The sale of a new In-N-Out Burger location in Las Vegas set a national price record for the sale of a quick service restaurant retail asset in 2021. However, the price was undisclosed.

The development will break ground at the end of the year as a legacy asset and trophy site located directly across from Allegiant Stadium, the home of NFL’s Las Vegas Raiders. Closing within a quick all-cash timeline, a sourced 1031 California-based buyer will own the new 20-year absolute NNN ground lease.

Colliers’ Snyder Carlton Team, a Southern California-based brokerage team specializing in national single-tenant and multi-tenant retail investment properties, represented the seller in the transaction. Negotiations of the In-N-Out legacy project underscore a growing cross-market resurgence for national investment amid the transition out of COVID.

“Vegas is coming back strong in the post-COVID era,” said Eric Carlton, executive vice president at Colliers. “The market is primed for growth as the economy continues to open for business. This transaction represents the faith investors have in both the Las Vegas market and retail assets across the country.”