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Cushman & Wakefield/Commerce Recent Transactions

cushman1Cushman & Wakefield/Commerce announced the following deals:

  • The University of Phoenix, Inc leased 10,597 SF of office space at Bank of America Plaza, 300 S 4th St, Las Vegas 89101. Jayne Cayton, Matt Kreft, and Lauren Tabeek of Cushman & Wakefield/Commerce represented the lessor, CCRP/AG BOFA Plaza Owner, LLC.
  • RBSM, LLC leased 3,454 SF of office space at Siena Office Park, 871 Coronado Center Dr, Ste 110, Henderson 89052. Jayne Cayton and Matt Kreft of Cushman & Wakefield/Commerce represented the lessee.
  • Gregory A Bowman, DDS & Celine Bowman renewed 2,396 SF of office space at Moneyworld Plaza, 8010-8020 W Sahara Ave, Ste 230, Las Vegas 89117. Nick Barber and Jeremy Foley of Cushman & Wakefield/Commerce represented the lessor, WCCP I&II Sahara, LLC.
  • OptionCare Enterprises, Inc, leased 12,150 SF of retail space at Sahara Pavilion North, 4708 W Sahara Ave, Las Vegas 89102. Neil Sorkin and Bob Hawkins of Cushman & Wakefield/Commerce represented the lessee.
  • HipChix, LLC renewed 1,721 SF of office space at Canyon Plaza, 7925 W Sahara Ave, Ste 103, Las Vegas 89117. Bob Hawkins of Cushman & Wakefield/Commerce represented the lessor, Winner Properties, LLC.
  • RSG USA, LLC a Nevada limited liability company, renewed 802 SF of retail space at Craig & Lamb Plaza, 4348 E Craig Rd, Ste 120, Las Vegas 89129. Dan Hubbard and Jason Park of Cushman & Wakefield/Commerce represented the lessor, Craig & Lamb, LLC.
  • Armens, LLC dba Crazy Kebab leased 1,382 SF of retail space at Whitney Ranch, 641 N Stephanie St, Henderson 89014. Dan Hubbard and Jason Park of Cushman & Wakefield/Commerce represented the lessor, 601-699 Whitney Ranch Center, LLC, a Delaware LLC.
  • Mind Over Matters leased 1,794 SF of office space at Red Feather Plaza, 3231 N Decatur Blvd, Ste 228, Las Vegas 89130. Pete Janemark of Cushman & Wakefield/Commerce represented the lessee.
  • Church & Casualty Insurance Agency, Inc leased 7,054 SF of office space at 810 S Durango Dr, Ste 110, Las Vegas 89145. Pete Janemark of Cushman & Wakefield/Commerce represented the lessee.

Recent Virtus Commercial Transactions

Virtus Commercial announced the following transactions:

2045cheyenneLiberia Shalom renewed lease of approximately 1,200 square feet of retail space at Cheyenne Pointe located at 2045 E. Cheyenne Avenue, Suite 130 in North Las Vegas.  Chris Emanuel and Gina O’Neil of Virtus Commercial represented the lessor, Medford Capital, LLC, and the lessee.

 

 

 

 

6325russellJoshan Filipino Oriental Market renewed lease of approximately 2,379 square feet of retail space at Boulder Marketplace located at 6325 E. Russell Road, Suite 104B & 105 in Las Vegas.  Chris Emanuel and Vanesa Werme of Virtus Commercial represented the lessor, Boulder Marketplace CLE, LLC.

 

 

 

 

Montelago Village at Lake Las VegasRST Gaming leased approximately 6,400 square feet of retail space at Montelago Village at The Lake Las Vegas Resort located at 25 Via Bel Canto, Suite 110 in Henderson.  Roger Jeffries of Berkshire Hathaway HomeServices represented the lessee and Robert S. Hatrak II of Virtus Commercial represented the lessor, Signal Butte Investors, LLC.

 

 

 

 

4545springmountainCut 4 U, LLC leased approximately 1,491 square feet of retail space at Mountain Point Business Park located at 4545 Spring Mountain Road, Suite 109 in Las Vegas.  Vanesa Werme of Virtus Commercial represented the the lessor, Mountain Point, LLC.

 

 

 

 

6883easternSEBADRI, LLC dba Heidi’s Brooklyn Deli leased approximately 2,213 square feet of retail space at Palm Court located at 6883 S. Eastern Avenue, Suite 100 in Las Vegas.  Robert S. Hatrak II of Virtus Commercial represented the lessee and the lessor, Ashland Properties, LLC.

 

 

 

 

4884lakemeadeDream Furniture leased approximately 19,227 square feet of retail space located at 4884 E. Lake Mead Boulevard in Las Vegas.  Brett S. Beck of Virtus Commercial represented the lessor, Lake Mead Square, LLC.

 

 

 

 
5715saharaCrescent Enterprises leased approximately 1,058 square feet of retail space at Westview Plaza located at 5715 W. Sahara Avenue, Suite 102 in Las Vegas.  Phil Claire of P and G Realty Unlimited represented the lessee and Robert S. Hatrak II of Virtus Commercial represented the lessor, Nick and Georgia Dalacas Trust.

 

Colliers Transactions of Note

Colliers International – Las Vegas announced the following transactions:

2570-Wigwam-PkwyA sale to CK El Segundo LLC. The approximately 8.69 acre retail center is called Centra Pecos Legacy and is located at 2570 Wigwam Pkwy in Henderson. Scot Marker of Colliers International represented the seller, Centra Pecos Legacy LLC.
 

 

 

 

5530-S-Valley-View-BlvdA lease to B.R. Funsten & Company dba Tom Duffy Wholesale Flooring Products. The approximately 11,240 square foot industrial property is located at 5530 S. Valley View Blvd., Suite 101, 102 and 103 in Las Vegas. Dan Doherty, SIOR, Susan Borst, CCIM, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessor, TLM Holdings LLC.
 

 

 

5175-W-Diablo-DriveA lease to American Expediting Company. The approximately 7,746 square foot industrial property is located in Westech Business Center II at 5175 W. Diablo Dr., Suite 104 in Las Vegas. Greg Pancirov, SIOR and Mike DeLew, SIOR of Colliers International represented the lessor, Cable Investments – Diablo LP.
 

 

 

 

3065-East-Patrick-LaneA lease to EZ Distribution Enterprises Inc. The approximately 6,200 square foot industrial property is located in Patrick Airport Business Center at 3065 E. Patrick Ln., Suite 1 in Las Vegas. Greg Pancirov, SIOR and Mike DeLew, SIOR of Colliers International represented the lessor, Patrick Airport Business Center LLC.
 

 

 

 

3655-E-Patrick-LaneA lease to Las Vegas Presort Inc. The approximately 5,116 square foot industrial property is located in Arrowhead Commerce Center (Building 8) at 3655 E. Patrick Ln., Suite 300 in Las Vegas. Spencer Pinter, Dan Doherty, SIOR, Susan Borst, CCIM, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessor, KTR LV I LLC.
 

 

 

 

4150-N-Lamb-BlvdA lease to Creative Light Source Inc. The approximately 5,099 square foot industrial property is located in Northpointe Business Center at 4150 N. Lamb Blvd., Suite 110 in Las Vegas. Dean Willmore, SIOR and Chelsy Cardin of Colliers International represented the lessor, FJM Northpointe Associates LLC.
 

 

 

 

3550-Post-Bldg.3A lease to Caremax Health Group LLC. The approximately 4,012 square foot industrial property is located in Arrowhead Commerce Center (Building 3) at 3550 E. Post Rd., Suite 200 in Las Vegas. Spencer Pinter, Dan Doherty, SIOR, Susan Borst, CCIM, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessor, KTR LV IV LLC.
 

 

 

 

5275-S-Arville-StreetA lease to Hard Rock Café International. The approximately 2,827 square foot industrial property is located in Hacienda Crossing at 5275 S. Arville St., Suite 152 in Las Vegas. Dean Willmore, SIOR, Mike DeLew, SIOR, Greg Pancirov, SIOR and Chelsy Cardin of Colliers International represented the lessor FJM Vegas Holdings LLC.
 

 

 

 

2190-E-Pebble-RoadA lease to Edward Jones & Co. The approximately 1,373 square foot office property is located in Pebble Place Business Center at 2190 E. Pebble Rd. in Las Vegas. Suzette Lagrange and Kara Walker, CCIM of Colliers International represented the lessor, CVK LLC.
 

 

 

 

8850-S-Maryland-PkwyA lease renewal to Thomas and Victoria Rassch. The approximately 1,295 square foot retail property is located in Scottsdale Plaza at 8850 S. Maryland Pkwy., Suite 100 in Las Vegas. Chris Connell and Grant Traub of Colliers International represented the lessor, SREF Scottsdale Plaza LLLP.
 

Palmeri & Wainwright Sizzle in the Second Quarter

cushman1Dan Palmeri and Natalie Wainwright of Cushman & Wakefield Commerce announced the following transactions:

  • Unify Financial Credit Union signed a new 64 month lease valued at + $264,800 for +/-2,316 SF at 7985 W. Sahara, Suite 101, in Las Vegas. Dan Palmeri and Natalie Wainwright of Cushman & Wakefield / Commerce represented the Tenant.  Bob Hawkins of Cushman & Wakefield Commerce represented the Landlord.
  • Dignity Health Medical Group Nevada signed a new 36 month lease valued at $143,000 for +/-2,400 SF of space at 1701 N. Green Valley Parkway Suite A, Bldg. 10, in Henderson. Dan Palmeri and Natalie Wainwright of Cushman & Wakefield / Commerce represented the Tenant.  Cyndi Inman of Priority One Commercial Real Estate represented the Landlord.
  • Rob Jensen Company sublet +/-2,106 SF for 21 months at 10785 W. Twain Ave, Ste. 110, in Las Vegas.   Bob Hawkins and Natalie Wainwright of Cushman & Wakefield / Commerce represented the Sublessor.    Rob Jensen of Rob Jensen Company represented himself. Total Transaction Value: ±$88,700.
  • Rod J. Perdew leased +/- 6,000 SF of space for 60 months at 512 Fremont Street, in Las Vegas for ±$955,700.  Dan Palmeri and Natalie Wainwright of Cushman & Wakefield / Commerce represented the Tenant.  Kathee Miller of Pebble Real Estate represented the Landlord.
  • XAD, INC., a Delaware Corporation, inked a 63-month lease for +/-4,012 SF of space at 3753 Howard Hughes Parkway, Ste.151, in Las Vegas.  Dan Palmeri and Natalie Wainwright of Cushman & Wakefield / Commerce represented the Tenant.   Patti Dillon of Colliers Nevada, LLC represented the Landlord. The transaction was valued at ±$108,200.
  • Bergman Walls & Associates, Ltd., leased 11,400 SF of space for 60-months at 709 N. Valle Verde Court in Henderson for ±$865,200.   Dan Palmeri and Natalie Wainwright of Cushman & Wakefield / Commerce represented the Tenant.  Landlord Self represented.
  • JSA Healthcare Nevada, LLC renewed 3,684 SF for an additional 12-months at 400 Shadow Lane. Ste 207, in Las Vegas.  The transaction was valued at ±$75,600. Dan Palmeri and Natalie Wainwright of Cushman & Wakefield / Commerce represented the Tenant.  Stacy Scheer of Colliers International represented the Landlord.
  • B and I Federal Bank leased +/- 24,178 SF for 78 months at 9205 West Russell Road, Suite 400, in Las Vegas. The total transaction value was ±$4,280,300.  Dan Palmeri and Natalie Wainwright of Cushman & Wakefield / Commerce represented the Tenant.  Brad Peterson of CBRE represented the Landlord.
  • Wright, Finlay & Zak, LLP signed a 30-month expansion for +/-2,070 SF of space located at 7785 W. Sahara Avenue, Suite 203, in Las Vegas for ±$95,450. Wright, Finlay & Zak, LLP also signed an 11-month renewal valued at ±$124,900 for their space at 7785 W. Sahara Avenue, Suite 200-201, in Las Vegas. Dan Palmeri and Natalie Wainwright of Cushman & Wakefield / Commerce represented the Tenant and Soozi Jones Walker of Commerce Executives Real Estate represented the Landlord in both transactions.
  • Glumac inked a 24-month lease for +/-1,556 SF of space at 3960 Howard Hughes Parkway, Suite 370, in Las Vegas for ±$115,600. Dan Palmeri and Natalie Wainwright of Cushman & Wakefield / Commerce represented the Tenant.   Taber Thill of Colliers International represented the Landlord.
  • Rod J. Perdew leased +/- 6,000 SF of space for 60 months at 512 Fremont Street, in Las Vegas for ±$955,700.  Dan Palmeri and Natalie Wainwright of Cushman & Wakefield / Commerce represented the Tenant.  Kathee Miller of Pebble Real Estate represented the Landlord.
  • The sale of a +/-18,160 SF building with JJD Holdings LLC for $1,600,000. The property is located at 1860 Pama Lane, in Las Vegas.  Dan Palmeri and Natalie Wainwright of Cushman & Wakefield / Commerce represented the Buyer.    Pat Marsh of Colliers International represented the Seller.

BKM Capital Partners Acquires Seven-Building Multi-Tenant Light Industrial Park In Las Vegas For $15,650,000

Spencer Airport CenterBKM Capital Partners, an institutional fund manager with a niche focus on value-add, multi-tenant light industrial investments, has acquired Spencer Airport Center, a seven-building 177,597 square-foot multi-tenant industrial park in Las Vegas, Nevada for $15,650,000.

This is the BKM’s fourth acquisition in the Las Vegas market, bringing the firm’s local assets under management to 710,538 square feet.

“The Las Vegas airport submarket in which Spencer Airport Center is located, has demonstrated tremendously high occupancy and consistent demand that is significantly outpacing supply,” says Brian Malliet, CEO and Co-Founder of BKM Capital Partners.  “Quality market fundamentals and ongoing growth in the region make our below-replacement-cost and significantly below peak pricing, acquisition of this asset particularly noteworthy.”

BKM purchased Spencer Airport Center at more than 40 percent below replacement costs, according to Malliet.

The property is located at 6744, 6754 & 6830 Spencer Street; 1857, 1863 & 2055 E. Helm Avenue; 1856 & 2060 Pama Lane; and 6745 Surrey Street in Las Vegas, Nevada. The seller, Guardian Financial, was represented by CB Richard Ellis.

 

Colliers Transactions of Note

Aliante-MarketplaceA sale to Aliante Plaza LLC. The approximately 60,757 square foot shadow anchored Smith’s shopping center, The Aliante Marketplace and is located at the 215 Beltway and Aliante Pkwy in the Aliante Master Planned Community in North Las Vegas. The transaction value was $19,000,000. David Grant and Grant Traub of Colliers International represented the seller, Aliante Marketplace LLC. Al Twainy, CCIM and Amelia Hyden of Colliers International represented the buyer.

 

 

 

Corporate-Center-Drive---9.49-AcresA sale to 2567 East Washburn Road LLC. The approximately 9.49 acre vacant land parcel is located adjacent to the I-15 freeway near Craig Rd and Pecos Rd on Corporate Center Dr (APN:139-01-711-002) in North Las Vegas. The transaction value was $2,480,306. Dan Doherty, SIOR, Susan Borst, CCIM, SIOR, Chris Lane and Jerry Doty of Colliers International represented both the seller, The Realty Associates Fund XI LP, and the buyer.

 

 

 

4300-Flossmoor-St A lease to R.C. Willey Home Furnishings Inc. The approximately 278,520 square foot industrial property is located in Craig and Lamb Distribution Center at 4300 Flossmoor St in Las Vegas. Dan Doherty, SIOR, Susan Borst, CCIM, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessee.

 

 

 

 

2625-N-Green-Valley-PkwyA lease to David O. McKay Academy Inc. The approximately 31,201 square foot office property is located in Green Valley Civic Center at 2625 N. Green Valley Pkwy in Henderson. Chris Connell and Grant Traub of Colliers International represented the lessor, 2625 GV LLC.

 

 

 

 

3250-E-Sahara-AveA lease to Paul Blanco Good Car Company. The approximately 27,000 square foot retail property is located at 3250 E. Sahara Ave in Las Vegas. Grant Traub and Chris Connell of Colliers International represented the lessor, Rhino Realty of Nevada LLC.

 

 

 

 

4464-Calimesa-RoadA lease renewal to Goodman Distribution Inc. The approximately 19,125 square foot industrial property is located at 4464 Calimesa St in Las Vegas. Dan Doherty, SIOR, Susan Borst, CCIM, SIOR, Chris Lane and Jerry Doty of Colliers International represented both the lessor, NLV Sagebrush LLC, and the lessee.

 

 

 

 

5245-Procyon-StreetA lease renewal to West Edna Associates LTD. The approximately 18,743 square foot industrial property is located at 5245 Procyon St in Las Vegas. Dan Doherty, SIOR, Susan Borst, CCIM, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessor, JPD Hayward Limited Partnership.

 

 

 

 

5925-2-Wigwam-AvenueA lease to Woodrow’s Hydroponics LLC. The approximately 6,851 square foot industrial property is located in Wigwam Jones Industrial Park at 5925-2 Wigwam Ave in Las Vegas. Dan Doherty, SIOR, Susan Borst, CCIM, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessor, MCA Wigwam LLC.

 

 

 

 

4535-StatzA lease to Elite Glass & Mirror Inc. The approximately 4,646 square foot industrial property is located in Petersen Industrial Center at 4535 Statz Rd, Suite D in North Las Vegas. Greg Pancirov, SIOR and Mike DeLew, SIOR of Colliers International represented the lessor, DM Real Estate Holdings LLC.

 

 

 

 

3475-West-Post-Road A lease to Frontier Stone Works LLC. The approximately 3,825 square foot industrial property is located in Diamond Southwest Industrial Park at 3475 W. Post Rd, Suite 120 in Las Vegas. Greg Pancirov, SIOR and Mike DeLew, SIOR of Colliers International represented the lessor, Diamond Post LLC.

 

 

 

 

7255-S-Tenaya-WayA lease to Lyft Inc. The approximately 3,721 square foot office property is located in The Arroyo Tenaya Office Park at 7255 S. Tenaya Wy, Suite 300 in Las Vegas. Ryan Martin, CCIM, SIOR, Taber Thill, SIOR and Patti Dillon of Colliers International represented the lessor, EJM Arroyo South II Property LLC.

 

 

 

 

5565-S-Decatur-Blvd-Suite-108A lease to Western Office Interiors Inc. The approximately 2,752 square foot office property is located at 5565 S. Decatur Blvd, Suite 108 in Las Vegas. Ryan Martin, CCIM, SIOR, Taber Thill, SIOR and Patti Dillon of Colliers International represented the lessee.

 

 

 

 

2797-S-Maryland-PkwayA lease to Laura & Michael Harris dba Tennesseasonings. The approximately 2,652 square foot retail property is located in Sunrise City Plaza at 2797 S. Maryland Pkwy, #29-30 in Las Vegas. David Grant of Colliers International represented the lessor, B33 Sunrise City Plaza.

 

 

 

 

1215-South-Fort-Apache-RoadA lease to Skintegrity Skin Spa LLC. The approximately 2,520 square foot retail property is located in Fort Apache Commons at 1215 S. Fort Apache Rd, Suite 230 in Las Vegas. David Grant, Grant Traub and Chris Connell of Colliers International represented the lessor, LJT Properties I LP.

 

 

 

 

5030-S-DecaturA lease to Natalie Goldie. The approximately 2,131 square foot industrial property is located in Decatur Bell Commerce Center at 5030 S. Decatur Blvd, Suite D in Las Vegas. Dean Willmore, SIOR, Mike DeLew, SIOR, Greg Pancirov, SIOR and Chelsy Cardin of Colliers International represented the lessor, FJM Vegas Holdings LLC.

Southern Nevada Home Prices Keep Climbing Amid Tight Supply

glvarThe Greater Las Vegas Association of REALTORS® (GLVAR) reported Tuesday that Southern Nevada home prices continued to rise as the local housing supply remained tight.

GLVAR reported the median price of existing single-family homes sold during July through its Multiple Listing Service (MLS) increased to $236,000. That was up 7.3 percent from $218,000 one year ago.

Meanwhile, GLVAR said the median price of local condominiums and townhomes, including high-rise condos, sold in July was $115,000, the same as last month and last year at this time.

“The local housing market is having a pretty solid summer so far,” said 2016 GLVAR President Scott Beaudry, a longtime local REALTOR®. “Home prices have been going up gradually. And although we sold fewer homes and condos in July than we did during the previous month and year, sales have been running ahead of last year’s pace. Our tight inventory might finally be slowing down our sales pace. Sales slipped the most during July for lower-priced homes. This suggests it’s getting harder for entry-level buyers to find the homes they want.”

According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in July was 3,447, down from 3,815 total sales in July of 2015. Compared to the same month one year ago, 7.2 percent fewer homes, and 4.2 percent fewer condos and townhomes sold in July.

Beaudry said local home sales for the first half of 2016 had been outpacing 2015, when GLVAR reported 38,578 single-family home, condominium, townhome and high-rise condo sales. That was more than in 2014, but fewer sales than during each of the previous five years.

Even with a slight drop in sales during July, Beaudry said Southern Nevada still has less than a three-month supply of homes available for sale, when a six-month supply is considered to be a balanced market.

The total number of single-family homes listed for sale on GLVAR’s Multiple Listing Service in July was 13,217, down 3.8 percent from one year ago. GLVAR tracked a total of 2,401 condos, high-rise condos and townhomes listed for sale on its MLS in July, down 30.9 percent from one year ago.

By the end of July, GLVAR reported 7,338 single-family homes listed without any sort of offer. That’s down 1.3 percent from one year ago. For condos and townhomes, the 1,212 properties listed without offers in July represented a 48.0 percent decrease from one year ago.

As in past months, GLVAR continued to track declines in distressed sales and a corresponding increase in traditional home sales, where lenders are not controlling the transaction. In July, 5.7 percent of all local sales were short sales – when lenders allow borrowers to sell a home for less than what they owe on the mortgage. That’s down from 7.1 percent of all sales one year ago. Another 5.9 percent of all July sales were bank-owned, down from 7.7 percent one year ago.

Though they continue to make up a smaller percentage of all local home sales, Beaudry said short sales may continue to be an attractive option for some homeowners this year since Congress voted in late December to again extend the Mortgage Forgiveness Debt Relief Act of 2007, as REALTORS® advocated. If Congress had not voted to again extend this tax break to help distressed homeowners, any amount of money a bank wrote off in agreeing to sell a home as part of a short sale would have been taxable when sellers file their federal income taxes.

GLVAR said 25.8 percent of all local properties sold in July were purchased with cash, compared to 27.1 percent one year ago. That cash buyer percentage has stabilized in recent months. It’s still less than half of the February 2013 peak of 59.5 percent, suggesting that cash buyers and investors remain more active in Southern Nevada than in most markets, but that their influence continues to wane.

These GLVAR statistics include activity through the end of July 2016. GLVAR distributes such statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:

  • The monthly value of local real estate transactions tracked through the MLS during July was nearly $783 million for homes and nearly $75 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in July were down 1.4 percent for homes and down 25.2 percent for condos and townhomes.
  • Homes sold faster in July, when 74.9 percent of all existing local homes and 68.8 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 69.4 percent of all existing local homes and 65.2 percent of all existing condos and townhomes sold within 60 days.

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