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New Concept Retail Grocer Opens In Lake Las Vegas

The new Seasons Market has opened in MonteLago Village at Lake Las Vegas.  The official opening of the 5,000-square-foot, neighborhood grocery store was marked by a ribbon-cutting event today and responsiveness from Lake Las Vegas developer Raintree Investment Corporation in bringing back a food and coffee shop to the residential, golf and resort master planned community.

“Our residents requested that we add a grocery store at Lake Las Vegas, and we are excited to open Seasons Market for them and other guests to Lake Las Vegas,” said Patrick Parker, Raintree Investment Corporation President, noting the nearest supermarket is about four miles away. “In addition to shopping, Seasons will be ‘experiential’ where you’ll enjoy wine and product tastings and sit to have a cup of coffee or sandwich – all with a tableside view of our beautiful lake.”

Participating in the ribbon-cutting ceremony in front of the market were: Henderson Mayor Andy Hafen and Councilwomen Geri Schroder and Debra March; Steve Muelrath, Henderson Chamber of Commerce executive director; Karl Hanson, MonteLago Village Association; and Patrick Parker, Cody Winterton and Doug McPhail, Lake Las Vegas.

Seasons Market features fresh produce, meat and fish; artesian bread and pastries from Water Street District’s Flemming’s Bakery; gourmet cheese; barista station with Peet’s Coffee and Italy’s Danesi Espresso; fine wine selection; Red Button Ice Cream; gourmet chocolates from JinJu Chocolates; JoJo’s Jerky and steaks; sandwich counter; newspapers and magazines; gift items; and more.

“The market is designed to be reminiscent of a ‘bodega’ or big city neighborhood market where you can find what you’re looking for, try new products that ordinarily wouldn’t be available in a traditional grocery store, and be greeted by friendly staff and regular shoppers on a first-name basis,” said Parker, adding there is seating inside Seasons Market and on the floating park on the lake.

Las Vegas Retail Transactions Continue At A Strong Pace – Virtus

Virtus

  • Paint Party Night, LLC leased approximately 1,316 square feet of retail space at Buffalo Alta Center located at 450 S. Buffalo Drive, Suite 109 in Las Vegas. Brett S. Beck of Virtus Commercial represented the lessor, Buffalo Alta Center, LLC, and the lessee.
  • Game Changer LV, LLC leased approximately 1,438 square feet of retail space at Buffalo Alta Center located at 450 S. Buffalo Drive, Suite 111 in Las Vegas.  Brett S. Beck of Virtus Commercial represented the lessor, Buffalo Alta Center, LLC.
  • Mark Perry dba Local Realty leased approximately 1,268 square feet of retail space in Cimarron Square located at 9265 S. Cimarron Road, Suite 130 in Las Vegas.  Brett S. Beck of Virtus Commercial represented the lessee.
  • Vitamin Cottage Natural Food Markets Inc leased approximately 14,080 square feet freestanding building in Centennial Crossing located at 6305 Simmons Street in North Las Vegas.  Dan Adamson of ROI Commercial represented the lessor, George Roberts Inter Vivos Trust, Doris I. Wenger & David G. Emert Trust, Mrs Doris I. Wenger, Trustee; and James Craddock of Craddock Commercial (Colorado) and Jeff Mitchell of Virtus Commercial represented the lessee.

 

The Hughes Center Campus Announces New Retail Project

Equity Office Properties, an affiliate of The Blackstone Group, announces a new retail development at the entry of The Hughes® Center campus. The new 14,160 square foot building, which anchors The Hughes Center’s Restaurant Row, features a modern design that includes an all glass tower and seven tenant spaces ranging from approximately 1,300 to just over 4,000 square feet. Two tenants, representing 60% of the new development, have committed: Bandito Latin Kitchen and Cantina, a chef-driven, high energy Mexican restaurant; and H20 Sushi & Izakaya, a hip Japanese restaurant serving distinct cuisine.

Bandito Latin Kitchen & Cantina is a brand new restaurant concept from local industry veteran Kent Harman and acclaimed Las Vegas chef, Mike Minor, former Executive Chef at Border Grill Las Vegas. Bandito will specialize in scratch-made dishes featuring Minor’s unique take on Latin and Mexican dishes.

The Hughes Center location will be the first H20 Sushi & Izakaya restaurant in Southern Nevada. The restaurant, featuring traditional Japanese cuisine with a modern, exotic touch, has several locations in California and is one of several brands operated by restaurant entrepreneur, Jae Chang, and his company JC Holdings Group, LLC.

CBRE is actively leasing the new retail development slated for completion in Fall 2016 with tenant grand opening planned for first quarter 2017. The building is situated on the corner of Flamingo and Howard Hughes Parkway, a main entry to the 1.4 million square feet project known as The Hughes Center, a premier master-planned office campus in the heart of the Las Vegas valley.

“We designed a restaurant environment to serve the tenants of The Hughes Center and their 4,000 employees while capitalizing on more than 100,000 cars per day that drive by the area,” said Matt Bear, CBRE vice president of brokerage services – retail investments. “Given the proximity to the Las Vegas Strip, the Las Vegas Convention Center, UNLV and McCarran International Airport, this location is ideal for a variety of unique dining experiences.”

The new building will serve as a complement to another nearby, recently developed retail building that encompasses Chipotle, Habit Burger, Jamba Juice, Pieology and Panera.

“This latest project represents our commitment to continue enhancing the lifestyle amenities and redefining the Las Vegas office experience at The Hughes Center,” said John Woo, Portfolio Manager for Equity Office Properties. “We have taken great care to design a modern building with beautiful architecture befitting this location that serves as a true gateway to The Hughes Center.”

MDL Group Continues Strong 2016 Mid Year Activity

A sale transaction was completed for a land parcel of approximately ±1 Acre. This property is located at the southwest corner of Fort Apache and Post Rd, Las Vegas, NV 89148. Michael Boscia CCIM of MDL Group represented the seller. The property sold for $725,000.

A sale transaction was completed of approximately 10-unit multi-family complex. The property is located at 2555 Sherwood St Las Vegas, NV 89109. Neil Dela Cruz and Oliver Kruaprasert of MDL Group represented the seller. The property sold for $490,000.

A sale transaction was completed of an approximately ±11,607 square foot industrial building. The building is located at 4655 Quality Court Las Vegas, NV 89103. Jarrad Katz SIOR, CCIM and Galit Kimerling of MDL Group represented the buyer. The property sold for $985,000.

A sale transaction completed for Pugsley Simpson Coulter Architects, of approximately ±6,000 square feet. The office building is located at 151 E Warm Springs Rd Las Vegas, NV 89119. Jerry Hagfeldt of MDL Group represented the buyer.

A lease transaction completed at Flamingo Verde to Darren Vick, of approximately ±1,200 square feet. The retail building is located at 6020 W Flamingo #7 Las Vegas, NV 89103. Lisa Anderson of MDL Group represented the landlord Flamingo Verde LLC.

A lease transaction completed at Charleston Marketplace to The Sharp Shop, of approximately ±1,701 square feet. The retail building is located at 5900 W Charleston Blvd #130 Las Vegas, NV 89146. Lisa Anderson and Michael Boscia, CCIM of MDL Group represented the landlord.

A lease transaction completed at Champion Village to Sweets 507 LLC, of approximately ±1,148 square feet. The retail space is located at 55 S Gibson Rd #110 Henderson, NV 89012. Neil Dela Cruz of MDL Group represented the landlord Adobe Villas LLC.

A lease transaction completed at Fort Apache Point to Robert D Tiner Guardian Lenders, of approximately ±2,032 square feet. The office building is located at 5594 S Fort Apache Rd #130 Las Vegas, NV 89148. Chris Richardson, CCIM and Jason Otter represented the landlord. Alexia Crowley and Jerry Hagfeldt of MDL Group represented the tenant.

A lease transaction completed for Toyo Auto, of approximately ±3,000 square feet. The industrial building is located at 3216 E Fremont St #5 Las Vegas, NV 89104. Marty Martell of MDL Group represented the landlord.

A lease transaction completed at Whitney Ranch for Quick Dry LLC, of approximately ±1,500 square feet. The industrial building is located at 1010 N Stephanie #A-3 Henderson, NV 89014. Marty Martell of MDL Group represented the landlord.

A lease transaction completed at Whitney Ranch to Katherine Hichman, of approximately ±1,800 square feet. The industrial building is located at 1010 N Stephanie #A-9 Henderson, NV 89014. Marty Martell of MDL Group represented the landlord.

A lease transaction completed for Btrenz LLC, of approximately ±3,000 square feet. The industrial building is located at 3216 E Fremont St #A8 Las Vegas, NV 89104. Marty Martell of MDL Group represented the landlord.

A lease transaction completed for Budget Air Supply LLC, of approximately ±2,280 square feet. The industrial building is located at 4540 S Arville St #B-10 Las Vegas, NV 89103. Marty Martell of MDL Group represented the tenant.

A lease transaction completed at Traverse Point to AJ’s Auto Service, of approximately ±12,607 square feet. The industrial building is located at 920 Wigwam Pkwy Henderson, NV 89014. Sam Scaletta and Tony Scaletta of MDL Group represented the landlord.

A lease transaction completed for NOA Inc. dba Nectar Bath Treats, of approximately ±8,027 square feet. The industrial building is located at 6630 W Arby Lane Las Vegas, NV 89118. Jarrad Katz SIOR, CCIM and Galit Kimerling of MDL Group represented the tenant.

A lease transaction completed at Pueblo Place for Oh La La, of approximately ±1,866 square feet. The retail building is located at 2120 N Rampart Blvd #150 Las Vegas, NV 89128. Hillary Steinberg of MDL Group represented the tenant.

Colliers Weekly Activity For Early June

Pyle-Street-and-Polaris-AvenueA sale to CFT Lands LLC. The approximately 2.5 acre vacant land parcel is located on the southwest corner of Pyle St. and Polaris Ave. at APN: 177-29-301-002 in Las Vegas. The transaction value was $750,000. Vince Schettler of Colliers International represented the seller, Pyle Street Trust.

 

 

2200-Paseo-Verde-ParkwayA lease to Everett Financial Inc. The approximately 5,945 square foot office property is located at 2200 Paseo Verde Pkwy., Suite 50 in Henderson. Ryan Martin, CCIM, SIOR, Taber Thill, SIOR and Patti Dillon of Colliers International represented the lessee.

 

 

 
5275-South-Arville-StreetA lease to JP Denison LLC dba Pure Promotions. The approximately 5,465 square foot industrial property is located in Hacienda Crossings at 5275 S. Arville St., Suite 316 in Las Vegas. Mike DeLew, SIOR, Greg Pancirov, SIOR, Dean Willmore, SIOR and Chelsy Cardin of Colliers International represented the lessor, FJM Vegas Holdings LLC.

 

 

 
6845-Escondido-StreetA lease to 7T Pharma LLC. The approximately 4,662 square foot industrial property is located in Escondido Airport Park at 6845 Escondido St., Suite 105-106 in Las Vegas. Brian Riffel and Tyler Jones of Colliers International represented the lessor, Escondido Partners II LLC.
 

 

 

2925-Patrick-LaneA lease renewal to American Reprographics Company. The approximately 4,254 square foot industrial property is located in Patrick Commerce Center at 2925 E. Patrick Ln., Suite A-B in Las Vegas. Spencer Pinter, Dan Doherty, SIOR, Susan Borst, CCIM, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessor, BKM Patrick 102 LLC.
 

 

 

2563-Wigwam-ParkwayA lease to Canine Bodywork & Aquatics LLC. The approximately 1,440 square foot retail property is located in Pecos Wigwam Retail Center at 2563 Wigwam Pkwy. in Henderson. Chris Connell and Grant Traub of Colliers International represented the lessor, Pecos-Nevada Limited Partnership.
 

Michelle Bauer Joins NewMarket Advisors

bauerNewMarket Advisors welcomes Michelle Bauer as a retail real estate advisor. Bauer’s role will be the representation of national retail tenants and landlords of institutional quality shopping centers. Bauer brings more than 20 years of experience to the partnership at NewMarket Advisors.

Most recently as state director for Kimco Realty Corporation, she led the leasing and management team for many of the company’s shopping centers. Prior to joining Kimco, Bauer was real estate manager for Dollar Tree stores and was responsible for new store development in the Southwest region.

Virtus Continues Retail And Industrial Leasing Activity

Cimmaron SquareFeher Health Services, LLC leased approximately 1,268 square feet of retail space in Cimarron Square located at 9265 S. Cimarron Road, Suite 115 in Las Vegas. Helena Garcia of Nationwide Realty, LLC represented the lessor, Riviera Shopping Center, LTD; and Brett S. Beck of Virtus Commercial represented the lessee.

 

3675 ProcyonNeff Rental, LLC leased approximately 2,360 square feet of industrial space located at 3675 Procyon Street in Las Vegas.  Paul Callister of Albright Callister represented the lessor, 3500-3675 Procyon, LLC; and Troy Tobler of Virtus Commercial represented the lessee.

 

 

720 RanchoStepping Stones Children’s Academy, LLC leased approximately 10,675 square feet of retail space located at 720 Rancho Del Norte in North Las Vegas. Gilles Laviolette of Encore Realty Group represented the lessor, ZB&H Properties, LLC; and Jakke Farley and Matt Feustel of Virtus Commercial represented the lessee.

 

Stewart SquareCasablanca Group, LLC renewed 1,295 square feet of retail space at Stewart Square, 235 N Eastern Avenue, Las Vegas, NV 89101. The tenant occupies suite 104. Chris Emanuel and Vanesa Werme represented the landlord, The Miller Trust dated 11/30/1999; CARE Holdings, LLC, LMGP 1, LLC in the transaction.

 

Savant Investment Partners Sells 4315 N. Rancho

4315 N RanchoJordan Wirsz of Savant Investment Partners sells multi-tenant retail/office space in Las Vegas for $1,170,000 on June 2, 2016. The property, originally built in 2004, is approximately 8,456 SF and is located at 4315 N. Rancho Drive, Las Vegas, NV 89130. The sellers represented themselves through Jordan Wirsz, CEO of Savant Commercial Real Estate.

The approximate aggregate value of this transaction is $138.36 per square foot.

Newmark Grubb Knight Frank Recent Activity From Tressler & Zobrist

Newmark1 logoIsland Pacific Silverado, Inc dba Island Pacific Supermarket leased 14,643 square feet of retail space for 120 months at 467 E. Silverado Ranch Blvd, from Empress Group, LLC.  Total consideration was $2,156,181.80. Nelson Tressler and Michael Zobrist of Newmark Grubb Knight Frank represented the lessor in the transaction.

Peter Piper, Inc dba Peter Piper Pizza leased 9,613 square feet of retail space for 180 months at 6081 S. Eastern Ave, from MCP Airport Center, LLC.  Total consideration was $1,986,000.00. Nelson Tressler and Michael Zobrist of Newmark Grubb Knight Frank represented the lessor in the transaction.

East Sahara & Nellis, LLC  sold 9,200 square feet of retail space at 5061 E. Sahara Ave., to JARM, LLC. Total consideration was $2,550,000.00. Nelson Tressler and Michael Zobrist of Newmark Grubb Knight Frank represented the seller in the transaction.

Cushman & Wakefield/COMRE Reports On Multi-family Activity

Multi-family construction volume in Las Vegas is at an all-time high, according to Cushman & Wakefield/Commerce. Each year on average, permits for 5,000 to 6,000 units are granted. Currently, permits for nearly 11,000 units have been granted, indicative of growth and improved market conditions.

Although multi-family construction is flourishing across Las Vegas, the area experiencing the highest level of action is in unincorporated Clark County along a five-mile stretch of 215 west of Las Vegas. Land prices in the past years have averaged $10,000 to $15,000 per unit, which have now increased to levels of $35,000 per unit, or more, in some instances. Some of the larger multi-family developments with approved permits are:

  • Union – Nevada West: 338 units, 4450 South Hualapai Way, 89147
  • Aspire – Ovation: 271 units, 9110 West Tropicana Avenue, 89147
  • Elysian West – Calida Group: 466 units, West Hacienda Avenue & Jerry Tarkanian Way, 89148
  • SW – Nevada West: 310 units, 6355 South Durango Drive, 89113
  • 2One5 – Nevada West: 368 units, 7960 Rafael Rivera Way, 89113

“The amount of undeveloped land in this area has enticed developer interest. Situated between two high-revenue producing areas, Summerlin and Henderson, with easy access on 215, the area is well-suited for multi-family development,” said Carl Sims, executive director with the Las Vegas Office of Cushman & Wakefield/Commerce. “Last year Las Vegas was one of the leaders in overall construction nationwide, so I am not surprised to see multi-family playing a larger role in that mix.”

Lower than normal vacancy coupled with rental rates increasing 4 – 6 percent yearly is spurring new multi-family development. It is important to note everything is cyclical and this current trend is no different. The recent up-tick in land costs is expected to slow the multi-family construction boom and begin a deceleration in current trends.


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