880 Grier Dr - Office FOR SALE


Las Vegas, NV 89119
$20,300,000 USD
702-595-8765
880 Grier Dr, Las Vegas, NV for Sale
$20,300,000 USD
Office - FOR SALE
1/8
null | 8.1% Cap Rate

880 Grier Dr
Las Vegas, NV 89119


HIGHLIGHTS

  • INTERNATIONAL HIGH CREDIT TENANT: Property is leased to the largest publicly traded gaming company by revenue in the world, MGM Resorts International.
  • STABLE CASH FLOW & MARKET RATE OF RETURN: Property is 100% leased providing a stable cash flow.
  • OPPORTUNITY TO ACQUIRE MODERN FACILITY AT WELL BELOW REPLACEMENT COST: At $250 PSF, Property is offered at least 37.5% below todays replacement cost.
  • FINANCING FLEXIBILITY: Property is being offered free of debt.
  • STRATEGIC LOCATION: Property is adjacent to Harry Reid Intl. Airport with frontage on Grier Dr. providing immediate access to the Airport Connector.
  • OPPORTUNITY ZONE: Property is located within an Opportunity Zone, offering tax advantages.

OVERVIEW

The Investment Services Group of LOGIC Commercial Real Estate has been exclusively retained to offer qualified investors the opportunity to acquire a mission-critical single-tenant office investment leased to MGM Resorts International. MGM Resorts International occupies 100% of the building and has been a tenant since 2014. 880 Grier is a 81,000 SF two-story office building located on 5.54 acres within the MGM office campus. The Property boasts a prime location near major highways I-15 and I-215, with frontage along Grier Dr., directly across from Harry Reid International Airport, which saw a record-breaking 57.6 million visitors in 2023. MGM is a multi-billion-dollar S&P 500 gaming and entertainment company headquartered in Las Vegas with 31 hotels worldwide, including 12 on the Las Vegas Strip. They are the world's largest publicly traded gaming company with $17.05B sales in the last year. MGM recently executed a 5-year lease renewal at the Subject Property which extends the lease term through August 2029 with 3% annual increases. The tenant recently consolidated some of their operations into the Subject Property making it a mission critical location. MGM owns two other office buildings (totaling 93,172 SF) and two large parking parcels in this park demonstrating their commitment to this location for their corporate operations. Link to OM: https://logiccre.com/1031_properties/sp-500-global-gaming-entertainment-company-office-investment/

FOR SALE DETAILS

PRICE

$20,300,000 USD

PRICE/SF

$251 USD /SF

CAP RATE

8.1%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

B

YEAR BUILT

1995

SPRINKLERS

-

PARKING SPACES

331

LAND DETAILS

LAND ACRES

5.54 AC

LAND SF

241,322 SF

ZONING

IL

APN/PARCEL ID

177-03-510-016

ASK ABOUT THIS PROPERTY

Cathy JonesLogic Commercial Real EstateMore Info
702-595-8765

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Cathy JonesLogic Commercial Real EstateMore Info
702-595-8765

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.