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Cushman & Wakefield COMRE Starts Off Strong In 2017

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Canyon PlazaMuelbauer Law Office LTD renewed 1,395 SF of office space at Canyon Plaza, 7915 W Sahara Ave, Ste 104, Las Vegas 89117. Bob Hawkins of Cushman & Wakefield Commerce represented the lessor, Winner Properties, LLC.

 

 

 

 

 

Convention Center TowerDocu Zoom, Inc leased 2,811 SF of office space at Convention Center Tower, 101 Convention Center Dr, Ste 360, Las Vegas 89109. Katelyn Panella, Bob Hawkins, Jayne Cayton, and Matt Kreft of Cushman & Wakefield Commerce represented the lessor, Vegasstarr LLC and Concord Prime LLC.

 

 

 

 

 

CreeksideBoyou Buda, LLC leased 4,278 SF of industrial space at Creekside Business Center, 2553 E Washburn Rd, North Las Vegas 89081. Jennifer Levine, CCIM and Elizabeth Moore of Cushman & Wakefield Commerce represented lessor, Dean R & Penny S Brunner 1985 Trust.

 

 

 

 

 

3700 W DesertNancor Holdings, LLC sold 5,422 SF of industrial space 3700 W Desert Inn Rd & 3224 Procyon St, Las Vegas, 89102 for $650,000 to Heriha Universal LTD. Jennifer Levine, CCIM and Elizabeth Moore of Cushman & Wakefield Commerce represented the seller.

MDL Group Announces Several Completed Deals

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MDL Group has announced the following transactions:

  • A sale transaction was completed for a single tenant NN leased medical property of approximately ±11,995 sq ft. This property is located at 150 S Valley View Las Vegas, NV 89107. Jarrad Katz SIOR, CCIM and Galit Kimerling of MDL Group represented the seller. The property sold for $5,685,591.
  • A sale transaction was completed for a single tenant NN leased  medical property of approximately ±10,199 sq ft. This property is located at 2065 N Las Vegas Blvd Las Vegas, NV 89030. Jarrad Katz SIOR, CCIM and Galit Kimerling of MDL Group represented the seller. The property sold for $3,245,000.
  • A lease transaction completed at 930 Wigwam Pkwy for Z Batting Cages, of approximately ±12,312 square feet. The industrial building is located at 930 Wigwam Pkwy Henderson, NV 89014. Sam Scaletta and Tony Scaletta of MDL Group represented the landlord.
  • A lease transaction completed at 5645 S Eastern to Scales N Tails, of approximately ±800 square feet. The retail space is located at 5645 S Eastern Ave Las Vegas, NV 89119. Hillary Steinberg of MDL Group represented the landlord.
  • A lease transaction completed at 3160 Desert Inn to LV Cell Fix, of approximately ±1,000 square feet. The retail space is located at 3160 Desert Inn Rd #3 Las Vegas, NV 89121. Hillary Steinberg of MDL Group represented the landlord.
  • A lease transaction completed at The Shoppes at the Palazzo to REVIV, of approximately ±1,000 square feet. The retail space is located at 3327 S Las Vegas Blvd Las Vegas, NV 89109. Hillary Steinberg of MDL Group represented the tenant.
  • A lease transaction completed at Flamingo Verde to Goh Insurance & Tax, of approximately ±1,200 square feet. The retail space is located at 6020 W Flamingo Rd #13 Las Vegas, NV 89103. Lisa Anderson of MDL Group represented the landlord.
  • A lease transaction completed at Sunset Ridge Professional Plaza to Zip Hub Inc, of approximately ±4,365 square feet. The office space is located at 2920 N Green Valley #712 & #713 Henderson, NV 89014. Jerry Hagfeldt of MDL Group represented the landlord.
  • A lease transaction completed at McLeod Business Center to Climate Control Experts, of approximately ±6,270 square feet. The industrial space is located at 3070 E Post Rd #A Las Vegas, NV 89120. Jarrad Katz SIOR, CCIM and Galit Kimerling of MDL Group represented the tenant.
  • A lease transaction completed at 4011 E Sunset Rd to Abuzz LLC, of approximately ±2,354 square feet. The retail space is located at 4011 E Sunset Rd Henderson, NV 89014. Jarrad Katz SIOR, CCIM and Galit Kimerling of MDL Group represented the landlord.
  • A lease transaction completed at Pageantry West to Brighton Home Health and Hospice, of approximately ±2,076 square feet. The office space is located at 8945 W Russell Rd #310 Las Vegas, NV 89148. Jarrad Katz SIOR, CCIM, Brendan Leake and Galit Kimerling of MDL Group represented the landlord.
  • A lease transaction completed at Cameron Hacienda for SLS Production Inc, of approximately ±1,601 square feet. The industrial building is located at 5320 Cameron St Las Vegas, NV 89118. Marty Martell of MDL Group represented the tenant.
  • A lease transaction completed at Craig Road Business Center for Unity Homes LLC, of approximately ±3,281 square feet. The industrial building is located at 4550 Donovan Way North Las Vegas, NV 89081. Marty Martell of MDL Group represented the landlord.
  • A lease transaction completed at Whitney Ranch for Daniel Woods Photography, of approximately ±1,800 square feet. The industrial building is located at 1010 N Stephanie St Henderson, NV 89014. Marty Martell of MDL Group represented the landlord.

Recent Sun Commercial Transactions

Sun Commercial is pleased to announce the following recent transactions:

1700 w horizon ridge pkwyThe Sale of an Office Building was completed on December 21, 2016. The 28,691 square-foot building is located at 1700 W. Horizon Ridge Parkway, Henderson, NV. The total value of the transaction was $4,950,000.00. Cathy Jones, Paul Miachika, Roy Fritz, Jessica Cegavske, and David Livingston of Sun Commercial Real Estate, Inc. represented the Buyer, First Savings Bank and Soozi Jones Walker and Bobbi Miracle of Commercial Executives represented the Seller, Corley LLC.

 

 

 

4120 prescott road, modesto CAThe Sale of an Office Building was completed on December 22, 2016. The 16,734 square-foot building is located at 4120 Prescott Road, Modesto, CA. The total value of the transaction was $4,550,000.00. Cathy Jones, Paul Miachika, Roy Fritz, Jessica Cegavske, and David Livingston of Sun Commercial Real Estate, Inc. represented the Buyer, Burroughs Vista Livestock LP and Jake Maiorino of CoSol Commercial Real Estate represented the Seller, Catherine Cardoza Conner, LLC, Bowen Cardona LLC, and Carrie Cardoza Bordona LLC.

 

 

 

2920 N Green Valley PkwyThe Sale of an Office Building was completed on January 6th. The 27,584 square-foot building is located at 2920 N. Green Valley Parkway, Building 5, Henderson, NV. The total value of the transaction was $2,365,000.00. Paul Chaffee, Wil Chaffee, Jodi Gilbert and Dylan Weber of Sun Commercial Real Estate, Inc. represented the Seller, SAL Holdings, LLC and Joshua Michaely of International Realty represented the Buyer, LASR, LLC.

 

 

 

8076 W SaharaThe Lease with Holy Land Health LLC was completed on January 15th. The 4,309 square-foot office space is located at 8076 W. Sahara Avenue, Suite B, Las Vegas, NV. The total value of the transaction was $192,870.84. Paul Chaffee, Wil Chaffee, Jodi Gilbert and Dylan Weber of Sun Commercial Real Estate, Inc. represented both the Landlord, Sahara Plaza, LLC and the Tenant, Holy Land Health LLC.

Get a Haircut now open at The Promenade at Juhl in Downtown Las Vegas

California-based Get a Haircut, a classic men’s barber shop that combines classic hair cuts with classic rock n’ roll, is now open at The Promenade at Juhl, the 20,000-square-foot ground-level retail component at Juhl, a 344-residence, multi-building community that spans an entire city block in downtown Las Vegas. The Promenade at Juhl officially opened in November and is bringing critically needed retail and services to an underserved area of downtown.

“We are delighted to welcome Get a Haircut to Las Vegas and The Promenade at Juhl,” said Uri Vaknin, a partner at KRE Capital LLC, whose company, in partnership with Dune Real Estate Partners, purchased Juhl in 2013 as DK Las Vegas. “This is a fun, hip place that has done very well in California, and we expect it to be equally popular here. While downtown Las Vegas has great beauty lounges like Bombshell, Get a Haircut fills a void by bringing a quality and reputable men’s hair salon to the area. Now all the attorneys and other professionals who work in the area have a great place to get their hair cut.”

promenadeGet a Haircut joins other retailers already open at The Promenade at Juhl, including:

  • Greens & Proteins –A modern, family friendly café serving breakfast, lunch and dinner, featuring a menu full of healthy comfort foods, vegan, raw and vegetarian options and a smoothie and fresh juice bar.
  • Le Pho – The recently opened Vietnamese kitchen at Promenade at Juhl specializes in fast, fresh and simple dishes by owner Chef Khai Vu.
  • Classic Jewel - The cocktail lounge Classic Jewel serves up drink options that pay homage to Vegas of yesteryear. The bar is owned by a team of friends, three who live at Juhl.
  • A/V Boutique & Downtown Décor – A/V Boutique specializes in home theater retail and design, catering to young professionals.  Downtown Decor is a place to purchase eclectic and esoteric home furnishings and décor. Owners Tammy Gerlach and John Marshall, are Juhl residents.
  • JAECI – A jewelry store owned and operated by Jenna Consiglio, a lifelong Las Vegan who moved to Juhl three years ago.
  • Galerie Miscre8 – Tanya Michelle, street artist and owner of Galerie Miscre8 and Lil Art Bodega, the urban gallery and supply store that combines street art with fine art, has made her personal and professional home at Juhl for three years.

 

Coming soon: 

  • The Corner Market, a community convenience store is planned to open in 2017.

Marnell Properties Breaks Ground on Expansion Project for Marnell Airport Center at McCarran International Airport

marnellMarnell Properties, one of Las Vegas’ premier development companies, broke ground on two new buildings in the Marnell Airport Center (MAC) at Las Vegas’ McCarran International Airport and within the Foreign Trade Zone.

The expansion will feature two buildings, offering more than 133,000 square-feet of new light office/industrial space to the master planned airport development. Located off Spencer Street and Russell Road, the project will feature two buildings, each with 9-foot by 10-foot dock doors, 12-foot by 14-foot grade level doors, 28-foot minimum clear height, 277/480v power, ESFR fire sprinkler system and natural gas capabilities. MAC 2 will cover more than 58,000 square feet and MAC 3 will span more than 74,000 square feet.

“The Las Vegas economy continues to grow and the expansion of the Marnell Airport Center reflects the demand for convenient, flexible and high-quality industrial space,” said Greg Wells, President of Investments and Real Estate. “These new buildings will feature Marnell’s high-end development standards with unique plans that offer custom solutions for businesses to create a first-class work environment for their specific needs.”

For more than 30 years, Marnell Properties has developed some of the most successful and high-profile real estate projects in Las Vegas. The company is developing the MAC project in collaboration with Clark County, Department of Aviation.

The expansion is expected to be completed in the Third Quarter of 2017. Once all phases are complete, Marnell Airport Center will span across 14 acres, with two industrial buildings at 133,000 square-feet, one three-story office building at 80,000 square-feet and one single-story building at 6,300 square-feet.

CBRE Hotels to Auction the Rita Suites Las Vegas

CBRECBRE Hotels has been exclusively engaged to market the 221-room Rita Suites located one block off the Las Vegas ‘Strip’ at 344 E Desert Inn Road in Las Vegas, Nevada.

“With excellent, current net operating income and strong profit margins, this all-suite, fee simple property offers a tremendous upside opportunity to affiliate with a national hotel brand or as a multi-family or mixed-use redevelopment play,” said Chris Komanowski, senior vice president, of CBRE Hotels in Las Vegas. Mr. Komanowski added, “We are offering the Rita Suites in an auction format with bids due on March 1, 2017.”

Located behind Wynn’s Encore Casino Resort and proximate to the Las Vegas Convention Center expansion which is currently under construction, the unencumbered Rita Suites benefits from year-round demand from one of the most popular leisure and convention cities in the world.

Southern Nevada Home Sales Rose in 2016

glvarThe Greater Las Vegas Association of REALTORS® (GLVAR) reported Friday that more existing homes were sold in Southern Nevada in 2016 than in 2015, even with a tight housing supply and rising home prices.

GLVAR’s housing statistics for the month of December showed some seasonal forces at work, with local home prices down slightly from the previous month, as typically occurs this time of year. Still, GLVAR reported the median price of existing single-family homes sold during December through its Multiple Listing Service (MLS) was $235,000. That was up 8.3 percent from December 2015. Meanwhile, the median price of local condos and townhomes sold in December was $113,000, down 4.2 percent from the same month one year ago.

GLVAR President David J. Tina, a longtime local REALTOR® who became GLVAR president on Jan. 1, said he was “pleasantly surprised” to see home sales increasing in December by 4.6 percent compared to the previous month and by 1.3 percent compared to the previous year. Condo and townhome sales were even stronger, increasing by 18.9 percent from the previous month and by 12.4 percent from the previous year. He cited a combination of factors driving local home sales, including an improving local economy and a population that is growing by about 2 percent per year.

“Even with the tight housing supply we had in 2016 and even with home prices appreciating at a healthy rate, I think people are still seeing the opportunity here,” Tina said. “Our population is increasing again because the economy is improving and people want to move here for all the reasons that have always made Southern Nevada an attractive place to live, from our warm weather to our relatively low taxes and entertainment offerings and more. Plus, our home prices are still a bargain compared to cities in places like Northern and Southern California.”

The total number of existing local homes, condos and townhomes sold in December was 3,402, up from 3,290 in December 2015. According to GLVAR, a total of 41,720such properties were sold in 2016. That was more than the 38,577 properties sold during 2015. It was also more than in 2014, but fewer than during each of the previous five years.

Tina said the local housing inventory continued to shrink, with just over a two-month supply of homes available for sale when a six-month supply is considered to be a balanced market.

By the end of December, GLVAR reported 5,951 single-family homes listed for sale without any sort of offer. That’s down 17.6 percent from one year ago. For condos and townhomes, the 910 properties listed without offers in December represented a 56.5 percent decrease from one year ago.

In the past few years, GLVAR has been reporting fewer distressed sales and more traditional home sales, where lenders are not controlling the transaction. That continued in December, when 4.8 percent of all local sales were short sales – which occur when lenders allow borrowers to sell a home for less than what they owe on the mortgage. That’s down from 6.8 percent of all sales one year ago. Another 6.2 percent of all December sales were bank-owned, down from 6.9 percent one year ago.

GLVAR said 28.7 percent of all local properties sold in December were purchased with cash, up from 28.4 percent one year ago. That’s well short of the February 2013 peak of 59.5 percent, indicating that cash buyers and investors are still more active in Southern Nevada than in most markets, but that their influence has been leveling off.

These GLVAR statistics include activity through the end of December 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 December was more than $741 million for homes and nearly $83 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in December were up 7.8 percent for homes, but down 16.5 percent for condos and townhomes.
  • Homes and condos continued to sell faster as 2016 came to a close. In December, 71.7 percent of all existing local homes and 76.3 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 64.6 percent of all existing local homes and 61.5 percent of all existing local condos and townhomes sold within 60 days.

Recent Virtus Commercial Transactions


955craigRuby Nails has renewed their lease for a 1,400 SF retail space at Revere Marketplace located at 955 W. Craig Rd. Ste. 115, in North Las Vegas.  Chris Emanuel of Virtus Commercial represented the Lessor, Revere Marketplace LLC.

 

 

 

 

6250charlestonTextbook Brokers, Inc has renewed their lease for a 2,025 SF retail space at Charleston Festival located at 6250 W. Charleston Blvd. Ste. 105, in Las Vegas.  Chris Emanuel of Virtus Commercial represented the Lessor, Charleston Festival Retail, LLC.

 

 

 

 

3920raymert1Aurelio Esquivel has purchased a converted home, sitting on .46 acres, located at 3920 Raymert Dr., in Las Vegas.  Fegiel Lopez-Arreola represented the buyer, and Jakke Farley of Virtus Commercial represented the Seller, Robert L. Jones.

 

 

 

 

1873lasvegasblvdAdolfo Orozco has purchased the 31-room Starlite Motel (building size of approximately 10,534 SF), Located at 1873 N. Las Vegas Blvd., in North Las Vegas.  Brett Beck of Virtus Commercial represented both the Buyer and the Seller, Pei-Ken & Yu-Li Tong.

 

 

 

 

3961marylandTibia LLC has renewed their lease in the 1,455 SF retail space at Maryland Crossing, located at 3961 S. Maryland Parkway, in Las Vegas.  Jakke Farley of Virtus Commercial represented the Lessee.

 

 

 

 

8520warmspringTeriyaki Madness has renewed their lease for the 1,800 SF retail space at Durango Springs Plaza, located at 8520 W. Warm Springs Rd. Ste. 103, in Las Vegas.  Chris Emanuel and Gina O’Neil of Virtus Commercial represented both the Lessee and the Lessor, Amen & Traci Wardy.

 

 

 

 

5506apacheMaxHealth Centers has leased approximately 2,453 SF of office space at Fort Apache Office Park, located at 5506 S. Fort Apache Rd. Ste. 110, in Las Vegas.  Marc Magliarditi of Logic Commercial represented the Lessor, Linda Barrett Properties, LLC and Jakke Farley of Virtus Commercial represented the Lessee.


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