IHOP restaurant is located within the large/hospitality node just southeast of McCarran International Airport (10 minutes from the Las Vegas Strip). The Property has direct access and visibility off Warm Springs Road, a major east/west artery with nearly 40,000 vehicles per day and within a dense area population (nearly 300,000 residents within 5 miles). The Property is Anchored by Sunset Station Casino and Hotel, a 21 story, 648 room resort operated by Stations Casinos, one of the premier Casino Owners in the U.S., as well as Lowe’s, Walmart, Costco, and Galleria at Sunset Mall..
A triple net lease (triple–Net or NNN) is a lease agreement on a property where the tenant or lessee agrees to pay all real estate taxes, building insurance, and maintenance (the three “nets”) on the property in addition to any normal fees that are expected under the agreement (rent, utilities, etc.)
High demand from tenants. This demand remains strong as newer types of retailers have emerged and compete for the prime visibility and easy access (Urgent Care Centers and ER Centers, Dental Care, Wireless Carrier Stores).
Tenants desire the visibility as well as the control over their real estate. The building and signage reflects the retailers brand and image. Whereas in a shopping center a retailer would only get to put up a sign on the building, in a freestanding building the entire building is designed by the retailer. High visibility builds brands.
Majority of NNN retailers are national or regional tenants that have meticulous site selection criteria models (they know where they want to be which is why they sign the longer term leases and invest in their properties the way they do)