Dan Hubbard and Todd Manning of Cushman & Wakefield Commerce represented Bershon LV TWO, LLC in the leasing of 1,400 sf of retail space at Paseo Plaza to George L.B.Y Inc., located at 2600 W. Sahara Ave. Suite 115 in Las Vegas. The lease was for 60 months and valued at $156,088.20. The reported average rent equals $1.75 per square foot.
Dan Palmeri and Bob Hawkins of Cushman & Wakefield Commerce represented Guaranteed Rate Inc. in the leasing of 4,177 sf of Office space located at 1333 N. Buffalo Dr. Suite 170, in Las Vegas. Rob Hatrak with Virtus Commercial represented Lawrence B Millier & Geraldine F Muller (landlord). The lease is for 36 months and the transaction is valued at $170,421.60. The reported average rent equals $1.10 MG per square foot.
Bob Hawkins and Dan Palmeri of Cushman & Wakefield Commerce, recently represented Brookhollow East Sahara LLC in the leasing of 2,431 sf of office space located at 4425 E. Sahara, Suite 3 in Las Vegas.. Leo Biedermann of Cushman & Wakefield Commerce represented the tenant,Simply Nevada Insurance. The lease is for 24 months and the transaction is valued at $30,922.32. The reported average rent equals $0.52 per square foot.
Nicholas Barber and Jeremy Foley of Cushman & Wakefield Commerce represented EQ- Sahara in the leasing of 1,152 sf of retail space at Sahara Rainbow Center to Millennium Insurance Brokers Inc., located at 2550 S. Rainbow Blvd. Suite E26 in Las Vegas. The lease is for 36 months and the transaction is valued at $45,619.20. The reported average rent equals $1.00 per square foot.
SMPM Holdings LLC purchased unit 140, a 3,177 square-foot industrial property located at 1850 Whitney Mesa Drive in Las Vegas for $295,000. Dean Willmore SIOR of Colliers International represented the seller, WM Capital LLC. The sale price equated to a per square-foot cost of $92.85.
Governor Brian Sandoval will join Las Vegas Area Officials, Dermody Properties, Hillwood Investment Properties, and United Construction Company in celebrating the groundbreaking of a 381,804 SF warehouse/distribution facility on May 12th at 1:30 pm. The facility is located on Cheyenne Avenue at Lincoln Road (4025 East Cheyenne Avenue) in Las Vegas.
Prospective tenants interested in the location and the Las Vegas market have already shown great interest in the facility. Colliers International’s most recent Research and Forecast Report for Las Vegas showed southern Nevada’s industrial vacancy decreased to eight percent in the first quarter of 2015. LogistiCenter Cheyenne will provide businesses looking to expand or relocate to the North Las Vegas submarket with much-needed, state-of-the-art industrial space. The facility is two miles east of Interstate 15, and within a single-day’s drive of Los Angeles, Phoenix and Utah.
Spray Gun Auto Inc signed a 125-month lease for 7,160 square feet of industrial space at 4245 Production Ct. in Las Vegas. Eric Molfetta of Colliers International represented the lessor, Vic and Ray Debrouwer.
WSS Shoes signed a 120-month lease for 18,400 square feet of retail space at Charleston Square located at 4400 E. Charleston Boulevard in Las Vegas. William Dunbar with Dunbar Commercial represented the lessee and Robert S. Hatrak II with Virtus Commercial represented the lessor, Charleston Vegas Partners, LP et al.
Southern Nevada’s industrial market completed its thirteenth straight quarter of positive absorption, absorbing 1,132,600 square feet (sf) during Q1 2015. The overall vacancy rate continued to plummet, dropping by 5.5 percentage points (pps) putting upward pressure on leases rates which increased by 5.7%.
Cyrilla Pet Spas, LLC dba Barks and Bubbles signed a 60-month $74,923 lease for 840 square feet of retail space at Buffalo Canyon located at 1591 N. Buffalo Drive, Suite 150 in Las Vegas. George Karas with First Choice Business Brokers represented the lessee and Virtus Commercial’s Jeff Mitchell and Preston Abell represented the lessor, SSG Properties LLC. The reported average rent equals $1.49 per square foot.