Capital Square Acquires Las Vegas Raiders’ Training Facility for DST Offering
Capital Square, a sponsor of tax-advantaged real estate investments, announced the acquisition of Zero Coupon LV Training Facility, the Las Vegas Raiders’ training facility and corporate headquarters in Henderson, Nevada.
The absolute net lease has an original term of 29 years with approximately 26 years of term remaining and seven 10-year renewal options thereafter with Raiders Football Club LLC, which owns the National Football League franchise.
The facility was acquired on behalf of CS1031 Zero Coupon LV Training Facility, DST, which seeks to raise $57.6 million in equity from accredited investors and has a minimum investment requirement of $50,000.
“This acquisition is a touchdown for Capital Square and our investors who need leverage to complete their Section 1031 exchanges,” said Louis Rogers, founder and chief executive officer of Capital Square. “Crossing the finish line before year-end was a major accomplishment for our company.”
Located at 1475 Raiders Way, the specialty property is just across from Henderson Executive Airport; approximately 11 miles from Allegiant Stadium, the home field of the Las Vegas Raiders; 10 miles from Harry Reid International Airport; and three miles from Interstate 15. In addition, the upscale residential communities of Anthem and Southern Highlands are nearby.
Built in 2020, the 336,000-square-foot built-to-suit facility features a three-story, 139,000-square-foot office building, 130,000-square-foot indoor practice facility complete with full and half-sized football fields, 50,000-square-foot performance center with a strength training gym, locker rooms and trainer/treatment areas, three outdoor football fields and an outdoor swimming pool.
“Since their move to Las Vegas, the Raiders have earned an enterprise value of $6.5 billion and have contributed to the significant post-COVID economic rebound the city has enjoyed,” said Whitson Huffman, co-chief executive officer. “This investment opportunity provided the ability to own a facility with a long-term absolute net lease to one of the premiere NFL franchises located in one of the country’s most exciting metropolitan areas.”
Henderson has diversified its economy through substantial new non-tourism employment. In addition to the Las Vegas Raiders, other companies with facilities or offices in Henderson include Amazon, Google, Toyota Financial Services, Barclays, FedEx, Levi’s and Ocean Spray. New developments in West Henderson include a 2.34 million-square-foot industrial tool manufacturing facility for HAAS Automation, a 600,000-square-foot Amazon distribution facility, and West Henderson Hospital topped out a $385 million, seven-story tower on its campus near the Raiders headquarters and training facility.
The Greater Las Vegas area has performed exceptionally well since the end of COVID-lockdowns, with more than 32 million visitors within the first ten months of 2022. Casinos on the Las Vegas Strip recorded $6.8 billion in gaming revenues during the year through October, on pace to exceed the 2021 total and already in excess of 2019 pre-pandemic revenues. The Las Vegas area benefits from many recreational amenities, sunny climate, favorable tax environment, and newly established or relocated professional sports teams.
Since its founding in 2012, Capital Square has acquired 163 real estate assets for over 6,000 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation.
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