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Category – April 2016

Nelson Tressler & Michael Zobrist Of NGKF Continue Retail Activity

Newmark1 logoSoulfish Poke, LLC leased 1,430 square feet of retail space for 60 months at 8680 W. Warm Springs Rd., Ste. 130, from Ravan Orange Grove, LLC.  Total consideration was $199,656.60. Nelson Tressler and Michael Zobrist of Newmark Grubb Knight Frank represented the lessor in the transaction. Jakke Farley of Virtus Commercial Real Estate represented the lessee in the transaction.

The approximate aggregate value of this lease transaction is $2.33 per square foot.

Haircuts for Kids, LLC dba Cookie Cutters leased 1,412 square feet of retail space for 64 months at 7345 S. Durango Dr., Ste 110, from DM Rhodes Ranch, LLC.  Total consideration was $166,422.24. Nelson Tressler and Michael Zobrist of Newmark Grubb Knight Frank represented the lessor in the transaction.  Nela Anzalotti of Logic Commercial represented the lessee in the transaction.

The approximate aggregate value of this lease transaction is $1.84 per square foot

PENTA Group Continues To Expand In Current Environment

Penta small logoThe PENTA Building Group (PENTA), a leading commercial contractor headquartered in Nevada, announced today the hiring of five new employees for its Las Vegas and California offices, bringing its total workforce to 192 employees. The Las Vegas additions include superintendent David Bowers, project manager Geof Ulep, project engineer Chase Roberts and accounting assistant Tara Stearns. In addition, the company promoted Vince Bigay in the Las Vegas office to superintendent. PENTA also hired superintendent Marc Hall in Palm Springs, California.

Bowers brings 21 years of experience in the construction industry to PENTA. He previously served as a superintendent for Tutor Perini Corporation in Sylmar, California.

Prior to taking on his new position, Ulep served as project manager for Level 10 Construction in California. He has worked in construction for 15 years.

Roberts earned his new position after working as an intern with PENTA. He recently graduated from Arizona State University with a bachelor’s degree in construction engineering.

Stearns offers a decade of accounting experience. Prior to joining PENTA, she worked in accounts payable with NorthStar Contracting Group in Las Vegas.

Bigay has risen through the ranks during his more than 10 years with PENTA, taking on his new role after serving in positions such as journeyman and general foreman. He has worked with the company since 2002.

Hall has worked in the construction industry for 28 years. His previous experience includes working with companies such as Hall Construction Co. and Rudolph and Sletten in Redwood City, California.

 

Xceligent & CALV: Q1 Advisory Board Report Shows All Property Types Gaining Ground

X logosoozi jones A report released today by Xceligent and the Commercial Alliance Las Vegas (CALV) shows the office, industrial and retail sectors of the commercial real estate market in Southern Nevada continued to gain ground during the first quarter of 2016.

“For the most part, we picked up in 2016 where we left off in 2015 – with steady gains across the board in our commercial real estate market,” said 2016 CALV President Soozi Jones Walker, CCIM, SIOR, and a longtime local commercial real estate broker. “Commercial real estate activity throughout Southern Nevada is growing along with our local economy.”

According to the latest quarterly report from CALV and Xceligent, the industrial market continued to lead the local recovery, absorbing 916,805 square feet of space during the first quarter of 2016 to lower its local vacancy rate to 6.0 percent. This follows a strong 2015, when nearly 3.4 million square feet of local industrial space was absorbed. With vacant spaces filling up rapidly, Walker said demand for local industrial space could exceed the available supply by the end of 2016.

For the first time in years, Walker said local developers are building large warehouses “on spec,” even before they have tenants lined up to lease the space. She added that “it’s a good sign for Southern Nevada and our commercial real estate industry that these bets are paying off” and that these new developments are proving to be successful.

Walker said the local retail market was also on the upswing during the first quarter, absorbing 406,173 square feet of space and seeing its vacancy rate drop to 8.2 percent. At the same time, lease rates have been increasing over the past year or more.

According to Tina Reith, director of analytics for Xceligent in the Las Vegas market, four former Fresh & Easy stores were listed as vacant during the first quarter, accounting for more than 60,000 square feet of available space in the local retail market. On the other hand, two former Target locations were leased to the Southern Nevada Health District and to Burlington Coat Factory, absorbing more than 160,000 square feet of space.

Other recent retail highlights include IKEA preparing for its May 18 opening of what is expected to be the largest single store of any kind in Nevada. Meanwhile, popular restaurant chains like Cracker Barrel, Dave & Buster’s and Chick-fil-A made news for announcing their first Southern Nevada locations.

In the office market, Walker said vacancy rates dropped to 18.4 percent in the first quarter, but remained higher than historic norms.

The office market absorbed more than 169,000 square feet in the first quarter, with more than 100,000 square feet of that space being leased by United Health Group for a new Southwest Medical Associates health care clinic at 4750 W. Oakey Boulevard in the middle of Las Vegas.

The local office market has been the slowest to recover from the economic downturn. In recent years, CALV leaders have been reporting a “flight to quality,” with office tenants moving to newer spaces in locations they generally consider to be more desirable, leaving older, usually lower-priced office spaces in more established parts of town with increasing vacancy rates. But Walker sees signs of this trend leveling off, with more tenants leasing space in central locations as lease rates continue to rise for newer space in suburban areas.

Xceligent, a rapidly growing provider of commercial real estate information locally and nationally, partners with CALV and local commercial real estate market leaders through their Quarterly Advisory Boards to produce quarterly reports on market trends and conditions in the office, industrial and retail markets in Southern Nevada. The report released today covers activity through the first quarter of 2016.

Walker, whose professional designations include being a Certified Commercial Investment Member (CCIM) and a member of the Society of Industrial and Office REALTORS® (SIOR), is one of dozens of leading local commercial real estate brokers who serve on advisory boards that help verify and produce these reports. She thanked her fellow brokers and others for sharing their time and expertise to help verify this data and to ensure these reports are the most accurate overview possible of the local market.

 

Sun Commercial’s Recent Deals In Las Vegas and Phoenix

Sun LogoA Lease with DaVita Dialysis Partners was completed on February 25th. The 8,506 square-foot building is located at 337 E. Coronado Road, Phoenix, Arizona. The total value of the transaction was $2,918,376.27. Cathy Jones, Paul Miachika, Roy Fritz, Jessica Cegavske, David Livingston of Sun Commercial Real Estate, Inc., and Jee-Young represented the Landlord, Morelli Revocable Trust. Cushman and Wakefield represented the Tenant, DaVita Dialysis Partners.

The Sale of a Retail Building was completed on March 30th. The 3,992 square-foot building is located at 2396 South Lamb. The total value of the transaction was $525,000.00. Ron Branson of Sun Commercial Real Estate, Inc. represented the Seller, Juan Fernandez and also the Buyer,Gamoke Enterprises.

A Lease with Twin Otter International Ltd. was completed on March 31st. The 4,737 square-foot space is located at 2806 Perimeter Road, Suite 101. The total value of the transaction was $138,780.00. Cathy Jones, Paul Miachika, Roy Fritz, Jessica Cegavske, and David Livingston of Sun Commercial Real Estate, Inc. represented the Landlord, Western Alliance Bank.

Bailes Family Trust Aquires 9091 W Sahara Avenue

9901The Bailes Family Trust purchased 9091 W Sahara Ave., Las Vegas, NV 89117. This  3,692 SF retail property on 0.76 acres of land is leased by Coffee Bean and Jamba Juice and sold for $2,550,000.  The Berg Team with SVN represented the buyer, and the seller, 9091 Partners LLC, was represented by Douglas L. Crook and Associates.

The approximate aggregate value of this retail investment property is $691.00 per square foot.

Congrats to Las Vegas’s New CCIM Designees: Chris and Katie

Local CCIM Chapter Wins President’s CupThe following Southern Nevada CCIM Chapter members were among 149 industry professionals who earned the CCIM designation during the organization’s 2016 Midyear Governance Meetings April 3–6 at the Fairmont Chicago Hotel in Chicago:

  • Chris Jackson, CCIM, Director of Commercial Leasing & Property Management, Berkshire Hathaway HomeServices Nevada Properties, Las Vegas, NV
  • Katie Mullay, CCIM, CPM, LEED AP, Senior Property Manager, The Equity Group, Las Vegas, NV

“Each designee has worked very hard and has made sacrifices to achieve the CCIM designation, which will pay off throughout their entire commercial real estate career,” says 2016 CCIM President Steven Moreira, CCIM. “I am pleased to welcome this new group of designees into our esteemed network of CCIM real estate professionals that are consistently sought out in the industry for their competence, work ethic, and analysis expertise.”

To earn the CCIM designation, commercial real estate professionals must complete more than 160 hours of case-study driven education covering topics such as interest-based negotiation, financial analysis, market analysis, user decision analysis, investment analysis, and ethics in commercial investment real estate. Candidates must also compile a portfolio demonstrating the depth of their commercial real estate experience and pass a comprehensive examination.

Dapper Companies Place New Tenants In Existing Projects

Dapper Companies LogoCarl’s Jr. has moved into a new building developed by Dapper Companies and owned by Ten15 Nature Park, LLC, at 2650 Nature Park Drive in North Las Vegas. It has 2,490 square feet of space and a drive-through window. Dapper Companies negotiated a 20-year lease with SL Investments, the local franchisee for Carl’s Jr. The Carl’s Jr. opened for business March 29.

Nearby, Capriotti’s Sandwich Shop opened for business April 4 at 2620 Nature Park Drive in a 2,250-square-foot building owned by Ten15 Nature Park, LLC. The building was developed by Dapper Companies, which also negotiated the 20-year lease for what company officials said is only the second stand-alone Capriotti’s in the country.

Also in North Las Vegas, Creative Kids Learning Center is leasing a new 11,331-sqaure-foot building at 2385 W. Deer Springs Way owned by Ten15 Aliante, LLC, and developed by Dapper Companies. The business is expected to open in mid-April.

In the same area, Dairy Queen has set up shop for a DQ Grill & Chill Restaurant at 2335 W. Deer Springs Way in a 2,622-square-foot building with a drive-through that was developed by Dapper Companies. The property was sold on Feb. 29. J Dapper and Andrea Catalano, of Dapper Companies, represented the landlord. Jeff Berg, of Sperry Van Ness, represented the buyer, Richmond Properties, LLC.


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