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880 Grier Dr 81,000 SF Office Building Las Vegas, NV 89119 $20,300,000 ($250.62/SF) 8.10% Cap Rate
INVESTMENT HIGHLIGHTS
- SELLER FINANCING AVAILABLE: Contact Broker for more information.
- STABLE CASH FLOW & MARKET RATE OF RETURN: Property is 100% leased providing a stable cash flow.
- FINANCING FLEXIBILITY: Property is being offered free of debt.
- INTERNATIONAL HIGH CREDIT TENANT: Property is leased to the largest publicly traded gaming company by revenue in the world, MGM Resorts International.
- OPPORTUNITY TO ACQUIRE MODERN FACILITY AT WELL BELOW REPLACEMENT COST: At $250 PSF, Property is offered at least 37.5% below todays replacement cost.
- STRATEGIC LOCATION: Property is adjacent to Harry Reid Intl. Airport with frontage on Grier Dr. providing immediate access to the Airport Connector.
EXECUTIVE SUMMARY
Link to OM: https://logiccre.com/1031_properties/sp-500-global-gaming-entertainment-company-office-investment/
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/
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/
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Building Size
81,000 SF
Building Class
B
Year Built
1995
Price
$20,300,000
Price Per SF
$250.62
Cap Rate
8.10%
NOI
$1,644,300
Tenancy
Single
Building Height
2 Stories
Typical Floor Size
40,500 SF
Slab To Slab
14’
Building FAR
0.34
Lot Size
5.54 AC
Opportunity Zone
Yes
Zoning
IL
Parking
331 Spaces (4.1 Spaces per 1,000 SF Leased)
AMENITIES
- 24 Hour Access
- Atrium
- Signage
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PROPERTY TAXES
| Parcel Number | 177-03-510-016 | Improvements Assessment | $3,240,004 |
| Land Assessment | $1,330,288 | Total Assessment | $4,570,292 |
PROPERTY TAXES
Parcel Number
177-03-510-016
Land Assessment
$1,330,288
Improvements Assessment
$3,240,004
Total Assessment
$4,570,292
CONTACTS
-
Cathy Jones -
Blaze Katz -
Paul Miachika -
Karim Chatoor -
Logic Commercial Real Estate
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880 Grier Dr
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