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Category – December 2017

GLVAR Presents 2017 Annual Awards

Devin Reiss, GLVAR PresidentJanet Carpenter 2018 preselectThe Greater Las Vegas Association of REALTORS® (GLVAR) presented its annual awards this week to some of its leading members, including David R. Tina, who was named GLVAR’s REALTOR® of the Year. As part of its annual installation of new officers and board members for 2017 held Dec. 9 at the Red Rock Resort, the GLVAR presented its top annual award to Tina, a longtime local REALTOR® who is a past president of both the GLVAR and the statewide Nevada Association of REALTORS®

Tina, the father and business partner of 2017 GLVAR President David J. Tina, was honored for serving as a leader in the real estate profession and in the community, association officials said. Other GLVAR award winners for 2017 included:

• Norma Jean Opatik – Residential Instructor of the Year. • Linda Rheinberger – Ronn Reiss Award for educational excellence and leadership. • Melissa Zimbelman – Gene Nebeker Memorial Award for professionalism and service to the GLVAR and the community. • Devin Reiss – Sala/Rubin Award (formerly called the Frank Sala Award and now also honoring longtime GLVAR leader Marv Rubin) recognizing long-term commitment to grassroots political action and to protecting private property rights. • Keith Kelley – Jack Woodcock Distinguished Service Award. • Janet Carpenter, Aldo Martinez and Melissa Zimbelman – GLVAR Hall of Fame inductees.

 

The annual awards are presented to REALTORS® who have taken extraordinary measures to provide their many years of skill, experience and expertise to their fellow REALTORS®. They were recognized for exemplary leadership, contributions to the industry, and advancement of the REALTOR® brand, 2017 GLVAR President David J. Tina said.

Bromley Apartments Sells For $2,480,000 – Marcus & Millichap

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Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Bromley Apartments, a 32-unit apartment property located in Las Vegas, NV. The asset sold for $2,480,000.

The buyer, an individual/personal trust, was secured and represented by Cesar A. Talavera, senior associate in Marcus & Millichap’s Las Vegas office.

Bromley Apartments is located at 5816 Bromley Ave in Las Vegas, NV.

NVAR Honors Nevada’s Top REALTORS®, Including Greg Martin as REALTOR® of the Year

NVAR 1The statewide Nevada Association of REALTORS® (NVAR) honored its leading members at an awards event in Las Vegas this week, naming longtime industry leader Greg Martin as its 2017 Nevada REALTOR® of the Year and recognizing others from around the state for their continued service to their association, their profession and their communities.

Martin, of Elko, served as NVAR’s 2017 president after being president-elect in 2016. He is also a past president of the Elko County Association of REALTORS® (ECAR) and has volunteered on numerous local and state association committees.

At its annual installation of officers and awards event held Dec. 8 in Las Vegas, NVAR also presented awards to the following longtime members:

·       Bill Process – Nevada Distinguished REALTOR® Award for ongoing and consistent service to NVAR and the real estate profession. Process, of Reno, is a past president of the Reno-Sparks Association of REALTORS®(RSAR) and has served as president of the Northern Nevada Chapter of the Veterans Association of Real Estate Professionals (VAREP). He will serve as NVAR’s vice president during 2018.

·       Kevin Sigstad – REALTOR® Active in Politics Award for government affairs advocacy and activities. Sigstad, of Reno, is a past president of NVAR and RSAR. He was honored for playing a leading role in NVAR’s initiatives supporting private property rights and other causes that are vital to the industry.

·       Leroy “Buck” Schaeffel – Joe Nolan Award recognizing spirit, passion and professionalism in serving fellow REALTORS® in Nevada. Schaeffel, of Mesquite, served on the Greater Las Vegas Association of REALTORS®(GLVAR) Board of Directors and was NVAR’s treasurer for 2017.

 ·       David R. Tina – REALTOR® Achievement Award for outstanding service to local and state associations, as chosen by NVAR’s president. Tina, of Las Vegas, is a past president of both NVAR and GLVAR who has served in several state and local leadership positions. He was recently named to a regional leadership position with the National Association of REALTORS® (NAR).

Recent Colliers Transactions of Note

5055 Tamarus StreetA sale to CALCAP Advisors. The 87-unit multifamily property, Skyline Place Apartments, is located at 5055 Tamarus St. in Las Vegas. The transaction value was $6,075,000. Thomas Olivetti of Colliers International represented the buyer and the seller, Alpha Wave Investors.
 

 

 

 

APN 125-19-301-003A sale to MEQ-Hualapai. The approximately 5 acre land parcel is located near Deer Springs Way and Hualapai Way (APN: 125-19-301-003) in Las Vegas. The transaction value was $2,550,000. Vince Schettler of Colliers International represented the seller, Mosaic Land 1 LLC.
 

 

 

 

1400 Rand AvenueA sale to Thamer Daoud. The approximately 24,829 square foot retail property is located in Chevron Gas Station and Convenience Store at 1400 Rand Ave. in Carson City, NV. The transaction value was $2,099,999. Dan Gluhaich of Colliers International represented the seller, William and Barber Investments.

 

 

 

5455 S Cameron StreetA lease to Las Vegas Collision Center Inc. The approximately 43,560 square foot industrial property is located in Goldstrom Industrial Park at 5455 S. Cameron St. in Las Vegas. Dean Willmore, SIOR of Colliers International represented the lessor, Goldstrom & Dean LLC. Alex Stanisic of Colliers International represented the lessee.

 

 

 

4601 East Cheyenne AvenueA lease to AIK Consultants Corporation. The approximately 21,120 square foot industrial property is located in Sunrise Industrial Park #1 at 4601 E. Cheyenne Ave., Suite 121 in Las Vegas. Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessor, ICON PAC Nevada Owner Pool 3 Nevada. Brian Riffel, SIOR of Colliers International represented the lessee.
 

 

 

6175 South Sandhill RoadA lease to Loup Inc. The approximately 12,600 square foot industrial property is located in Arrowhead Commerce Center (Bldg. 12) at 6175 S. Sandhill Rd., Suite 600 in Las Vegas. Spencer Pinter, Dan Doherty, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessor, KTR LV IV LLC   . Greg Pancirov, SIOR and Mike DeLew, SIOR of Colliers International represented the lessee.
 

 

 

7220 Dean Martin DriveA lease to Silvercar Inc. The approximately 9,144 square foot industrial property is located in Warm Springs Business Center (Phase II) at 7220 Dean Martin Dr., Suite 600 in Las Vegas. Spencer Pinter of Colliers International represented the lessor, WSL Properties LLC. Grant Traub of Colliers International represented the lessee.

 

 

 

3908 Civic Center DriveA lease to MetalX LLC. The approximately 8,652 square foot industrial property is located in Civic Center Corporate Park at 3908 Civic Center Dr. in North Las Vegas. Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessor, MCA Civic Center LLC.
 

 

 

 

6370 Montessouri StreetA lease to Arcadia Solar NV LLC. The approximately 5,591 square foot industrial property is located in Saddleback Park West Business Center at 6370 Montessouri St. in Las Vegas. Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessor, Post LP.

 

 

 

 

DCIM100MEDIAA lease to Miccile Industrial Inc. The approximately 4,925 square foot industrial property is located in Highland Industrial Center at 2910 S. Highland Dr., Suite M in Las Vegas. Chris Connell and Grant Traub of Colliers International represented the lessor, FKC Highland LLC.
 

 

 

 

4005 West Reno AvenueA lease to Smith-Emery Company. The approximately 2,470 square foot industrial property is located in Ali Baba Commerce Center at 4005 W. Reno Ave., Suite A in Las Vegas. Pat Marsh, SIOR and Sam Newman of Colliers International represented the lessor, Vegas Ventures LLC.
 

Mountain West Commercial Announces The Following Lease And Sale Transactions

500 S ranchoNevada Legal Services has leased 4,104 SF of Office Space at Rancho Orient, 500 South Rancho Dr. Las Vegas, Nevada 89106. Jakke Farley of Mountain West Commercial represented the Lessor.

 

 

 

 

200 east lakeImpact Taekwondo, LLC has leased 1,451 SF of retail space at Victory Village, 200 East Lake Mead Las Vegas, Nevada 89015. Jakke Farley of Mountain West Commercial represented the Lessee.

 

 

 

 

3030 w annBoba King, has leased 1,300 SF of retail space at Simmons Centre, 3030 W. Ann Rd. Las Vegas, Nevada 89031. Jakke Farley and Jeff Mitchell of Mountain West Commercial represented the Lessor.

 

 

 

 

 

804 s jones804 S. Jones Blvd., LLC has purchased 1,498 SF Stand Alone Office Building at 804 S. Jones Blvd. Las Vegas, Nevada 89107. Jakke Farley represented the Buyer.

Plaza 8, 9 & 10 At Green Valley Corporate Center Sells For Over 37 Million – Cushman & Wakefield

 

 

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Properties Carved from Massive, High Class American Nevada CRE Portfolio – One of the Buyers Making First Entry into Las Vegas Metro Market

plaza 10Cushman & Wakefield announced today the sales of three high quality office buildings totaling 172,469 square feet (sf) that comprise the Green Valley Corporate Center—North complex in Henderson, Nevada, a suburb of Las Vegas. The assets, which consisted of Plaza 8, 9 and 10, transpired over two separate investment transactions for a combined price of $37.05 million.

The properties are part of a larger, massive high class regional real estate portfolio currently in the process of being sold by American Nevada Company, which was represented in the disposition by Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets in San Diego who both primarily focus on larger, best in class, institutional office and industrial investment sales in the Las Vegas, San Diego, and Phoenix markets. Cushman & Wakefield’s Geoffrey West, Jayne Cayton, and Michael Dunn based in Las Vegas are also performing local expert advisory in the disposition(s).

plaza 8Mr. Reeder, Executive Managing Director, said, “Green Valley Corporate Center—North represents premier stable assets that are well leased to credit tenants and desirably located within the Las Vegas Metro area, internationally recognized as one of the most exciting tourist destinations in the world. The Metro is coextensive with Clark County, the heartbeat of Southern Nevada, which encompasses nearly 8,000 square miles, five cities and a growing population.”

Sold as a single asset of 54,365 sf, Plaza 8 was acquired by real estate investment firm JMA Ventures for a price of $13.15 million or $242 per square foot. Situated on 3.68 acres, Plaza 8 is a classically-designed, two-story office building that was 100% leased at the time of sale with tenants including Atkins, Barrick Gold and Signature Gallery of Homes. Developed in 2002, the building’s high-quality construction is highlighted by a dramatic entry flanked with soaring palm trees, reflective glass providing abundant natural light, an inviting lobby with polished granite accents, large and flexible floor plates and modern interior finishes. Extensive window lines also provide tenants with views of the surrounding area and the attractive, tree-lined landscaping.

Mr. Tecca, Managing Director, said, “The five leases in place at Plaza 8 vary from established to recently signed tenants which, together, reflect both the property’s ongoing stability and desirability.”

plaza 9Sold as a joint asset, Plaza 9 and Plaza 10 total a combined 118,104 sf and were acquired by Strategic Office Partners, a joint venture between Gramercy Property Trust and TPG Real Estate, for a price of $23.9 million or $202 per square foot. The acquisition marked the Buyer’s first entry into the Las Vegas metro market. The pair of buildings were 100% leased at the time of sale to long-term tenant Barclays Services Corporation, a multinational banking and financial services company. Completed in 2000, Plaza 9 is a two-story structure totaling 63,959 sf on 5.62 acres that features striking architectural designs, tenant balconies, prominent signage and expansive floor designs that accommodate a variety of needs. Plaza 9 also offers a desirable business setting complete with large windows framing scenic views, meticulous landscaping, and generous parking. Developed in 1999, Plaza 10 consists of a two-story 54,145-sf building on 5.06 acres featuring similar architectural designs to the neighboring Plaza buildings. Plaza 10 offers high-end construction with extensive dual-glazed reflective glass and extensive window lines producing picturesque views, spacious floor plates, high-end commercial finishes, multiple tenant entries, and an ample parking ratio. Further enhancing the corporate environment of these two properties are pedestrian walkways linking them to one another as well as to Plaza 8.

Working collectively with the seller, the Cushman & Wakefield team positioned the Plaza 9 and 10 asset as a favorable investment to an array of investors from all over the world. In securing an out-of-state party such as Strategic Office Partners as the eventual buyer, Mr. West and Ms. Cayton, both Senior Directors, were also effectively instrumental in providing a deep exploration of the Las Vegas metro market, showcasing all of its alluring qualities as well as positive real estate performance from a market demand standpoint. Mr. Tecca noted, “Our team’s cohesive approach helped equip the buyer with a greater understanding of the local area and provided forward looking data to bolster their decision to enter this marketplace, which is now experiencing growing interest and demand from institutional investors.”

Mr. West said, “The identification and procurement of Strategic Office Partners as the buyer for Plaza 9 and 10 represented a coup for the Las Vegas market through attracting a premier institutional buyer active in numerous other top national metro markets for its first acquisition in the Las Vegas market, and provides a welcome addition of another sophisticated owner to the Las Vegas real estate landscape.

“Green Valley Corporate Center-North Plaza 9 and Plaza 10 properties represent a premier asset developed by American Nevada Company, and when combined with the strong credit of Barclays Services Corporation provides an exciting addition to the Strategic Office Partners portfolio.”

Notably, also as part of the larger American Nevada portfolio, the Cushman & Wakefield listing team had recently sold the Green Valley Town Center in Henderson in September. Henderson Town Center LLC had acquired the 194,757-sf mixed-use center consisting of Green Valley Town Center II & III (4300 & 4500 E. Sunset Rd.) and Athenian Shops (4350 E. Sunset Rd.) for $21.5 million.

 

 

 

Virtus Commercial Deals Of Note – Office And Retail Leasing Activity

green Valley townLas Vegas Made, LLC has leased approximately 7,641 SF of retail space at Green Valley Town Center III, located at 4300 E. Sunset Rd. Ste. A-1, in Henderson.  Brett S. Beck of Virtus Commercial represented the Lessor, Henderson Town Center LLC., and Brad S. Winston of Award Realty Corp. represented the Lessee.

 

 

 

 

 

 

 

639 e brooksPride Communications, Inc. has leased approximately 6,000 SF of industrial space located at 639 E. Brooks Ave. Ste. 206-207, in N. Las Vegas. Matt Feustel of Virtus Commercial represented the Lessee and Jason Simon of JLL represented the Lessor, HIC Trident, LLC.

 

 

 

 

 

1785 e sahara1Precise Business Management, LLC has leased approximately 749 SF of office space at The 1785 Office Center, located at 1785 E. Sahara Ave. Ste. 350, in Las Vegas.  Chris Emanuel of Virtus Commercial represented the Lessor, The 1785 Office Center, LLC.

 

 

 

 

 

 

955 w craigPlatinum Hair Salon has renewed their lease for the 1,750 SF of retail space at Revere Marketplace, located at 955 W. Craig Rd. Ste. 101B, in N. Las Vegas.  Chris Emanuel of Virtus Commercial represented the Lessor, Las Vegas Adventure, LLC.

 

Local Home Prices Cool Down So Far This Season, But Still Well Up From 2016

glvarThe Greater Las Vegas Association of REALTORS® (GLVAR) reported today that local home prices continued to cool down heading into the holidays, though home prices and sales are still up from one year ago. GLVAR reported that the median price of existing single-family homes sold during November through its Multiple Listing Service (MLS) was $261,150. That’s down slightly from October, but up 8.8 percent from November 2016. The median price of local condos and townhomes sold in November was $141,500, up slightly from October and up 19.0 percent from the same time last year.

GLVAR President David J. Tina, a longtime local REALTOR®, said home prices are following seasonal trends and reiterated that they have been appreciating at roughly the same rate for the past few years.

“Like most years, we’re seeing prices level off heading into the winter months,” Tina said. “This is normal. Overall, the local housing market has been steady and strong, with sales going up and prices appreciating, but not going up too quickly.”

As for headwinds in the housing market, Tina said demand continues to exceed the shrinking supply of homes available for sale. This tight housing supply has been presenting challenges for many buyers, especially those seeking lower-priced homes and condos. At the current sales pace, he said Southern Nevada still has less than a two-month supply of existing homes available for sale. A six-month supply is considered to be a balanced market.

“We have a growing population and an undersupply of homes on the market,” Tina said, adding that the housing supply is tight nationwide, with no relief in sight. “So regardless of what happens here over the next five years or so, we’re still going to need more houses for all the people moving here.” By the end of November, GLVAR reported 4,538 single-family homes listed for sale without any sort of offer. That’s down 33.1 percent from one year ago. For condos and townhomes, the 735 properties listed without offers in November represented a 29.1 percent drop from one year ago.

The total number of existing local homes, condos and townhomes sold during November was 3,202, a slight increase from November 2016. Compared to one year ago, sales were unchanged for homes and up 5.2 percent for condos and townhomes. According to GLVAR, home sales so far in 2017 continue to run about 10 percent ahead of the pace from 2016, when 41,720 total properties were sold in Southern Nevada. At this rate, GLVAR statistics show that 2017 is on pace to be the best year for local home sales since at least 2012.

GLVAR reported that 28.5 percent of all local properties sold in November were purchased with cash, up from 26.9 percent one year ago. That’s still less than half of the February 2013 peak of 59.5 percent, indicating that cash buyers and investors are still active, but playing a smaller role in the local housing market.

In recent years, GLVAR has been reporting fewer distressed sales and more traditional home sales, where lenders are not controlling the transaction. Tina said foreclosures and short sales now make up such a small share of the local housing market that “they’ve really become a non-issue.” For instance, he said short sales and foreclosures combined accounted for fewer than 5 percent of all existing home sales during November, compared to 10.5 percent of all sales one year ago.

These GLVAR statistics include activity through the end of November 2017. GLVAR distributes statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:

The total value of local real estate transactions tracked through the MLS during November was nearly $810 million for homes and nearly $96 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in November were up 12.4 percent for homes and up 24.6 percent for condos and townhomes. 

Homes and condos continued to sell faster than last year at this time. In November, 82.3 percent of all existing local homes and 88.5 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 74.3 percent of all homes and 79.8 percent of all condos and townhomes sold within 60 days.

Marcus & Millichap Confirms Investment Sales Transactions Across The Market

smoke ranchMarcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Smoke Ranch Plaza, a 10,000-square foot retail property located in Las Vegas, Nevada. The asset sold for $1,256,000.Dustin R. Alvino, first vice president investments, in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a private investor. Smoke Ranch Plaza is located at 6595 Smoke Ranch Road in Las Vegas, NV

 

 

 

 

martin professionalMarcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Martin Professional  Building, a 8,708-square foot office property located in Las Vegas, Nevada. The asset sold for $1,415,000. Tina D. Taylor, first vice president investments, and Ryan McCullough, associate, in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. Martin Professional Building is located at 9330 W Martin Ave in Las Vegas, NV.

 

 

 

 

holiday houseMarcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of the Holiday House and Holiday Motels, which together equate to 101 motel rooms on approximately 92,782-square feet of land located on Las Vegas Boulevard. The asset sold for $4,700,000. Dustin R. Alvino, first vice president investments, and Ray Germain, first vice president investments, in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The Holiday House and Holiday Motels are located at 2205-2211 Las Vegas Blvd S in Las Vegas, NV just north of Sahara Avenue.  “The properties are contiguous and provide the owner with significant frontage on one of world’s most well-known boulevards.    These properties received a great deal of interest resulting in multiple competing offers from both local and national buyers, indicating a substantial increase in investor confidence in this submarket,” says Germain.  Alvino adds, “We were thrilled to sell this property to a local developer who has exciting plans to redevelop this property and continue the beautification of this area of Las Vegas Boulevard.”


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