Photo via LasVegas.com
New Orleans-based Bruno, Inc. has expanded its real estate holdings in Las Vegas, Nevada, with the purchase of a retail property and a Taco Bell restaurant at the corner of 3661 East Bonanza Road.
The 1.2 acre property sits on a hard corner and has four years left on an absolute NNN lease. Josh Bruno, president of Bruno, Inc. told CanalStreetBeat that he is “currently in negotiations with Taco Bell and the franchisee for a long term renewal for this high volume sales location.”
Bruno purchased the property for $1.2 million, which represented a 12% cap rate.
This is Bruno’s third acquisition this year, and first in Nevada. “I’m looking forward to my companies continued growth and expansion throughout the US. We are looking forward to taking our historic operating model of site selection and experience in repositioning properties and applying this to properties throughout the country. We are aggressively pursuing hard retail corners with existing national tenants with 2-5 years left on their leases with opportunities for re negotiating lease agreements” Bruno told CanalStreetBeat.
Bruno is continuing his expansion and 2015 is the year he takes Bruno, Inc. nationwide, with 15 more acquisitions planned in FL, TX, NY, LA, NC, OH, IL, and MD that will be closing by next quarter.
Last year, the cmopany attempted to develop a $20 million “sliver” building in the warehouse district. The development was shot down, but Bruno says plans are still in the works for a new attempt at development.