Saunders Realty, as the exclusive advisor, is pleased to offer an exceptional opportunity to acquire a high-quality and strategically located asset providing an immediate stable cash flow, enhanced by contractual rent increases. This 94,655 +/- SF single-tenant net-leased asset is occupied by URS an AECOM company (NYSE:ACM), a Fortune 500 company with revenues north of $19 Billion. The building is located within Hughes Airport Center, Las Vegas’ premier business park.
Although the building is 100% leased to URS, they have sublet 20,700 s.f. to U.S. government agencies and entities, including the U.S. Air Force. As a government contractor, having these sub-tenants is extremely advantageous when URS is competing to win or renew long-term lucrative government contracts.
URS provides engineering services and critical technical support to virtually every federal agency, including the Departments of Defense, Energy, State and Homeland Security, as well as NASA, the Intelligence Community and the Environmental Protection Agency.
In-place rent is approximately 53% below market – Airport submarket average asking rate is $1.58 /sf/month on FSG basis. Given the tenant’s 13-year history at this building, we believe they will continue as a tenant for the foreseeable future.
URS was acquired by AECOM (NYSE:ACM) in October, 2014. Grier AECOM OM
