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Category – March 2012

Desert Inn Commerce Center Signs Lease

Desert Inn Commerce Center Signs LeaseAffinityLifestyles.com signed a 1-year, $30,000 lease for 4,000 square feet of warehouse space inside the 21-year-old Desert Inn Commerce Center at 3216-3228 W. Desert Inn Road in Las Vegas. Cushman& Wakefield-Commerce Real Estate Solutions’ Leo Biedermann represented the lessor, Paradise Las Vegas LLC. The reported average rent equals 63 cents per square foot modified gross. 

United Seating & Co. Extends Lease

United Seating & Co. Extends LeaseUnited Seating & Mobility signed a 1-year, $25,920 lease for 3,600 square feet of warehouse space inside the 21-year-old Desert Inn Commerce Center, on 6.31 acres, at 3230 W. Desert Inn Road, Suite 3, in Las Vegas. Cushman & Wakefield-Commerce Real Estate Solutions’ Leo Biedermann represented the lessor, Paradise Las Vegas LLC. The reported average rent equals 60 cents per square foot modified gross. 

Rainbow Market Sells for $1.4 Million

Rainbow Market Sells for $1.4 MillionAn unnamed private investor bought the 14-year-old, 3,400-square foot Rainbow Market, on 0.84 acres, at 5075 E. Washington Ave. in Las Vegas for $1,425,000, or $419 per square foot, from Alvin Skiriaki. Marcus & Millichap’s Dustin Alvino and Ray Germain represented both the buyer and seller. Last renovated in April 2009, the four-gas-pump property has 7 years remaining on a net lease to Loper Markets, aka Rainbow Market, a nine-unit operator in Reno and Las Vegas.

Severin Group Renews Summerlin Office Lease

Severin Group Renews Summerlin Office LeaseThe Severin Group signed a 1-year, $109,721 lease for 4,354 square feet of office space inside Summerlin’s 17-year-old Plaza East, on 2.82 acres, at 1645 Village Center Circle in Las Vegas. Grubb & Ellis’ David Scherer represented the lessor, 1645 Village Center Circle LLC; Cushman & Wakefield-Commerce Real Estate Solutions’ Susan Borst represented the tenant. The reported average rent equals $2.10 per square foot modified gross.

Auction Ears Stays in Downtown LV

Auction Ears Stays in Downtown LVAuction Ears LLC signed a 1-year, $8,459 lease for 742 square feet of office space inside a 33-year-old building, on 0.15 acres, at 930 S. Third Street, Suite 100-B, in Las Vegas. Cushman & Wakefield-Commerce Real Estate Solutions’ Carolyn Curtis represented the lessor, Solterra Nevada LLC. The reported average rent equals 95 cents per square foot full service gross.

ULI: Real Estate Uptick Through 2014

ULI Real Estate Uptick Through 2014A new Urban Land Institute (ULI) survey of 38 leading real estate economists and analysts show broad improvements for the real estate markets through 2014. Over the next three years:
·         Commercial property transaction volume is expected to increase by nearly 50%
·         Issuance of commercial mortgage-backed securities (CMBS) is expected to more than double
·         Institutional real estate assets and real estate investment trusts (REITs) are expected to provide returns ranging from 8.5% to 11% annually
·         Vacancy rates are expected to drop in a range of between 1.2 and 3.7 percentage points for office, retail, and industrial properties and remain stable at low levels for apartments; while hotel occupancy rates will likely rise
·         Rents are expected to increase for all property types, with 2012 increases ranging from 0.8% for retail up to 5% for apartments;
·         Housing starts will nearly double by 2014, and home prices will begin to rise in 2013, with prices increasing by 3.5% in 2014

For the full report, CLICK HERE.

Recovery Properties Renews Quail Bonita Lease

Recovery Properties Renews Quail Bonita LeaseRecovery Properties signed a 5-year, $108,659 lease renewal for 2,044 square feet of office space inside the 20-year-old Quail Bonita Park at 600 Whitney Ranch Drive in Henderson. Gatski Commercial Real Estate’s Rob Lujan and Jason Simon represented the lessor, Equus Investment Group; Gatski Commercial Real Estate’s Laramie Bracken represented the tenant. The reported average rent equals 89 cents per square foot.

Sahara Plazas Sells for $4.6 Million

Sahara Plazas Sells for $4.6 MillionNorth America Real Estate Investment bought the 10-building, 124,082-square-foot Sahara Plazas office complex, on 7.87 acres, at 2800 W. Sahara Ave. and 2330-2340 Paseo Del Prado in Las Vegas for $4,625,000, or $37 per square foot, from GCCFC 2005-GG5 Sahara Office LLC. The 32-year-old property was 67% leased at the time of sale. Gatski Commercial Real Estate Services’ Rob Lujan and Jason Simon represented the seller. 

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