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Category – December 2016

Recent Virtus Commercial Transactions

img_Southforke Pointe_9975 S EasternGameStop, Inc has renewed their lease for the 1,023 SF retail space at Southforke Pointe, located at 9975 S. Eastern Ave. Ste. 125, in Henderson.  Chris Emanuel of Virtus Commercial represented the Lessor, SAAC, LLC.
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img_Desert Inn Plaza_3242 E Desert Inn RdMaria Luz Garcia & Danilo Francisco Diaz Cortina has leased approximately 800 SF of retail space at Desert Inn Plaza, located at 3242 E. Desert Inn Rd. Ste. 6, in Las Vegas.  Brett S. Beck of Virtus Commercial represented the Lessor, Desert Inn Square, and Gary S. Beck of Virtus Commercial represented the Lessee.   Paula Rainey has leased approximately 800 SF of retail space at Desert Inn Plaza, located at 3242 E. Desert Inn Rd. Ste. 12, in Las Vegas.  Brett S. Beck of Virtus Commercial represented the Lessor, Desert Inn Square, and Gary S. Beck of Virtus Commercial represented the Lessee.

 

 

 
img_Green Valley Town Center II_4500 E Sunset RdDivine Wellness, LLC has leased approximately 1,510 SF of retail space at Green Valley Town Center II, located at 4500 E. Sunset Rd. Ste. 4, in Henderson.  Brett S. Beck of Virtus Commercial represented the Lessor, Henderson Town Center LLC, and Gary S. Beck represented the Lessee.

 

 

 

 

 

img_Stewart Square_235 N EasternJuan Kuraica & Juan Antonio Gauthereau has leased approximately 1,200 SF of retail space at Stewart Square, located at 235 N. Eastern Ave. Ste. 110, in Las Vegas.  Matt Feustel of Virtus Commercial represented the Lessor, The Miller Trust Dated 11/30/1999; Care Holdings, LLC; LMGP 1, LLC.

 

 

 

 

 

img_Stewart Square_235 N EasternMelissa Gamboa has leased approximately 1,200 SF of retail space at Stewart Square, located at 235 N. Eastern Ave. Ste. 106, in Las Vegas.  Matt Feustel of Virtus Commercial represented the Lessor, The Miller Trust Dated 11/30/1999; Care Holdings, LLC; LMGP 1, LLC and Christian Terry of Virtus Commercial represented the Lessee.

 

 

 

 

img_Sunridge Village Plaza_10960 S EasternGrowingone Inc. has leased approximately 1,200 SF of retail space at Sunridge Village Plaza, located at 10960 S. Eastern Ave. Ste. 110, in Henderson.  Brett S. Beck of Virtus Commercial represented the Lessor, Kwang Ha LLC, and Kumiko Toyoda of TR Realty represents the Lessee

 

 

 

 

 

img_5770 S Valley ViewClearlake Holdings has leased approximately 5,966 SF of office space located at 5770 S Valley View Blvd. Building B, in Las Vegas.  Matt Feustel of Virtus Commercial represented the Lessor, DDZ, LLC and Brad Winston of Award Realty represented the Lessee

ViaWest Group Enters Las Vegas Market

lamb-industrial-revised-drawings-002-1Phoenix-based real estate investment and development firm ViaWest Group has closed on the purchase of 7.29 acres on Lamb Boulevard, just south of E. Craig Road in the North Las Vegas submarket. CBRE’s Kevin Higgins and Zac Zaher assisted with the development analysis and land acquisition.

Via West plans to develop a 121,890-square foot “mid-bay” multi-tenant industrial development, catering to small and mid-sized tenants, an under-served segment of the market. The building will have 28-foot clear height, up to 9 suites (or bays), catering to tenants in the 10,000 to 30,000 square foot range.  The front-loaded building will also be cross-docked, enabling larger tenants additional loading and distribution functionality.  The tentative address is 4305 N. Lamb Boulevard, Las Vegas, Nevada.  The project has not yet been named.

Over the past several years, industrial property vacancy has in Las Vegas has declined from a peak of approximately 15% to a current vacancy of just over 5%.  Most new development has been large warehouse distribution buildings catering to large e-commerce companies.  However, as the entire market has been recovering, small to mid-sized tenants now have very few options if they are looking to either enter the market or move locations, or if they have outgrown their existing space.  ViaWest Group’s goal is to fill this market need.  “We are very excited to enter the Las Vegas industrial market with this project,” noted Gary Linhart, Founding Partner at ViaWest Group.  “We have been looking to either buy or develop mid-bay buildings, but with 5% vacancy and very little competitive product on the horizon, we think it is time to build,” he added. Kevin Higgins stated “We believe there is an excellent opportunity for an entrepreneurial developer like Via West to take advantage of the under-serviced mid-bay market in the North Las Vegas submarket.”

ViaWest is looking to add to its investment in Las Vegas, with a focus on acquiring and building industrial properties.  Kevin Higgins and Zac Zaher of CBRE’s Las Vegas office are leasing this project for ViaWest Group.  Anticipated completion date is early 2018.

Newmark Grubb Knight Frank Recent Transactions



245stephanieRPV Enterprises, Inc dba Bogarts Bone Appetit leased 4,800 square feet of retail space for 62 months at 245 N. Stephanie St., Ste. C-F, from Roxbury Advisors, LLC. Michael Zobrist and Nelson Tressler of Newmark Grubb Knight Frank represented the lessor in the transaction.

 

 

 
217stephanie_northBEKK Partners dba A Beautiful Bouquet leased 1,400 square feet of retail space for 60 months at 217 N. Stephanie St., Ste. C, from Roxbury Advisors, LLC. Michael Zobrist and Nelson Tressler of Newmark Grubb Knight Frank represented the lessor in the transaction.

Colliers Recent Transactions

COMPLETED SALES TRANSACTIONS:

  • 4325-w-patrick-ln-unit-155A sale to Unique Signs USA Inc. The approximately 5,840 square foot industrial property is located in Promontory Corporate Plaza at 4325 W. Patrick Ln., Unit 155 in Las Vegas. The transaction amount was $759,200. Dean Willmore, SIOR of Colliers International represented the seller, Liu Properties LV LLC.

 

 

 

 

COMPLETED LEASE TRANSACTIONS:

 

  • 150-cassia-way-400A lease renewal to Dublin Management Associates of New Jersey. The approximately 21,600 square foot industrial property is located in Black Mountain Industrial Park at 150 Cassia Wy., Suite 400 in Henderson. Dan Doherty, SIOR, Susan Borst, CCIM, SIOR, Chris Lane and Jerry Doty represented the lessor, DPIF NV3 Black Mountain LLC.

 

 

 

 

  • 1650-helm-dr-ste-500A lease to Bluberi USA Inc. The approximately 8,775 square foot industrial property was located in Spencer & Helm Business Center at 1650 Helm Dr., Suite 500 in Las Vegas. Spencer Pinter of Colliers International represented the lessor, EJM Spencer Helm Property, LLC. Dan Doherty, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessee.

 

 

 

  • 5275-s-arville-st-ste-156A lease to Fidelis Health Group. The approximately 4,338 square foot industrial property is located in Hacienda Crossing at 5275 S. Arville St., Suite 156 in Las Vegas. Dean Willmore, SIOR, Mike DeLew, SIOR and Greg Pancirov, SIOR of Colliers International represented the lessor, FJM Vegas Holdings.  Eric Molfetta, CCIM and Chris Zunis of Colliers International represented the lessee.

 

 

 

  • 4040-west-hacienda-avenue-suite-110A lease to Slater Design Studios. The approximately 4,110 square foot industrial property is located in Hacienda Business Park at 4040 W. Hacienda Ave., Suite 110 in Las Vegas. Brian Riffel and Tyler Jones of Colliers International represented the lessee.

 

 

 

 

  • 3866-civic-center-drA lease to South Pacific Transport Corporation. The approximately 4,008 square foot industrial property is located in Civic Center Corporate Park at 3866 Civic Center Dr. in North Las Vegas. Dan Doherty, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessor, MCA Civic Center II LLC.

 

 

 

 

  • 7180-dean-martin-dr-ste-500A lease to Coverall North America Inc. The approximately 3,200 square foot industrial property is located in Warm Springs Business Center (Phase I) at 7180 Dean Martin Dr., Suite 500 in Las Vegas. Spencer Pinter of Colliers International represented the lessor, WSL Properties LLC, and the lessee.

 

 

 

 

  • 2275-corporate-circleA lease to All Western Mortgage. The approximately 2,424 square foot office property is located at 2275 Corporate Cir. in Henderson. Ryan Martin, CCIM, SIOR, Taber Thill, SIOR and Patti Dillon of Colliers International represented the lessee.

 

 

 

 

  • 3900-w-ponderosa-way-ste-dA lease to 24/7 Entertainment Inc. The approximately 1,886 square foot industrial property is located in VV Blvd Industrial Park at 3900 W. Ponderosa Wy., Suite D in Las Vegas. Dean Willmore, SIOR, Mike DeLew, SIOR and Greg Pancirov, SIOR of Colliers International represented the lessor, FJM Valley View Associates LLC.

 

 

 

 

  • 4345-corporate-center-drive-suite-201A lease to Hygiene Ventures LLC. The approximately 1,209 square foot industrial property is located in Westland Center at 4345 Corporate Center Dr., Suite 201 in North Las Vegas. Dan Doherty, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessor, The Realty Associates Fund XI LP.

 

Newmark Grubb Knight Frank Details Recent Sales And Leasing Activity

Newmark logoSales

Wells Fargo Bank N.A. sold 15,976 square feet of retail space at 7083 W. Craig Rd., to Craig 95 Holdings, LLC. Total consideration was $3,725,000.00. Nelson Tresler and Michael Zobrist of Newmark Grubb Knight Frank represented the buyer in the transaction.

AMP Development, LLC sold 4,051 square feet of industrial space at 2551 E. Washburn Rd., to 2567 E. Washburn Rd, LLC. Total consideration was $325,000.00. Ben Millis, Chris Beets, and Dave Wrzesinski of Newmark Grubb Knight Frank represented the seller in the transaction. Dan Doherty of Colliers International represented the buyer in the transaction.

Leases

Crossqueens Fitness, LLC dba Orangetheory Fitness leased 3,290 square feet of retail space at 4245 S. Grand Canyon Dr, Ste 109, from E-Grand Ventures, LLC. NGKF has currently leased out 90% of the shopping center leaving only 2 spots available. Total consideration was $366,808.32. Michael Zobrist and Nelson Tressler of Newmark Grubb Knight Frank represented the lessor in the transaction.

C&W Capital Markets Along With C&W Commerce Close Significant Investment Grade Transactions In 2016

cw-logoCushman & Wakefield announced today that Rick Reeder, Executive Managing Director and Brad Tecca, Managing Director of the firm’s Capital Markets group in San Diego have successfully closed four office investment sale transactions in the Las Vegas metro market since May 2016 with a total asset value of almost $90 million. Mr. Reeder and Mr. Tecca, who both focus primarily on larger, best in class, institutional office and industrial investment sales in the Las Vegas, San Diego, and Phoenix markets, were assisted with local market intelligence by Cushman & Wakefield Commerce experts Geoffrey West, Senior Director, Jayne Cayton, Senior Director and Michael Dunn, Market Leader of Cushman & Wakefield Commerce’s Las Vegas office.

“Las Vegas is considered one of the most exciting investment markets in the country,” said Mr. Reeder. “Expansion in the region’s diverse economy, which is characterized by employment growth and robust tourism and gaming industries, as well as distinguished corporations, has spurred significant population growth and job gains, particularly in the hospitality and retail sectors. This growth has driven increased demand for office space and triggered a rise in leasing and construction activity.”

The four investment sales closed by the group since May of 2016 consist of high-quality, multi-tenant office buildings. Three of the four dispositions involved properties carved out from a large property portfolio owned by American Nevada Company, while the remaining property was sold by Marnell Properties. Cushman & Wakefield represented the seller(s) in these transactions:

In August, the group sold a 113,163 square foot, four-story Class A multi-tenant office building at 2360 Corporate Circle in the city of Henderson, a suburb of Las Vegas.  A large San Francisco based firm purchased the high-image, LEED certified building from American Nevada Company. Referred to as Corporate Center VI, the building was developed in 2008 and is situated within the larger Green Valley Corporate Center North project. Corporate Center VI features a unique design with structural concrete and granite accent finishes, a towering design at the building’s main entry, abundant surface and garage parking, and an expansive, darkly tinted glass line. The building was nearly 80 percent leased, largely by professional services firms, at the time of sale.

In late July, the group sold the Marnell Corporate Center V, a 110,938 square foot, five- story Class A multi-tenant office building located at 6720 Via Austi in the heart of the Las Vegas airport area to a large pension fund advisor. A development of Marnell Companies was offered for sale for the first time since being developed in 2007 and features an innovative design within a cutting edge Class A office environment, impressive two-story pass-through lobby, a freestanding dedicated covered parking structure, and expansive views of Las Vegas. Marnell Corporate Center 5 was 95 percent leased to a diversified tenant roster at the time of sale.

In mid-July, the group also sold two single-story multi-tenant office buildings totaling 113,565 square feet positioned at 2470 & 2490 Paseo Verde Parkway in Henderson. A Denver based investor acquired the assets from American Nevada Company. Developed in 2003, the buildings comprise a portion of the larger Green Valley Corporate Center South project. The buildings feature tinted glass, great parking, attractive common area finished and tenant improvements, and were more than 77 percent leased at the time of sale to a diverse collection of tenants.

In mid-May, the group sold the entire Aliante Corporate Center project in North Las Vegas for $6.1 million. Located at 2590 and 2550 Nature Park Drive, the Aliante Corporate Center consists of two beautifully designed, two- story office buildings each comprising 27,821 square feet for a total of 55,642 square feet. Incorporating dramatic design elements, each building also features a contemporary lobby with impeccable finishes such as marble flooring, stone accents, and large windows providing abundant natural light. The property was more than 67 percent leased at the time of sale to five tenants. The excess land on the 6.16 acre property also invites further potential development.

Additionally, the group is currently marketing for sale the Fort Apache Corporate Center on behalf of a large west coast based investment firm. Developed in 2001, the center is composed of two high-quality, multi-tenant office buildings located at 4670 and 4730 S. Fort Apache Road totaling 110,798 square feet and situated on a 6.6 acre site between two of Las Vegas’ largest and most desirable master-planned residential communities—Summerlin and Green Valley. The low rise office buildings feature classic designs, well-appointed interiors, efficient floor configurations, and abundant surface parking and reside in an optimal location in Southwest Las Vegas along Interstate 215, just 15 minutes from McCarran International Airport and the world-famous Las Vegas strip. The project is more than 86 percent leased.

Mr. Tecca said, “This opportunity is particularly advantageous in the Las Vegas metropolitan area where both the market and economy continue to thrive.”

8 Unit Stanley Apartments Sell for $52,250 Per Unit

stanley-aptsnorthcap-logoJerad Roberts, Robin Willett, and Devin Lee, CCIM, of Northcap Multifamily, are pleased to announce the recent sale of Stanley Apartments for $418,000. This sale consisted of 8 multifamily units, located at 5000 Stanley Avenue in Las Vegas, NV.

 

This transaction closed on December 14, 2016. Northcap Multifamily represented the Seller (Nittany Lion Investments, LLC) in this transaction.

Property vs Asset Management? – Inquiring Minds Want To Know

ram-logoMany of us are familiar with real estate property management i.e. the management of the daily activities of a property’s operation. But, when the conversation turns to real estate asset management, things can get a little murky.

Although there are many facets to this industry, to put it simply the goal of real estate ‘asset management’ is to maximize property value so that it can be sold, rented, and/or leased for a profit. Interested in learning more about the ins and outs of this complex, but intriguing, industry? Keep reading for a concise, but comprehensive, breakdown:

For the full article, please click here

Recent Transactions From Sun Commercial

4325-w-patrick-lane-155-1The Sale of an Industrial Building was completed on December 6th. The 5,840 square-foot building is located at 4325 W. Patrick Lane, Unit 155, Las Vegas, NV. The total value of the transaction was $759,200.00. Michael Brazill and Jon Willis of Sun Commercial Real Estate, Inc. represented the Buyer, K&D Enterprises, LLC and Dean Willmore of Colliers International represented the Seller, Liu Property LV, LLC.

 

 

 

4000-s-easterm-aveThe Lease with State of Nevada, Department of Administration, Public Works Division for the Department of Tourism and Cultural Affairs was completed on December 8th. The 4,136 square-foot office space is located at 4000 S. Eastern Avenue, Ste. 240, Las Vegas, NV. The total value of the transaction was $421,872.00. Michael Brazill and Edward Bassford of Sun Commercial Real Estate, Inc. represented the Landlord, AILP, LLC and Michael Hsu of Newmark Grubb Knight Frank represented the Tenant, State of Nevada, Department of Administration, Public Works Division for the Department of Tourism and Cultural Affairs.

 

 

 

4584-n-rancho-driveThe Sale of an Office Building was completed on December 6th. The 5,136 square-foot building is located at 4584 N. Rancho Drive, Las Vegas, NV. The total value of the transaction was $270,000.00. Cathy Jones, Roy Fritz, Paul Chaffee, and Wil Chaffee of Sun Commercial Real Estate, Inc. represented the Seller, MSCI 2007- IQ13 North Rancho Drive, LLC (LNR Partners).

 

 

 

 

3070-e-post-roadThe Lease with Climate Control Experts was completed on November 28th. The 6,270 square-foot office/warehouse space is located at 3070 E. Post Road, Las Vegas, NV. The total value of the transaction was $199,824.90. Lisa Hauger, Tim Behrendt and Tim Erickson of Sun Commercial Real Estate, Inc. represented the Landlord, JCRC, LLC and Jarrad Katz of MDL Group represented the Tenant, Climate Control Experts.

 

 

 

 

3020-n-walnut-roadThe Lease with Sun Woo Jang was completed on November 15th. The 5,750 square-foot industrial space is located at 3020 N. Walnut Road, Ste#140, Las Vegas, NV. The total value of the transaction was $162,380.00. Cathy Jones, David Livingston, Paul Miachika, Roy Fritz, and Jessica Cegavske of Sun Commercial Real Estate, Inc. represented the Landlord, MCA Walnut LLC and Jae Rim of Key Realty represented the Tenant, Sun Woo Jang.

Palmeri & Wainwright Continue Strong Momentum

cushman1Nth Degree signed a new 61 month lease for +/- 28,396 SF located at 4545 Cameron Street, Suite B, in Las Vegas. Dan Palmeri and Natalie Wainwright of Cushman & Wakefield Commerce represented the Tenant. Total Transaction Value: ±$1,018,487.00

Lyft signed a new 63 month lease for +/- 3,721 SF located at 7255 S. Tenaya Way Ste. 300, in Las Vegas.  Dan Palmeri and Natalie Wainwright of Cushman & Wakefield Commerce represented the Tenant. Patti Dillon, Ryan Martin and Taber Thill of Colliers International represented the Landlord.  Total Transaction Value: ±$437,079.00

Healthcare Partners Nevada, LLC  signed a new 12 month lease for +/- 5,136 SF located at 3006 S. Maryland Parkway, Suite 400, in Las Vegas. Dan Palmeri and Natalie Wainwright of Cushman & Wakefield Commerce represented the Tenant. Michael Hsu of Newmark Grubb Knight Frank represented the Landlord. Total Transaction Value: ±$121,055.00

Healthcare Partners Nevada, LLC, signed a new 120 month lease for +/- 10,582 SF located at 6170 North Durango Drive, Suite 130, in Las Vegas.  Dan Palmeri and Natalie Wainwright of Cushman & Wakefield Commerce represented the Tenant. Michael Young of IREPLV represented the Landlord. Total Transaction Value: ±$2,305,138.00

Wright, Finlay & Zak, LLP signed a new 32 month lease for +/- 10,337 SF located at 7785 W. Sahara Avenue, Suite 200, in Las Vegas.  Dan Palmeri and Natalie Wainwright of Cushman & Wakefield Commerce represented the Tenant. Commercial Executives Real Estate’s broker Soozi Jones Walker and Bobbi Miracle represented the Landlord. Total Transaction Value: ±$284,700.00

Healthcare Partners Nevada, LLC signed a new 27 month lease renewal for +/- 5,313 SF located at 9280 W. Sunset Road, Suite 320, in Las Vegas. Dan Palmeri and Natalie Wainwright of Cushman & Wakefield Commerce represented the Tenant. Michael Hsu of Newmark Grubb Knight Frank represented the Landlord. Total Transaction Value: ±$296,000.00

CF Apollo dba Crossfit Apollo, signed a new 36 month lease renewal for +/- 4,020 SF located at 6535 N. Buffalo Suites 160, 170, 180, in Las Vegas.  Dan Palmeri and Natalie Wainwright of Cushman & Wakefield Commerce represented the Tenant. Phillip Davis of PHD Development LLC. Represented the Landlord. Total Transaction Value: ±$194,000.00

Banjo, Inc., signed a new 9 month sublease for +/- 12,881 SF located at 5655 Badura Ave., Ste 180, in Las Vegas. Dan Palmeri and Natalie Wainwright of Cushman & Wakefield Commerce represented the Sublessee. Jayne Cayton and Matt Kreft of Cushman & Wakefield Commerce represented the Sublandlord. Total Transaction Value: ±$106,000.00

A new 60 month Lease Renewal to Nevada State Contractors Board signed a new 60 month lease renewal for +/- 16,856 SF space located at 2310 Corporate Circle, Ste. 200, in Henderson.  Dan Palmeri and Natalie Wainwright of Cushman & Wakefield Commerce represented the Tenant. Charles W. Van Geel of American Nevada Realty represented the   Total Transaction Value: ±$1,820,000.00


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