Gatski Commercial’s Ali Roesener represented the buyer TiRoe, LLC, in the acquisition of 13,575-square-feet of industrial space on ±4.12 acres from seller, 6430 Procyon, LLC. The property is located at 6430 S. Procyon, Las Vegas, NV 89118 in the Southwest just off of Sunset Rd. and Valley View Blvd. “This purchase presented a unique investment opportunity due to the great location in an area where significant pieces of industrial land are becoming scarce; this coupled with its desirability from an operational standpoint gives the property long term intrinsic potential.” said Roesener. The sale closed in May 2015 for $3,310,000.00. The approximate aggregate value of the transaction is $243.83 per square foot.
Newmark Grubb Knight Frank (NGKF) reports that the largest industrial area in the metropolitan region – the North submarket – has been filling with national and regional users looking for growth opportunities. Institutional buyers are gaining confidence in the submarket’s robust future, and investors are eyeing the area as an alternative to the more expensive South and Central submarkets in the Vegas area. This is particularly evident as demand for warehouse product increases and big box users look for expansion opportunities in a land-constrained market.
Please contact NGKF’s Managing Director, Ben Millis, for the complete transcript.
Jeff Mitchell & Chris Emanuel of Virtus Commercial and Michael Hackett, Vic Russell & Ryan Gillard of DTZ represented Eagle Crossroads Center 2, LLC in the sale of Crossroads Towne Center, 6436-6592 N. Decatur Boulevard, North Las Vegas, NV 89131, a 148,791 square foot Regional Shopping Center to Cornerstone Capital The total transaction value of the sale was $52,000,000.00.The approximate aggregate value of the transaction is $350.00 per square foot.
Ben Millis and Chris Beets of Newmark Grubb Knight Frank represented 4741 Charleston Acquisition, LLC in the sale of 4741 E. Charleston Blvd, Las Vegas, NV 89104, a 4,600 square feet retail freestanding building. The total transaction value of the sale was $662,644.00. The purchaser is H & J Goldman Properties, LLC. The approximate aggregate value of the transaction is $144.05 per square foot.
Kevin M Buckley, Colleen McDonald and Julie Anderson of First Real Estate Companies represented the Better Business Bureau of Southern Nevada in the sale and leaseback of 6040 S Jones Blvd, Las Vegas, NV 89118, a 4,995 square feet office building on a 0.47 acre lot. The total transaction value of the sale and 84 month lease is $1,000,000.00. Gino Vincent from The Equity Group represented the buyer George 2004 Trust.
Matt Feustel and Jakke Farley of Virtus Commercial represented ZB & H Properties, LLC in the lease of 10,675 square feet of multi-use space for a Day Care Center at 720 Rancho del Norte, North Las Vegas, NV 89031. The Lessee, Montessori Method, will occupy the building for 66 Months for a consideration of $563,640.00.The approximate aggregate value of the sale is $0.80 per square foot.
Construction spending in May totaled $1.036 trillion at a seasonally adjusted annual rate, the highest rate since October 2008, the Census Bureau reported today. The level was up 0.8% from the rate in April (which was revised up by a steep 2% or $20 billion) and up 8.2% from May 2014. Private nonresidential spending increased 1.5% for the month and 13% year-over-year, private residential spending rose 0.3% and 7.8%, respectively, and public construction spending gained 0.7% and 2.8%. However, the residential total masks a 13% year-over-year rise in new construction (21% for multifamily and 11% for single-family) and a drop of 3.4% in improvements. A 70% increase in manufacturing construction (led by a doubling of spending for chemical plants and tripling for transportation equipment plants) made this the largest private nonresidential segment.
Jason Burdette of Windermere Real Estate represented Wigwam Development, LLC in the sale of a of property at Gibson Business Center, a 4,431 square foot Office building located 1000 Wigwam Parkway, Henderson, NV 89045. The total consideration for this sale was $600,000.00. The approximate aggregate value of the sale is $138.25 per square foot.
The 36-month lease with BDG II, LLC & Dean V. Bordigiono Trust and Machining Specialist Inc. was completed on June 8th. The 8,870 square-foot industrial building is located at 2542 Abels Lane, Las Vegas, NV 89115. The total value of the transaction was $121,322.00. Michael Brazill of Sun Commercial Real Estate, Inc. represented the Tenant, Machining Specialist Inc. and Voit Commercial Real Estate Services represented the Landlord, BDG II, LLC & Dean V. Bordigiono Trust. The approximate aggregate value of the transaction is $0.38 per square foot.
The 60-month lease with 2960 St. Rose Parkway LLC and Henry Crockett II was completed on June 29th. The 1,400 square-foot retail building is located at 2960 St. Rose Parkway, Suite 150 Henderson, NV 89052. The total value of the transaction was $130,060.00. Cathy Jones, Paul Miachika, Jessica Cegavske, Roy Fritz, and Riley Foley of Sun Commercial Real Estate, Inc. represented the Tenant, Henry Crockett II. Chris Richardson of The Equity Group represented the Landlord, 2960 St. Rose Parkway LLC. The approximate aggregate value of the transaction is $2.40 per square foot