When Slim Chickens sought a new quick‑service restaurant site in Las Vegas, M Square Commercial stepped in as their expert tenant representative. On January 15, 2025, MSC closed a 21‑year NNN ground lease on a former Carl’s Jr. parcel, demonstrating strategic market insight and smooth transaction execution.
Las Vegas NNN Ground Lease Overview
- Tenant: Slim Chickens
- Landlord: VIV Sunset Sandhill, LLC
- Address: 3780 Sunset Rd, Las Vegas, NV 89120
- Effective Date: 1/15/25
- Deal Type: NNN Ground Lease
- Lease Term: 21 years
- Address: 3780 Sunset Rd, Las Vegas, NV 89120
- Parcel Size: 0.96 acres
- Zoning: CG
- Tenant Rep: M Square Commercial
- Landlord Rep: Mountain West Commercial Real Estate
- Broker: Brittany Megrath, CCIM – Managing Broker & Founder of M Square Commercial
Structuring a Long‑Term NNN Ground Lease for a QSR Conversion
Slim Chickens needed a long-term site with favorable lease terms to convert a former Carl’s Jr. site into a fully customized Slim Chickens location. M Square Commercial secured a 21‑year NNN ground lease on the 0.96‑acre CG‑zoned parcel at 3780 Sunset Rd, aligning with the tenant’s operational and financing strategies. This extended term provides Slim Chickens with stability, control, and predictability while offering the landlord a reliable, long‑term income stream.
M Square Commercial Delivers Expert Tenant Representation
Based in Las Vegas and licensed in Nevada, Georgia, and New Mexico, Brittany Megrath, CCIM and the M Square team brought deep retail and QSR expertise to the deal. Since 2019, MSC has completed over $50 million in transactions across 15 states and 60+ markets in asset classes like fitness, car washes, automotive services, and quick‑service restaurants. Their experience converting existing sites and negotiating complex ground leases made them the trusted advisor for Slim Chickens.
From Site Conversion to Lease Closure
M Square Commercial led a disciplined, three‑step process:
- Site evaluation and underwriting: Conducted thorough due diligence on the former Carl’s Jr. site—confirming parcel size, parking availability, and infrastructure capacity. MSC worked closely with Slim Chickens to evaluate the cost of conversion, including exterior modifications, interior kitchen buildout, and equipment upgrades.
- Negotiation of NNN lease structure: Secured tenant‑favoring terms including a 21‑year lease, full NNN cost burden, and clear conversion capabilities.
- Coordination with stakeholders: Collaborated with VIV Sunset Sandhill, LLC and Mountain West to align lease specifics on cost, timing, tenant improvements, and site activation.
Every action demonstrated MSC’s precision, market knowledge, and dedication to client outcomes.
Delivering Results: A Secure Long‑Term Site for Slim Chickens
This transaction delivered a stable, long‑term operating site for Slim Chickens and advantages for both parties:
- Lease term: 21 years
- Ground lease: full NNN burden on tenant
- Conversion of former Carl’s Jr. into Slim Chickens
- Parcel: 0.96 acres zoned CG in a high‑visibility Las Vegas corridor
- Tenant has control and predictability—landlord has creditworthy, long‑term tenant
Looking for Expert Representation on Your Next Retail Lease?
At M Square Commercial, we help tenants like Slim Chickens secure high-visibility, high-performance locations across the country. Whether you’re expanding your QSR footprint or repositioning an existing site, our team brings the experience, relationships, and market insight to get you there. Let’s talk about what’s next. See our contact page or call us at (702) 856-7449.
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