Capital Square Realty Advisors Completes DST Investment Offering of CVS Pharmacy Store on Las Vegas Strip
LAS VEGAS (June 10, 2014)– Capital Square Realty Advisors, LLC announced today that its Delaware Statutory Trust investment offering, comprising an approximately 15,000-square-foot retail facility occupied by CVS Pharmacy on the Las Vegas Strip, has been fully subscribed by investors.
Located at 2700 S. Las Vegas Blvd., the retail facility is situated on the ground floor of Sky Las Vegas, a 45-story high-rise luxury condo development.
“This retail facility is 100 percent net leased to a CVS entity and benefits from its location on the north end of the Las Vegas Strip, presenting the store with high car and foot traffic,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors. “There is growing demand from investors seeking to benefit from ownership of investment-grade real estate through the DST structure. Capital Square looks forward to continuing to provide investors with high quality investment options such as this CVS facility.”
The property is surrounded by new development activity, including the SLS Las Vegas currently under construction on the site of the former Sahara Hotel & Casino. This 1,600-room boutique resort with an estimated $300 million in construction costs is scheduled to open in 2014. The property is also near Resorts World Las Vegas, currently under construction at the previous site of the Stardust Hotel and Casino. The project is estimated to cost between $2 and $7 billion and is scheduled to open in 2016.
About Capital Square Realty Advisors LLC
Capital Square Realty Advisors, LLC specializes in the creation and management of commercial real estate investment programs for Section 1031 exchange investors and discretionary (non-1031) investors using the Delaware Statutory Trust structure. Louis J. Rogers, founder and chief executive officer of Capital Square Realty Advisors, has been involved in the creation and management of more than 100 investment offerings totaling over $3 billion, including DST, tenant-in-common, numerous real estate funds, and multiple publicly registered non-traded real estate investment trusts.