SIOR_Header

Category – November 2011

Primestor Pays $8.8 Million for 4G Plaza

Primestor Pays $8.8 Million for 4G PlazaPrimestor Development bought the 78,849-square-foot 4G Plaza, on 9.98 acres, at 4215-4275 E. Charleston Blvd. in Las Vegas for $8,825,000, or $112-per-square-foot, from 4G Properties LLC. Anchored by El Super, the 30-year-old neighborhood shopping center was 93% leased at the time of sale. Tenants include Home Depot, Wells Fargo, Taco Bell, Big 5 Sporting Goods and SprintCB Richard Ellis’ Charles Moore, Michael Newman and Marlene Fujita represented the seller.

Coldwell Banker: Cash Dominates Home Sales

Coldwell Banker Cash Dominates Home SalesHome closings continue to be robust, with single family home closings up 20% last month over October 2010, says Coldwell Banker Premier Realty. Cash, rather than loans, are the single most common method for buying homes. Nearly 40% of single family homes were purchased with cash, while 86% of condominiums were purchased with cash, often because loans are not available for this asset class.
For the full report, CLICK HERE.

Cushman & Wakefield: Retail Rents at 2003 Levels

Cushman & Wakefield Retail Rents at 2003 LevelsAverage retail asking rents showed no change at $1.50 per square foot in third quarter, which is the lowest asking lease rate since 2003, reports Cushman & Wakefield / Commerce Real Estate Solutions. At the end of September, the Las Vegas retail market had approximately 8.28 million square feet of vacant product for a 14.6% vacancy. Yet, there was 16,603 square feet of positive net absorption in the third quarter, much of it coming from Frye’s Electronics moving into The Great Indoors space inside Boca Park in Summerlin. For the full report, CLICK HERE.

Rainbow Sunset Retail Complex Sold for $8 Million

Rainbow Sunset Retail Complex Sold for $8 MillionBrentwood Pavilion LLC bought the 7-year-old, 63,759-square-foot Rainbow Sunset Pavilion Retail Center, on 8.98 acres, at 6315 – 6485 South Rainbow Blvd. in Las Vegas for $8 million, or $125.47-per-square-foot, from Nakama LLC/Hillcrest Trust. The neighborhood strip retail center was 60% occupied at the time of sale. CB Richard Ellis’ Charles Moore, Michael Newman and Marlene Fujita represented the seller.

Hughes Cheyenne Building Sells For $7.5 Million

Hughes Cheyenne Building Sells For $7.5 MillionPacifica Real Estate Group bought a 14-year-old, 109,585-square-foot industrial building, on 7.44 acres, inside Hughes Cheyenne Center at 985 Trade Drive in North Las Vegas for $7,475,000, or $68-per-square-foot, from CIP Real Estate. The building is 100% leased by two tenants: Cox Communications and Creative Light Source. Voit Real Estate Services’ Kevin Higgins and Mike Hefner represented the seller.

Inspirada Lenders Recoup $335 Million

Inspirada Lenders Recoup $335 MillionCreditors of Focus Property Group’s defunct 2,000-acre, 13,500-home Inspirada master-planned community at St. Rose Parkway and Executive Airport Road in Henderson recently agreed to a reorganization plan that gives lenders like JP Morgan Chase a chance to recoup about $335 million. After a year of negotiations, creditors and the court trustee have agreed to a reorganization plan. Eight homebuilders, including Toll Brothers, KB Home, Beazer Homes, and Pardee Homes, among others, purchased the development property during a June 2004 federal auction for $557 million, or $278,500-per-acre. When housing bubble burst, only a small portion had been developed. The project defaulted on its loans in 2008, and creditors forced Inspirada into involuntary chapter 11 bankruptcy two years later. The court appointed a trustee, Cynthia Nelson, in February 2011. Toll, KB, Beazer and Pardee agreed to settle for about $335 million. Two of the companies, Woodside Homes and Kimball Hill Homes, declared bankruptcy themselves and are no longer part of the pact. Focus worked out an earlier settlement.

Revere Marketplace Adds New Restaurant

Revere Marketplace Adds New RestaurantLumberjacks Restaurant signed a 10-year, $1,052,670 lease for 5,800 square feet of retail space inside the 6-year-old, 56,090-square-foot Revere Marketplace, on 7.09 acres, at 965 W. Craig Road in North Las Vegas. Gatski Commercial Real Estate’s Rob Lujan and Jason Simon represented the lessor, Las Vegas Adventure LLC. The reported average rent equals $1.51 per square foot. 

Lawyer’s Title Plaza Sells for $2.8 Million

Lawyer’s Title Plaza Sells for $2.8 Million4-D LP bought the 39,750-square-foot Lawyer’s Title Plaza, on 3.06 acres, at 1210 S. Valley View Blvd. in Las Vegas for $2.8 million, or $70-per-square-foot, from LBUBS 2003-C5 Valley View Office LLC. Gatski Commercial Real Estate’s Rob Lujan and Jason Simon represented the seller. The 19-year-old, two-story office building was 71% leased at the time of sale with such tenants as Nevada’s Department of Health and Human Services.

RAN Forecasts $1.5 Billion in Holiday Shopping

RAN Forecasts $1.5 Billion in Holiday ShoppingRetail Association of Nevada (RAN) is projecting a 6.4% increase in holiday spending based on strong statewide sales for the first eight months of 2011. If Nevadans keep pace with this year’s $764 per person spending estimate, it would generate in $1.5 billion in holiday season sales. “With nationwide sentiments now matching our expectations for improvements of 6% to 7% in terms of annual holiday spending growth, we are even more confident in our projections,” said RAN President Mary Lau. “On Black Friday and throughout the rest of the holiday season, we hope shoppers everywhere will take advantage of the enticing sales and promotions.” 

Hit Counter provided by laptop reviews