Jamboree Bagels signed a 65-month $249,960.75 lease for 1,550 square feet of retail space inside Centennial Gateway at 5770 Centennial Center Blvd. #140 in Las Vegas. Jason Otter, Chris Richardson and Lesllie Vasquez with LOGIC Commercial Real Estate represented the lessor, TAG Centennial Common Owners. The reported average rent equals $2.25 cents per square foot.
Griffin Capital Corporation purchased approximately 222,268 square feet of office property located in Southwest Corporate Campus at 6355 S. Buffalo Dr. in Las Vegas. The transaction value was $66,500,000. Susan Borst, CCIM, SIOR, Dan Doherty, SIOR, Taber Thill, SIOR, Ryan Martin, CCIM, SIOR, Chris Lane, Jerry Doty and Patti Dillon of Colliers International represented the seller, Southwest Corporate Campus LLC.
Diamond Creek Holdings, LLC bought 20,728 SF of office space at 3690 S Eastern Ave, Las Vegas 89169. Pete Janemark and Geoffrey West of Cushman & Wakefield Commerce represented the seller, Eastern Villa, LLC, Peter J Kaboli.
Eritrean Cultural and Civic Center signed an expansion lease for 1,840 SF of office space at 4880 W University Ave, Ste A-4, Las Vegas 89103. Nick Barber and Jeremy Foley of Cushman & Wakefield Commerce represented the lessor, Doug DenBoer.
Hospitality Marketing, LLC renewed 2,021 SF of industrial space at Palms Business Center North, 3022 Rigel Ave, Las Vegas 89102. Leo Biedermann of Cushman & Wakefield Commerce represented the lessor, Fisher Brothers Las Vegas, LLC.
Beqa Lagoon Resort Support Services, LLC leased 800 SF of industrial space at the Kraft Building, 2900 Meade Ave, Ste 5, Las Vegas 89102. Leo Biedermann of Cushman & Wakefield Commerce represented the lessor, Paradise Las Vegas, LLC.
Velocity Graphics, Ltd leased 5,800 SF of industrial space at 3391 Oquendo Rd, Las Vegas 89118. Jennifer Levine and Elizabeth Moore of Cushman & Wakefield Commerce represented the lessor, Dean R & Penny S Brunner 1985 Trust.
Hot Water Supplies, LLC leased 6,000 SF of industrial space at 5969 McLeod Dr, Las Vegas 89120. Jennifer Levine and Elizabeth Moore of Cushman & Wakefield Commerce represented the lessor, Dean R & Penny S Brunner 1985 Trust.
CoStar Realty Information, Inc leased 2,857 SF of office space at Hughes Center, 3930 Howard Hughes Pkwy, Ste 100, Las Vegas 89169. Jayne Cayton and Matt Kreft of Cushman & Wakefield Commerce represented the lessee.
Guevara Psychological Services, LLC leased 1,711 SF of office space at 2881 Business Park Ct, Ste 120, Las Vegas 89128. Jayne Cayton and Matt Kreft of Cushman & Wakefield Commerce represented the lessee.
Boies, Schiller & Flexner, LLP leased 8,718 SF of office space at Bank of America Plaza, 300 S 4th St, Ste 800, Las Vegas 89101. Jayne Cayton and Matt Kreft represented the lessor, CCRP/AG BOFA Plaza Owner, LLC.
The Peko Agency, LLC leased 1,239 SF of retail space at Ella Vista Shopping Center, 8360 N Decatur Blvd, Ste 104, North Las Vegas 89131. Lauren Tabeek, CCIM of Cushman & Wakefield Commerce represented the lessor.
Hoon CJ Company, LLC dba OMG Sushi leased 2,000 SF of retail space at Rainbow Promenade, 2341 N Rainbow Blvd, Ste 103, Las Vegas 89108. Dan Hubbard and Jason Park of Cushman & Wakefield Commerce represented the lessor, 2199 North Rainbow Boulevard Holdings, LLC.
rland Global Services, Inc leased/subleased 80,812 SF of office space at The Lakes Campus, 8751 W Sahara Ave, Las Vegas 89163. Bob Hawkins of Cushman & Wakefield/Commerce represented the lessor, Citibank, N.A.
University of Nevada School of Medicine renewed 1,614 SF of office space at Brookhollow Business Park, 7310 Smoke Ranch Rd, Ste Q, Las Vegas 89128. Bob Hawkins of Cushman & Wakefield Commerce represented the lessor, Brookhollow Business Park, LLC.
MCA Realty, a full service real estate investment and management company, has acquired Walnut Business Park, a 92,056 square-foot value-add industrial business park in the northern submarket of Las Vegas. The firm acquired the property at a significant discount to its replacement cost, and plans to strategically reposition the asset to create long term value, according to Tyler Mattox, Principal at MCA Realty.
“Select value-add opportunities still exist in the Las Vegas market,” says Mattox. “The industrial market in north Las Vegas has demonstrated a tremendous recovery over the last several years and continues to absorb space. In fact, 2016 marked the region’s strongest year since 2008. This consistent economic growth, coupled with increasing demand for small and mid-bay industrial product throughout the region, makes this acquisition a logical addition to our existing portfolio.”
Mattox notes that new construction for “big box” industrial product has increased dramatically over the last two years, while demand for smaller spaces continues to outpace supply. At the end of the second quarter of 2016, approximately three million square feet of “big box” product was under construction in Las Vegas, while new construction for smaller industrial product remains relatively nonexistent.
“This lack of available supply for smaller multi-tenant industrial buildings is placing upward pressure on rental rates and is driving demand for assets such as Walnut Business Park,” says Mattox.
MCA Realty acquired an asset from the same seller in 2014 and has been actively monitoring Walnut Business Park for more than a year. “Our firm owns fifteen industrial assets in the Las Vegas market, and the portfolio is operating with strong in-place occupancy,” explains Mattox. “This experience allows us to understand these properties and provides a unique insight into how to increase net operating income and maximize yield.”
MCA Realty expects to achieve similar results in Walnut Business Park, which was developed in 2008 and is currently 87.5 percent occupied. “Our strategy is to stabilize the asset by bringing current rents to market value and renovating the building’s exterior with a new color scheme and revised project signage,” Mattox explains.
MCA will also perform interior improvements on select units and will renovate some of the project’s landscaping. “This asset is in need of a facelift, providing an opportunity for an improved aesthetic,” says Mattox. “By integrating a series of capital improvements, we will be able to lease up remaining vacant space, garner higher rents, and ideally increase value over time.”
In addition to this acquisition, MCA Realty remains extremely active throughout Las Vegas, according to Mattox, who notes that the firm also recently sold five industrial units totaling 39,717 square feet at its Wigwam Jones Industrial Park, which consists of 12 industrial buildings ranging from 6,704 – 9,729 square feet. The industrial units were sold in five separate transactions totaling $4.85 million. MCA Realty also recently sold a 30,000 square-foot building for $3.5 million located at 3280 W. Sunset in Las Vegas.
Walnut Business Park is located at 3020 – 3060 N. Walnut Road in Las Vegas, Nevada. The property was acquired for $5.1 million. Cathy Jones, Roy Fritz, and David Livingston Jr. of Sun Commercial Real Estate and Dan Doherty, Chris Lane, and Jerry Doty of Colliers assisted in this transaction.
Brett S. Beck of Virtus Commercial represented Shashi N. Champaneri/Neesha Inc (Seller) in the sale of the 35-room Lamplighter Motel (building size of approximately 12,973 SF) located at 2805 Fremont Street in Las Vegas.
Breakout of Las Vegas DBA Escape Room leased approximately 3,456 square feet of retail space at Tropicana Spencer Center located at 1775 E. Tropicana Avenue, Suite 100 in Las Vegas. Joe Velarde of Commercial Investment Real Estate Services represented the lessee and Brett S. Beck of Virtus Commercial represented the lessor, Tropicana Spencer Center, LLC.
McCarran Commerce Center LLC purchased the approximately 85,027 square foot office/warehouse project located at 365 & 385 Pilot Rd. and 6720 Placid St. in Las Vegas. The transaction value was $10,400,000. Susan Borst, CCIM, SIOR, Dan Doherty, SIOR, Chris Lane and Jerry Doty of Colliers International represented both the seller, DM Airport LLC and the buyer.
Bogart Bone Appetit signed a 66-month $417,809.92 lease for 2,816 square feet of retail space inside Centennial Gateway at 5770 Centennial Center Blvd. #105 & 110 in Las Vegas. Jason Otter, Chris Richardson and Lesllie Vasquez with LOGIC Commercial Real Estate represented the lessor, TAG Centennial Common Owners. The reported average rent equals $2.25 cents per square foot.
The Commercial Alliance Las Vegas (CALV) has announced its new officers and directors for 2017, with longtime member and industry leader Jennifer Ott, CCIM, serving as president of the commercial real estate organization as of Jan. 1.
Ott, a UNLV graduate, is an executive vice president for retail sales and leasing at ROI Commercial Real Estate in Las Vegas. She previously served as president-elect and as a director of CALV. Her professional affiliations and designations include being a Certified Commercial Investment Member (CCIM). She has held leadership positions with the Southern Nevada chapter of CCIM and was elected to its board of directors for 2017.
For 2017, CALV’s immediate past president will be Soozi Jones Walker, of Commercial Executives Real Estate Services. Her professional affiliations and designations include being a CCIM and a member of the Society of Industrial and Office REALTORS® (SIOR). Other members of the 2017 CALV Board of Directors, including their professional designations, their company and their position on the CALV board, include:
· Director Robin Civish, CCIM, of ROI Commercial Real Estate.
· Director Cathy Jones, CCIM, of Sun Commercial Real Estate.
· Director Tom Lisiewski, of Your Real Estate Company.
Nineteen leading and longtime members of the Greater Las Vegas Association of REALTORS® (GLVAR) recently earned appointments to leadership positions with the National Association of REALTORS® (NAR).
“We’re fortunate and honored that so many of our top local REALTORS® have been recognized and appointed by their peers around the country to these national leadership positions,
The following GLVAR members and staff members have been appointed to the following NAR committees and positions for 2017:
Investment capital continues to flow into commercial real estate in pursuit of increasingly scarce returns — Avison Young releases its Fall 2016 North America, U.K. and Germany Commercial Real Estate Investment Review.
Investor appetite for commercial real estate assets remains relatively healthy – despite ongoing geopolitical influences, which lend some uncertainty to the marketplace – as buyers look to increase allocations to the sector in their ongoing quest for yield. Scarcity of available product remains a factor in many markets as stakeholders keep an eye on interest-rate hikes and their potential effect on pricing.
These are some of the key trends noted in Avison Young’s Fall 2016 North America, U.K. and Germany Commercial Real Estate Investment Review, released today.
The report covers commercial real estate investment conditions in 51 markets in four countries on two continents:
Calgary, Edmonton, Montreal, Ottawa, Toronto,Vancouver, Atlanta, Austin, Boston, Charlotte, Chicago, Cleveland, Columbus OH, Dallas, Denver, Detroit, Fairfield County, Fort Lauderdale, Hartford, Houston, Jacksonville, Las Vegas, Long Island, Los Angeles, Miami,Minneapolis, Nashville, New Jersey, New York, Oakland, Orange County,Orlando, Philadelphia, Phoenix, Pittsburgh, Raleigh-Durham, Sacramento, San Antonio, San Diego County, San Francisco, San Mateo, Tampa, Washington DC,West Palm Beach, Coventry U.K., London U.K., Berlin, Duesseldorf, Frankfurt, Hamburg and Munich.