PUBLISHED ONOctober 11, 2024 3:42 AM
Starbucks secures a 10-year lease extension at Pueblo Place Shopping Center in Summerlin, Las Vegas. Facilitated by M Square Commercial, the early renewal allows Starbucks to proceed with store remodeling and ensures its continued presence in this prime retail location.
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M Square Commercial (MSC), a leading Nevada commercial real estate brokerage firm, successfully completed a retail lease extension for Starbucks Corporation at Pueblo Place, a popular retail strip center in Summerlin, Las Vegas. The new 10-year lease will keep Starbucks at this prime location through March 2036, following an early renewal that executed two years ahead of schedule in March 2024.
The early lease renewal, executed in March 2024, covers an 1,899 square foot space at 2120 N Rampart Blvd, Las Vegas, NV, in the heart of Summerlin. This lease extension, signed two years ahead of schedule, allows Starbucks to proceed with significant store remodeling plans while securing its presence in this prime location until March 2036.
“Securing this lease extension was a tremendous opportunity to continue enhancing the value of Pueblo Place,” said Brittany Megrath, CCIM, founder of M Square Commercial. “Starbucks’ investment in remodeling their store highlights their confidence in the long-term growth of the Summerlin area, and we are pleased to have played a role in the renewal.”
Rampart PHD, LLC developed Pueblo Place in 2005. The retail center is fully leased, with 16,991 square feet of gross leasable area spread across 2.44 acres. Its strategic location in the Howard Hughes Master Plan community of Summerlin makes it a desirable destination for both retailers and investors.
The Starbucks lease extension comes at a time when Summerlin continues to be one of the most sought-after retail markets in Las Vegas, with an average net rent of approximately $27.63 per square foot. High demand, strong occupancy levels, and attractive demographics make Summerlin an exceptionally appealing market for commercial retail real estate investment and development.
This lease extension not only ensures continued foot traffic for Pueblo Place but also enhances the overall value of the property. It signals continued confidence in the area's retail sector and may influence other national brands seeking long-term commitments in similar prime locations.
M Square Commercial is a trusted partner for property owners and tenants seeking retail leasing solutions in Las Vegas. The firm specializes in strategic lease negotiations, tenant representation, and long-term property investment strategies. This lease extension serves as another example of MSC’s expertise in creating value for retail property owners.
To read the full case study on the Starbucks lease extension at Pueblo Place, visit: https://msquarecommercial.com/retail-lease-extension-las-vegas-summerlin-strip-center/
About M Square Commercial: M Square Commercial (MSC) is a leading commercial real estate brokerage firm specializing in retail, office, and land transactions across the United States. Founded in 2019, MSC operates in over 60 markets and has facilitated transactions in more than 15 states. The firm offers a comprehensive range of real estate services, including property acquisition, sales, leasing, and consulting, with a focus on maximizing value for its clients. Learn more at https://msquarecommercial.com.
About the company: Commercial Lending News delivers timely and insightful updates on the commercial real estate sector, with a focus on commercial real estate, finance, acquisitions, and industry trends. Led by seasoned professionals Ed Winslow and Caroline Vega, the publication provides in-depth analysis and expert perspectives on the key developments shaping the future of commercial real estate. Visit https://uscommerciallending.com for more information.
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