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Lane Furniture Store
621 Mall Ring Circle
Henderson, Nevada
$4,990,000
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The subject property is a freestanding Lane Furniture located at the front entrance of the Galleria @ Sunset Mall (Macy’s, Dillard’s, Mervyn’s, JCPenney, & Dick’s Sporting Goods) in Henderson, Nevada. This unparalleled location is at the center of 2 million sf of retail / entertainment and is 15 minutes from the Las Vegas Strip. Henderson has become a prominent address for retailers, gaming, and housing. The property is across the street from the Sunset Station Casino and Entertainment Center (13 Screen Regal Cinema, 448 room hotel, 80,000 SF Casino, 300 seat Club Madrid Music Venue, Health Club, with 10 restaurants). National retailers in the immediate area include Home Depot, Costco, Wal-Mart, Target, Vons, Lowe’s, Bed Bath & Beyond, Toys R Us, Border's Books, Baby’s R Us, Best Buy, Stein Mart, Burlington Coat Factory, TJ Maxx, DSW, Wild Oats, Ross, David’s Bridal, Petco, La Z Boy, Old Navy, PetsMart, OfficeMax, Barnes & Noble, Copelands Sports, Sports Chalet, Applebee’s, IHOP, Chipotle, Red Robin, and Chevy’s. Other traffic generators include Sam Boyd Stadium, the Henderson Convention Center and the University of Southern Nevada. The property is less than 5 miles from McCarran International Airport and the Las Vegas Strip.
Guaranty: Furniture Brands International
Furniture Brands International (NYSE: FBN) is a Delaware Corporation, organized in 1921, which through its subsidiaries has become a vertically integrated operating company that is one of the nation’s leading designers, manufacturers, sourcers and retailers of home furnishings. They market through a wide variety of retail channels from mass merchant stores to single branded and independent dealers to specialized interior designers. Furniture Brands serves their customers through some of the best known and most respected brands in the furniture industry, including Broyhill, Lane, Thomasville, Drexel Heritage, Henredon, Hickory Chair, Laneventure and Maitland-Smith. Sales in 2008 were $1.74 billion. Net Worth is $363 million. In 2006 FBI withdrew its credit rating which was BBB at the time.
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Purchase Price:
$4,990,000
Net Operating Income:
$432,780
Cap Rate:
8.67%

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