is over 160,000 square feet on over 12 acres of land. Sears has over 8 years remaining on the NNN lease and is located in a Kohl’s, Target anchored shopping center in a dense infill location.

Greg Cortese of The Royston Group, Los Angeles, represented the buyer in this transaction and closed it in less than 2 weeks which included the assumption of an existing loan. The buyer selected this property because the price per foot was $51, the rent was only $3.75 per square foot and the return was above market. Both buyer and seller are private real estate investors based in California.

“When you have a buyer in a 1031 exchange and running out of time, it’s amazing how quickly things get done. It takes a team effort from the attorney’s to the escrow agent and brokers to complete a transaction this quickly.” Said Cortese.

Greg Cortese, President of The Royston Group and Rob Sutton, Vice President specializes in the sale of single tenant net lease properties. The Royston Group is a privately held commercial real estate investment firm, founded in 1992. The company provides services for a multitude of net lease commercial property types including office, industrial, retail and medical. The firm has completed over $2.5 billion in real estate sales since its inception and is licensed in California and Nevada. http://www.theroystongroup.com

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