Category – April 2012

Pacific Palms Apartments Sells for $1.79 Million

Pacific Palms Apartments Sells for $1.79 Million
Land Baron Properties bought the 27-year-old, 40-unit Pacific Palms Apartments, on 4.95 acres, at 5072 Kell Lane in Las Vegas for $1,790,000, or $44,750 per unit, from Pacific Palms Apartments LLC. Colliers International’s Gary Banner and Garry Cuff represented the buyer; NAI Capital’s Tom Papoulias represented the seller. The two-story, 38,728-square-foot complex was 97% occupied at the time of sale.

RCG Economics: Industrial Vacancy Falls in 1Q

RCG Economics Industrial Vacancy Falls in 1QLocal industrial vacancy rates fell to 16.3% in the first quarter, or 0.2% less than a year prior, reports RCG Economics. Transportation and warehousing gained 1,300 jobs during the last 12 months during which no new industrial space was completed. Yet, a return to market normalcy is still far off. “The valley’s industrial real estate recession continues to move sideways, as the job market remains less than robust,” said RCG principal John Restrepo. “There was 100,400 square feet under construction in the first quarter, which is essential for the market’s return to a healthy supply-demand balance.”


EJM’s Arroyo Signs New $107,820 Lease

Acrylic Tank Manufacturing of Nevada signed a 3-year, $107,820 lease for 5,284 square feet of industrial space inside EJM Development Co.‘s Arroyo South Business Center at 7020 W. Warm Springs Road, Suite 140, in Las Vegas. Colliers International’s Spencer Pinter represented the lessor, EJM Arroyo South I Property, LLC. The reported average rent equals 57 cents per square foot triple net.

Warm Springs Crossing Adds Tenant

Warm Springs Crossing Adds Tenant
Hayabusa USA signed a 66-month, $222,870 lease for 8,796 square feet of industrial space inside KTR Capital PartnersWarm  Springs Crossing, on 17.7 acres, at 7350 Dean Martin Drive, Suite 309, in Las Vegas. Colliers International’s Pat Marsh and Dave Frear represented the tenant; CB Richard Ellis’ Jeremy Green represented the lessor, KTR Capital Partners. The reported average rent equals 38 cents per square foot triple net.

Sienna Foods Joins Koll Business Center

Sienna Foods Joins Koll Business CenterSienna Foods signed a 3-year, $228,816 lease for 5,984 square feet of light industrial space inside 12-year-old Koll Business Centeron 40 acres, at 6125 S. Valley View Blvd., Suite D, in Las Vegas. Colliers International’s Spencer Pinter represented the lessor, Valley View I, II & III LLC; Saunders Realty’s Brad Saunders represented the tenant. The reported average rent equals $1.06 per square foot triple net.

Barneys’ Simon Doonan Hosts CREW-LV Event

Barneys' Simon Doonan Hosts CREW-LV EventBarneys New York’s creative ambassador-at-large Simon Doonan will host the Commercial Real Estate Women of Las Vegas’ (CREW-LV) fifth annual charity event benefiting The Shade Tree on Thursday, May 10, 2012 from 11:30 a.m. until 2:30 p.m. Tickets are $50. The fashion show will be emceed Doonan, and styled by Barneys, with 11-year-old signer Bobbi Alyssa providing entertainment. The luncheon is being catered by FIRST Food & Bar inside The Shoppes in The Palazzo. An after-party will take place inside Barneys New York with an exclusive meet and greet with Doonan. For tickets, register online here or fax in a registration form to 702-798-8653. 

Sansone Real Estate Hires Mario Malatesta

Sansone Real Estate Hires Mario Malatesta
Sansone Real Estate Services recently named Mario Malatesta executive manager of operations. He will oversee day-to-day operations for the company’s 1 million square feet of commercial developments in Southern Nevada. Malatesta most recently served as executive vice president at Terra West Management Services in Las Vegas, where he oversaw leasing of 1,000 residential properties. 

Marcus & Millichap: Office Rent Growth Still Far Off

Marcus & Millichap Office Rent Growth Still Far OffSignificant local office occupancy gains and rent growth will remain elusive for several more quarters, as companies rely on underutilized space in their existing offices to house new hires, said Marcus & Millichap. Through 2012, lenders will continue to clear balance sheets, recognizing the likelihood for soft conditions to persist over the foreseeable future. Prices illustrate the depth of distress in Las Vegas, with the median roughly 70% below pre-recession levels. 

Restrepo: Positive Valley Office Absorption

Restrepo Positive Valley Office AbsorptionThe valley’s fragile office market showed a small but significant improvement in the first quarter, reports RCG Economics. There was 39,900 square feet of positive absorption during the first three months of 2012. It marks only the third instance where net absorption has been positive in the last 17 quarters since the end of 2007. In comparison, there was 223,985 square feet of negative net absorption during fourth quarter of 2011. “The market appears to be stabilizing compared to this time last year,” said John Restrepoprincipal of RCG Economics. “It’s a good sign that certain product and market niches appear to be stabilizing, but the macro picture remains troubling.”

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