Shift4 Corporate Headquarters

1551 Hillshire Dr Las Vegas , NV 89134-6321

Shift4 Corporate Headquarters - Office for sale

Download Offering Memorandum

Overview


JLL is pleased to offer for sale Shift4's new corporate headquarters located in Las Vegas, Nevada. This single tenant office building underwent a complete overhaul and renovation for Shift4 essentially creating a new building for the tenant and future ownership. This Property is a mission-critical office facility that accommodates the tenant's growth and area consolidation with a long-term lease commitment. To execute the CA and view the offering memorandum, please visit: https://my.rcm1.com/handler/modern.aspx?pv=Y8v40NR50xrChNUecKcHaT5cKP1TDWqxCBPb2mST9k8JNkDQdQ5xxDei3z6y6MaKOOIVjeBRpbul3SiqwEUqYQ .

Investment Highlights




  • Corporate lease with 10 years of firm lease term, with no termination options
  • Ease of ownership with NNN lease structure and landlord recoups operating expenses
  • 3% annual rental increases with 3, 5-year renewal options at fair rental value
  • Below market rental rate with Shift4's rental rate less than comparable market rental rates
  • The building was fully renovated in 2018 with new exterior painting, new HVAC and other recent building improvements. The interior was constructed from shell condition in 2019 for the tenant
  • Shift4 received over $4 million in tenant improvement allowance and landlord completed recent capital improvements of nearly $1.2 million
  • Shift4 is backed by Searchlight Capital Partners, a multi-billion-dollar private equity fund. Shift4 has a credit rating of 'B2' by Moody's Investor Service and 'B' by S&P Global
General
Property Type Office
Property Subtype Business Park
Tenure Type Sale / Purchase
Property Address 1551 Hillshire Dr, Las Vegas, NV 89134-6321
Land In Acres 4.55
Building Size 66,780  ft2
Financial
Price Confidential
Cap Rate Confidential
Current NOI $1,160,269.00
Lease
Tenant's Name Shift4 Corp
Credit Rating (S&P) B
Credit Rating (Moody's) B2
Lease Type NN
Annual Rent $1,160,269.00
Lease Expiration Date 12/31/2028
Remaining Term 9.5Yrs