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Category – October 2016

SVNs Berg Team Announces 3 Transactions

7460-w-cheyenne-aveThe Berg Team with SVN represented Resort Holdings I LLC in the sale of 7460 W. Cheyenne Ave, a two tenant retail property totaling 3,500 SF.  The sale price was $2,200,000.  Dustin Alvino of Marcus and Millichap represented the buyer.
commerce-and-carey-land-aerial-picture-1The Berg Team with SVN represented Talmer Bank in the sale of 6.81 acres located at the northeast corner of Commerce St and Carey Ave.  The sale price was $900,000.  Alberto Jauregui represented the buyer.
716-720-center-st-cover-shotThe Berg Team with SVN represented RRAMM LLC in the sale of 716-720 Center St, a multi tenant retail center totaling 12,691 SF.  The sale price was $960,000

Las Vegas Commercial Real Estate Office Market Continues to Recover

cushman1The Las Vegas office of Cushman & Wakefield/Commerce released its Q3, 2016 Marketbeat report, which details the office, industrial and retail markets, economy and the state of commercial real estate in Southern Nevada. One of the key insights of the report indicates that the lagging Las Vegas office market may be showing signs of resurgence.

“The industrial market is strong and growing, and the retail market has essentially already recovered from the recession,” said Michael Dunn, market leader for the Las Vegas office of Cushman & Wakefield Commerce.  “We are now seeing indications that the office market, which has been sluggish, is showing new signs of growth and vitality. There has been an increase of office product for sale, and with occupancy rates hitting in the 90 percent range in some buildings, and more property owners are looking to sell. These are all positive signs for the market.”

In addition to increase in properties for sale, the Marketbeat report details an uptick in leasing activity and declining vacancy rates. The overall vacancy rate at the close of third quarter 2016 was 16.1 percent. Due to lack of new development, especially in high-demand submarkets, it is likely that vacancy rates will continue to slowly decline. However, during the coming quarters, with lower vacancy rates, and higher lease rental rates, new construction may become a justifiable option in the near to mid-term future.

During third quarter 2016, the Las Vegas office market reported positive absorption for the quarter and year to date with a continuously declining vacancy rate.

To access the full Marketbeat reports, please visit: http://www.comre.com/research

Virtus Commercial Recent Office and Retail Transactions

70-e-horizon-ridgeDr. Dung Bui, DMD renewed lease of approximately 2,010 square feet of office space at Horizon Village Square Office located at 70 E. Horizon Ridge Parkway, Suite 150 in Henderson.  Chris Emanuel of Virtus Commercial represented the lessor, HVS Partners.

 

 

76-w-horizon-ridgeMVFEIGHT, LLC dba Tropical Smoothie leased approximately 1,600 square feet of retail space at Black Mountain Marketplace located at 76 W. Horizon Ridge Parkway, Suite C-120 in Henderson.  Chris Emanuel of Virtus Commercial represented the lessor, Blk Mtn 1, LLC & Blk Mtn 2, LLC.

 

 

 

1000-valley-viewSmart Choices leased approximately 2,200 square feet of office space located at 1000 Valley View Boulevard, 2nd Floor in Las Vegas.  Matt Feustel of Virtus Commercial represented the lessor, Valley View Series VRES, LLC.

 

 

6111-w-saharaDiab Enterprises DBA Wienerschnitzel leased approximately 1,554 square feet of retail space located at 6111 W. Sahara Avenue in Las Vegas.  Nicole Key of Northgate Commercial represented the lessee; and Andrew Fehrman and Jeff Mitchell of Virtus Commercial represented the lessor, Herbst Development, LLC.

 

 

70-falcon-ridgeThaitran, Inc. DBA Dairy Queen Grill & Chill leased approximately 1,910 square feet of retail space located at 70 Falcon Ridge Parkway in Mesquite.  Andrew Fehrman and Jeff Mitchell of Virtus Commercial represented the lessor, Herbst Development, LLC.

Recent Colliers Transactions

COMPLETED SALES TRANSACTIONS:

apn-176-03-402-002 A sale to GKT 5 LLC. The approximately 2.31 acre land parcel is located near W. Badura Ave. and W. Warm Springs Rd. (APN: 176-03-402-002) in Las Vegas. The transaction value was $800,000. Steven Haynes, Robert Torres and Scott Gragson of Colliers International represented the buyer.

 

 

 

 

COMPLETED LEASE TRANSACTIONS:

 4340-north-lamb-blvdA lease renewal to One Stop Mailing LLC. The approximately 31,200 square foot industrial property is located in Craig Distribution Center II at 4340 N. Lamb Blvd., Suite 140 in Las Vegas. Dan Doherty, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessor, Roberts Ranch Venture LP.

 

 

 

 

1120-palms-airport-driveA lease to EYE-FI. The approximately 26,071 square foot industrial property is located in Paradise Airport Center, Phase I at 1120 Palms Airport Dr. in Las Vegas. Greg Pancirov, SIOR and Mike DeLew, SIOR of Colliers International represented the lessor, Harsch Investment Properties.

 

 

 

 

2250-south-rancho-driveA lease to Zenith America Solutions Inc. The approximately 12,328 square foot office property is located in Sahara Rancho Corporate Center at 2250 S. Rancho Dr., Suite 275-295 in Las Vegas. Chris Connell and Grant Traub of Colliers International represented the lessor, Sahara Rancho Office Center LLC.

 

 

 

 

125-corporate-park-driveA lease to Bearco USA Inc. The approximately 12,320 square foot industrial property is located in Henderson Corporate Park at 125 Corporate Park Dr. in Henderson. Greg Pancirov, SIOR and Mike DeLew, SIOR of Colliers International represented the lessor, Elevon Corporate Park LLC.

 

 

 

 

971-empire-mesa-wayA lease to Sunset Oasis Landscape LLC. The approximately 6,800 square foot industrial property is located at 971 Empire Mesa Wy. in Henderson. Brian Riffel and Tyler Jones of Colliers International represented the lessor, Peterson-Thompson LLC.

 

 

 

 

1050-e-flamingo-roadA lease expansion to Robert Half International Inc. The approximately 5,720 square foot office property completes a total of approximately 10,803 square feet of total leased space for the lessee. The property is located in Flamingo Grand Plaza at 1050 E. Flamingo Rd., Suite E321-E329 in Las Vegas. Chris Connell and Grant Traub of Colliers International represented the lessor, FKC Flamingo LLC.

 

 

 

3873-east-craig-roadA lease renewal to Casa Flooring Inc. The approximately 4,766 square foot industrial property is located in Craig Business Center at 3873 E. Craig Rd., Suite 5-6 in North Las Vegas. Greg Pancirov, SIOR and Mike DeLew, SIOR of Colliers International represented the lessor, T Properties LLC.

 

 

 

 

3892-civic-center-driveA lease renewal to Brockie International Inc. The approximately 4,008 square foot industrial property is located in Civic Center Corporate Park at 3892 Civic Center Dr. in North Las Vegas. Dan Doherty, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessor, MCA Civic Center LLC.

 

 

 

 

3874-civic-center-driveA lease renewal to Night Train Trucking Inc. The approximately 4,008 square foot industrial property is located at 3874 Civic Center Dr. in North Las Vegas. Dan Doherty, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessor, MCA Civic Center LLC.

 

 

 

 

6012-topaz-streetA lease to RT Drapery & Furniture Inc. The approximately 3,200 square foot industrial property is located in Patrick Airport Center at 6012 Topaz St., Suite 7 in Las Vegas. Dean Willmore, SIOR, Mike DeLew, SIOR and Greg Pancirov, SIOR of Colliers International represented the lessor, Stockbridge Patrick & Mojave LLC.

 

 

 

 

305-north-pecos-roadA lease to Linda Woodson Dermatology. The approximately 1,259 square foot office property is located in Robindale Center at 305 N. Pecos Rd., Suite E in Henderson. Al Twainy, CCIM and Amelia Hyden of Colliers International represented the lessor, Terry K Baker LLC.

 

 

 

 

2920-n-green-valley-parkwayA lease to Commercial Systems Company LLC. The approximately 750 square foot office property is located at 2920 N. Green Valley Pkwy., Building 5, Suite 526 in Henderson. Renae Russo, LEED GA of Colliers International represented the lessor, S.A.L. Holdings LLC.

Sonoma Shadows & Pine Hills Lodge Sell for $60,500/unit

pinesonomaNAI Vegas’ Sauter Multifamily Group announced the sale of Sonoma Shadows (376 units) and Pine Hills Lodge (376 units) apartment portfolio located at 1750 & 1500 Karen Avenue in Las Vegas for $45,496,000 ($60,500 per unit).

Art Carll and Patrick Sauter represented the seller, Prime Sonoma Shadows LLC. Westland Real Estate Group purchased the 89% occupied property at a 5.58% CAP rate.

Strategic Storage Trust Acquires 2 Assets

9890pollock590-e-silverado-ranch-2v1CBRE Group, Inc. announced the sale completion of Storage Direct- Silverado and Storage Direct- Bermuda to Strategic Storage Trust in Las Vegas, Nevada for approximately $28.1 million.  CBRE’s Senior Vice President Nick Walker represented both buyer and the seller, Silverado Mini Storage LLC, in this transaction.

Storage Direct, located at 9890 Pollock Drive, is a Class A, state-of-the art self-storage facility. This 89,400 square foot facility consists of 436 air-cooled and 335 drive-up self-storage units. The sister facility located on 590 E. Silverado Boulevard totals at 90,038 square feet with 871 total units. Both properties offer clients a gated entrance with key code access, 24-hour video surveillance cameras, and wide asphalt drive aisles for easy access.

“Self-storage continues to see a tremendous amount of demand throughout the US,” said Walker. “Our national marketing platform allowed us to attract multiple offers from private equity, public and nonpublic REITS, institutional capital and large regional operators that helped drive the aggressive price and cap rates.”

Northcap Expands with New Multifamily Unit Real Estate Division

northcapLas Vegas’ premier real estate operator Northcap joins forces with veterans Devin Lee, CCIM, Antone Brazill, CCIM, and Robin Willett alongside Jerad Roberts and Jason Dittenber to form the city’s largest and most seasoned team of multifamily specialists. The group, which has more than two billion dollars of transactions between them, specifically sought out to merge with owner John Tippins and his thriving brokerage. “As a dedicated investment sales team, we wanted a brokerage that encompassed a trusted global service platform with local market expertise,” says Lee. “Northcap Commercial has set the bar very high in the Las Vegas real estate arena.”

The joining of the six-man powerhouse brings mastery in all facets of the market including investment brokerage, site selection, land development, asset management, financing, property management, leasing and a robust presence in Downtown Las Vegas. The team prides themselves in their willingness to take any listing from Class C to their prized history with Class A properties. Since the group is not bound to a larger corporate entity, they are able to conduct outreach with both various brokers and buyers and are able to bring a local’s perspective to an industry that is being overwhelmed with out-of-market competitors.

“Having the largest multifamily team in Las Vegas and maybe now the west coast allows us to provide the best service for our buyers and sellers,” says John Tippins. “We are already applying best practices, common sense, ownership and management experience as well as government relations to each transaction. At the end of the day we will work with every client or broker that comes to us to make the best deal.”

Last year, Lee’s team was honored as the CoStar Power Broker for 2015. He and Brazill are both also Certified Commercial Investment Member designees, an exclusive distinction for those with advanced coursework in financial and market analysis and are recognized as experts in commercial investment. In the two months since uniting, the team has already opened and closed one transaction, put 4 properties into escrow and brought on 10 listings.

“Finding a company that complemented our spirit, enthusiasm and innovative mindset was crucial for the future development of our team’s career vision,” says Willett. “Our goal is to help build the investment services division at Northcap Commercial to a new level in the multifamily and land market.”

Recent MDL Group Transactions

Sale Transactions

  • A sale transaction was completed for an industrial property of approximately ±12,800 sq ft. This property is located at 2325 Western Ave Las Vegas, NV 89102. Jarrad Katz SIOR, CCIM and Galit Kimerling and Marty Martell of MDL Group represented the seller. The property sold for $881,800.
  • A sale transaction was completed for an office property of approximately ±22,554 sq ft. This property is located at 7448-7530 W Sahara Ave Las Vegas, NV 89117. Jarrad Katz SIOR, CCIM and Galit Kimerling of MDL Group represented the seller. The property sold for $2,750,000.
  • A sale transaction was completed for a land parcel of approximately ±0.89 acre. This property is located at NWC Sahara and Stockton Ave. Jarrad Katz SIOR, CCIM and Galit Kimerling of MDL Group represented the buyer. The property sold for $630,000.
  • A sale transaction was completed for an industrial property of approximately ±5,566 sq ft. This property is located at 1051 Olsen St #3411 Henderson, NV 89011. Sam Scaletta and Tony Scaletta of MDL Group represented the seller. The property sold for $609,000.
  • A sale transaction was completed for an industrial property of approximately ±3,914 sq ft. This property is located at 1051 Olsen St #1211 Henderson, NV 89011. Sam Scaletta and Tony Scaletta of MDL Group represented the seller. The property sold for $382,500.
  • A sale transaction was completed for an industrial property of approximately ±5,290 sq ft. This property is located at 1051 Olsen St #4111 Henderson, NV 89011. Sam Scaletta and Tony Scaletta of MDL Group represented the seller. The property sold for $550,160.
  • A sale transaction was completed for a land parcel of approximately ±2.06 Acres. This property is located at SEC Blue Diamond and Mohawk. Alexia Crowley and Jerry Hagfeldt of MDL Group represented the buyer, Interlinks LLC. Michael Reiss of Reiss Properties represented the seller. The property sold for $1,050,000.

Lease Transactions

  • A lease transaction completed at Sterling Park for Table Top Solutions, of approximately ±5,170 square feet. The office building is located at 7448 W Sahara Ave #101 Las Vegas, NV 89117. Jarrad Katz SIOR, CCIM and Galit Kimerling of MDL Group represented the landlord.
  • A lease transaction completed at Sterling Park for Danville Services of NV LLC, of approximately ±3,768 square feet. The office building is located at 7448 W Sahara Ave 103 & 105 Las Vegas, NV 89117. Jarrad Katz SIOR, CCIM and Galit Kimerling of MDL Group represented the landlord. Lisa Anderson of MDL Group represented the tenant.
  • A lease transaction completed at Charleston Marketplace to Karma Ultra Lounge, of approximately ±5,775 square feet. The retail building space is located at 5900 W Charleston Blvd #5-9 Las Vegas, NV 89146. Lisa Anderson and Michael Boscia of MDL Group represented the landlord.
  • A lease transaction completed at Cascade Valley Court to Dr. Warren Wirtz, of approximately ±1,750 square feet. The medical office space is located at 7180 Cascade Valley Ct Las Vegas, NV 89128. Michael Boscia and Alexia Crowley of MDL Group represented the landlord.
  • A lease transaction completed at Champion Village Plaza to D&M Children’s Boutique, of approximately ±1,022 square feet. The retail space is located at 55 S Gibson Rd Henderson, NV 89014. Michael Boscia of MDL Group represented the landlord.
  • A lease transaction completed at Rainbow Express Village to Vilma Sempadian, of approximately ±150 square feet. The retail office space is located at 1750 S Rainbow Blvd #24B Las Vegas, NV 89146. Michael Boscia of MDL Group represented the landlord.
  • A lease transaction completed at 8053 N Durango to Galena European Skin Care LLC, of approximately ±1,288 square feet. The retail space is located at 8053 N Durango Dr Las Vegas, NV 89131. Sam Scaletta and Tony Scaletta of MDL Group represented the landlord.
  • A lease transaction completed at Avrio Walnut Center to GO Components, of approximately ±5,178 square feet. The industrial space is located at 3020 N Walnut Rd Las Vegas, NV 89115. Sam Scaletta and Tony Scaletta of MDL Group represented the tenant.
  • A lease transaction completed at Silver City Plaza for LV Tickets & Tours, of approximately ±200 square feet. The retail space is located at 3001 S Las Vegas Blvd #E-01 Las Vegas, NV 89109. Hillary Steinberg of MDL Group represented the tenant.
  • A lease transaction completed at Placid Corners for LC Luxury Motors, of approximately ±1,200 square feet. The retail space is located at 310 E Warm Springs Rd #F Las Vegas, NV 89119. Hillary Steinberg of MDL Group represented the landlord.
  • A lease transaction completed at Campus Village for Crunch Donut Factory, of approximately ±1,200 square feet. The retail space is located at 1220 E Harmon Ave Suite A-1 Las Vegas, NV 89119. Hillary Steinberg and Michael Boscia of MDL Group represented the landlord.
  • A lease transaction completed at Siena Promenade for Kitchenova, of approximately ±1,295 square feet. The retail space is located at 10271 S Eastern Ave #116 Henderson, NV 89052. Hillary Steinberg of MDL Group represented the tenant.
  • A lease transaction completed at Desert Inn Square for LV Cell Fix, of approximately ±1,000 square feet. The retail space is located at 3160 E Desert Inn Rd Suite 3 Las Vegas, NV 89121. Hillary Steinberg of MDL Group represented the landlord.

 

CALV, Xceligent report steady progress in local CRE market

calv_xceligentA report released today by Xceligent and the Commercial Alliance Las Vegas (CALV) shows the commercial real estate market in Southern Nevada making steady progress during the third quarter of 2016.
 
“As we’ve been saying for some time, the local commercial real estate market continues to make slow and steady progress, although we still have sectors that haven’t fully recovered from the dramatic downturn we experienced during the recession,” said 2016 CALV President Soozi Jones Walker, CCIM, SIOR, and a longtime local commercial real estate broker. “For example, we’re finally starting to see more encouraging news about our local office market, which has been the slowest to bounce back.”
 
According to the latest data from Xceligent and CALV, the Southern Nevada office market ended the third quarter of 2016 with an overall net absorption of 473,251 square feet.
 
“This is the greatest amount of activity the market has seen in a single quarter over the last two years,” said Tina Reith, director of analytics for Xceligent in the Las Vegas market. “With over 70,000 square feet of space scheduled for occupancy next quarter, the market is on track for over 800,000 square feet of absorption by the end of the year. This would make for two consecutive years with absorption totals of this caliber.”
 
Year-over-year, Reith said local office vacancy rates have decreased from 18 percent to 16.1 percent. Class A office space has been holding steady, with a vacancy rate just under 20 percent. The local vacancy rate for Class B office space improved by 2.1 percent, while Class C space has seen its vacancy rate fall by 0.7 percentage points in the last year. Meanwhile, office rents are increasing, with the weighted average monthly rental rate now at $1.83 per square foot and increasing by 2 cents per square foot during each quarter of 2016.
 
In the retail market, year-over-year total vacancy rates improved from 8.6 percent one year ago to 7.8 percent during the third quarter of 2016. After absorbing 450,000 square feet of space in the first two quarters of 2016, that pace slowed during the third quarter, with a positive net absorption of 42,880 square feet in the period.
 
Four large vacancies contributed to a lower absorption total during the third quarter, including store closings Wal-Mart, ABC Food Market and two Office Max locations.
 
At the same time, Walker said retail highlights during the third quarter included the opening of the first Southern Nevada locations for popular restaurant chains like Cracker Barrel and Dave & Buster’s, with Chick-fil-A locations soon to follow.
 
The Southern Nevada industrial market continues to show growth, with year-over-year total vacancy rates improving from 6.2 percent to 5.8 percent. The local industrial market closed the third quarter with a positive total net absorption of 667,316 square feet of space. Through the third quarter of 2016, Walker noted the industrial market has now absorbed just under 2 million square feet of space this year.
 
Reith expects this trend to continue, with more industrial space currently under construction and “coming through the pipeline as pre-leased space.”
 
Xceligent, a rapidly growing provider of commercial real estate information locally and nationally, partners with CALV and local commercial real estate market professionals 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 third 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.

Rehabilitation Hospital Breaks Ground at Centennial Hills Center

A brief ceremony is planned to mark the groundbreaking of the Post Acute Medical (PAM) Rehabilitation Hospital of Centennial Hills, the newest addition to Centennial Hills Center, a 24.36-acre commercial mixed-use development offering medical and professional offices for sale or lease.  The build-to-suit facility is the first in Nevada for PAM, a specialty hospital company that provides high-quality care in specialty and rehabilitation hospitals located throughout the U.S.

Upon completion of the project, the PAM Rehabilitation Hospital of Centennial Hills will provide comprehensive care for rehabilitation patients with medically complex conditions.  Specialty physicians and nurses deliver individualized treatment, including physical therapy, occupational therapy and speech therapy.

The selection of Centennial Hills Center for the facility is ideal given its location that is easily accessible from both US95 and the 215 beltway, just three-quarters of a mile from the 190-bed Centennial Hills Hospital in the fast growing northwest region of the Las Vegas valley.  Centennial Hills Center is home to numerous medical groups including Humana, Healthcare Partners of Nevada, Retina Consultants of Nevada, Canyon Oral & Facial Surgery, & Advanced EyeCare.

Sina Companies LLC & IREPLV, LLC, are the developers of Centennial Hills Center.

WHO:                   Mayor Carolyn G. Goodman, city of Las Vegas, Mayor Pro Tem and Councilman, city of Las Vegas, Ward 6, Steven D. Ross, Malcolm S. Sina, Executive Chairman, Sina Companies, LLC, Anthony Misitano, Chairman and CEO, Post Acute Medical LLC

WHEN:                 Wednesday, October 26 at 11:00 a.m.

WHERE:               Centennial Hills Center, 6100 North Durango Drive, Las Vegas, NV  89149 (One-half mile south of 215 Beltway on N. Durango between Centennial Pkwy and Grand Montecito Pkwy. Look for the tent in the rear of the parking lot.)


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