Pecos Plaza
Retail | 6.80% CAP | 88,534 SqFt
Marketing description
Pecos Plaza is an established Las Vegas community center offering approximately 88,534 square feet of retail space. Located at the southwest corner of E Russell Rd and S Pecos Rd, the property is anchored by Goodwill and EOS Fitness (NAP) and is currently 86% leased to a mix of value-focused, demographic appropriate, national and local credit tenants including Goodwill, The UPS Store, La Papaya Deli, Cricket Wireless, and others.
The property benefits from its high-traffic retail hub location at E Russell Rd (approximately 28,500 CPD) and S Pecos Rd (approximately 21,100 CPD) near US Interstate 11 (approximately 141,500 CPD), connecting it to the remainder of the Las Vegas Metropolitan Area. Pecos Plaza is positioned within one of Las Vegas' retail hubs with surrounding tenants including Sam's Club, Walmart, Lowes, Ross, Office Depot, Sprouts, Ace Hardware, WSS, and many others.
The property presents a value-add opportunity with stable in-place income. At 86% current occupancy, 14% of the property (12,673 SF) is available for immediate leasing upside. The lease up of vacant space and reletting of below-market rent suites should grow Net Operating Income (NOI) nearly $363,000 (23%) through stabilization in year 3 and $840,000 (54%) during a 10-year hold period, producing an attractive 4.4% CAGR. At the contemplated pricing of approximately $258 PSF, Pecos Plaza presents an opportunity to purchase an established Las Vegas shopping center at a discount to its land inclusive replacement cost.
Investment highlights
- Las Vegas Community Center - Pecos Plaza is an 88,534 SF, multi-tenant community center, anchored by Goodwill and EOS Fitness (NAP) and currently 86% leased to a mix of value-focused, demographic appropriate, national and local credit tenants including Goodwill, The UPS Store, La Papaya Deli, Cricket Wireless, and others
- Goodwill is a non-profit national retailer that offers discount and second-hand items through its 4,425 locations across the United States.
- The UPS Store (NASDAQ: UPS) provides business, shipping, and printing services at each of its 5,800 stores, utilizing UPS' national network to provide convenient and efficient service.
- La Papaya Deli serves latin-inspired cuisine as well as smoothies and breakfast across the Las Vegas area at each of its 4 locations.
- Cricket Wireless is a subsidiary of AT&T (NYSE: T) offering flexible and affordable communication plans to its customers.
- High Traffic, Retail Hub Location - Located ideally within the heart of Las Vegas at the SWC of E Russell Rd (±28,500 CPD) and S Pecos Rd (±21,100 CPD) near the US Interstate 11 (±141,500 CPD) connecting it to the remainder of the Las Vegas Metropolitan Area. Pecos Plaza benefits from its position within one of Las Vegas' retail hubs with surrounding tenants Sam's Club, Walmart, Lowes, Ross, Office Depot, Sprouts, Ace Hardware, WSS and many others
- Strong Daytime Population with Surrounding Amenities - Pecos Plaza is primarily occupied by internet resistant Food/Beverage, Health, Daily Needs or Service tenancy. The property's tenants are heavily supported by the surrounding retail, office, and residential population, creating a strong, growing daytime population of 213,000 within 3 miles. The property's tenants benefit from proximity to Harry Reid International Airport (54,989,185 passengers in 2025) as well as popular Las Vegas suburban areas like Silverado Ranch and Paradise Valley
- Immediate Leasing Upside - At 86% current occupancy, 14% of the property (12,673 SF) of the property is available for an immediate leasing upside opportunity to increase NOI
- Massive NOI Growth - The lease up of vacant space and reletting of below-market rent suites as leases expire should grow Net Operating Income (NOI) nearly $363,000 (23%) through stabilization in year 3 and $840,000 (54%) during a 10-year hold period, producing an extremely attractive 4.4% CAGR
- Below Replacement Cost - At the contemplated pricing, (±$258 PSF), Pecos Plaza presents an uncommon opportunity to purchase an established Las Vegas shopping center at a strong discount to its land inclusive replacement cost.
- Rapidly Growing Las Vegas MSA Demographics: The Las Vegas MSA is the 28th largest metro area in the country according to prior data from the U.S. Census Bureau and continues to attract more and more full-time residents to the city.
- More than 10,400 people in a 1-mile radius with an Average Household Income exceeding $103,000
- More than 153,000 people in a 3-mile radius with an Average Household Income exceeding $91,700
- More than 413,700 people in a 5-mile radius with an Average Household Income exceeding $92,100
- Excellent Tenant Line Up - Synergistic tenant mix with national brands and local favorites catering to the specific demands of the local community
- Highly Maintained Asset - High quality, professionally owned and managed retail center
- Excellent Upleg Opportunity - Opportunity to purchase a value-add shopping center, delivered debt-free and available for a quick close, accommodating 1031 Exchange timelines
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