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Category – January 2017

Get a Haircut now open at The Promenade at Juhl in Downtown Las Vegas

California-based Get a Haircut, a classic men’s barber shop that combines classic hair cuts with classic rock n’ roll, is now open at The Promenade at Juhl, the 20,000-square-foot ground-level retail component at Juhl, a 344-residence, multi-building community that spans an entire city block in downtown Las Vegas. The Promenade at Juhl officially opened in November and is bringing critically needed retail and services to an underserved area of downtown.

“We are delighted to welcome Get a Haircut to Las Vegas and The Promenade at Juhl,” said Uri Vaknin, a partner at KRE Capital LLC, whose company, in partnership with Dune Real Estate Partners, purchased Juhl in 2013 as DK Las Vegas. “This is a fun, hip place that has done very well in California, and we expect it to be equally popular here. While downtown Las Vegas has great beauty lounges like Bombshell, Get a Haircut fills a void by bringing a quality and reputable men’s hair salon to the area. Now all the attorneys and other professionals who work in the area have a great place to get their hair cut.”

promenadeGet a Haircut joins other retailers already open at The Promenade at Juhl, including:

  • Greens & Proteins –A modern, family friendly café serving breakfast, lunch and dinner, featuring a menu full of healthy comfort foods, vegan, raw and vegetarian options and a smoothie and fresh juice bar.
  • Le Pho – The recently opened Vietnamese kitchen at Promenade at Juhl specializes in fast, fresh and simple dishes by owner Chef Khai Vu.
  • Classic Jewel - The cocktail lounge Classic Jewel serves up drink options that pay homage to Vegas of yesteryear. The bar is owned by a team of friends, three who live at Juhl.
  • A/V Boutique & Downtown Décor – A/V Boutique specializes in home theater retail and design, catering to young professionals.  Downtown Decor is a place to purchase eclectic and esoteric home furnishings and décor. Owners Tammy Gerlach and John Marshall, are Juhl residents.
  • JAECI – A jewelry store owned and operated by Jenna Consiglio, a lifelong Las Vegan who moved to Juhl three years ago.
  • Galerie Miscre8 – Tanya Michelle, street artist and owner of Galerie Miscre8 and Lil Art Bodega, the urban gallery and supply store that combines street art with fine art, has made her personal and professional home at Juhl for three years.

 

Coming soon: 

  • The Corner Market, a community convenience store is planned to open in 2017.

CBRE Hotels to Auction the Rita Suites Las Vegas

CBRECBRE Hotels has been exclusively engaged to market the 221-room Rita Suites located one block off the Las Vegas ‘Strip’ at 344 E Desert Inn Road in Las Vegas, Nevada.

“With excellent, current net operating income and strong profit margins, this all-suite, fee simple property offers a tremendous upside opportunity to affiliate with a national hotel brand or as a multi-family or mixed-use redevelopment play,” said Chris Komanowski, senior vice president, of CBRE Hotels in Las Vegas. Mr. Komanowski added, “We are offering the Rita Suites in an auction format with bids due on March 1, 2017.”

Located behind Wynn’s Encore Casino Resort and proximate to the Las Vegas Convention Center expansion which is currently under construction, the unencumbered Rita Suites benefits from year-round demand from one of the most popular leisure and convention cities in the world.

Southern Nevada Home Sales Rose in 2016

glvarThe Greater Las Vegas Association of REALTORS® (GLVAR) reported Friday that more existing homes were sold in Southern Nevada in 2016 than in 2015, even with a tight housing supply and rising home prices.

GLVAR’s housing statistics for the month of December showed some seasonal forces at work, with local home prices down slightly from the previous month, as typically occurs this time of year. Still, GLVAR reported the median price of existing single-family homes sold during December through its Multiple Listing Service (MLS) was $235,000. That was up 8.3 percent from December 2015. Meanwhile, the median price of local condos and townhomes sold in December was $113,000, down 4.2 percent from the same month one year ago.

GLVAR President David J. Tina, a longtime local REALTOR® who became GLVAR president on Jan. 1, said he was “pleasantly surprised” to see home sales increasing in December by 4.6 percent compared to the previous month and by 1.3 percent compared to the previous year. Condo and townhome sales were even stronger, increasing by 18.9 percent from the previous month and by 12.4 percent from the previous year. He cited a combination of factors driving local home sales, including an improving local economy and a population that is growing by about 2 percent per year.

“Even with the tight housing supply we had in 2016 and even with home prices appreciating at a healthy rate, I think people are still seeing the opportunity here,” Tina said. “Our population is increasing again because the economy is improving and people want to move here for all the reasons that have always made Southern Nevada an attractive place to live, from our warm weather to our relatively low taxes and entertainment offerings and more. Plus, our home prices are still a bargain compared to cities in places like Northern and Southern California.”

The total number of existing local homes, condos and townhomes sold in December was 3,402, up from 3,290 in December 2015. According to GLVAR, a total of 41,720such properties were sold in 2016. That was more than the 38,577 properties sold during 2015. It was also more than in 2014, but fewer than during each of the previous five years.

Tina said the local housing inventory continued to shrink, with just over a two-month supply of homes available for sale when a six-month supply is considered to be a balanced market.

By the end of December, GLVAR reported 5,951 single-family homes listed for sale without any sort of offer. That’s down 17.6 percent from one year ago. For condos and townhomes, the 910 properties listed without offers in December represented a 56.5 percent decrease from one year ago.

In the past few years, GLVAR has been reporting fewer distressed sales and more traditional home sales, where lenders are not controlling the transaction. That continued in December, when 4.8 percent of all local sales were short sales – which occur when lenders allow borrowers to sell a home for less than what they owe on the mortgage. That’s down from 6.8 percent of all sales one year ago. Another 6.2 percent of all December sales were bank-owned, down from 6.9 percent one year ago.

GLVAR said 28.7 percent of all local properties sold in December were purchased with cash, up from 28.4 percent one year ago. That’s well short of the February 2013 peak of 59.5 percent, indicating that cash buyers and investors are still more active in Southern Nevada than in most markets, but that their influence has been leveling off.

These GLVAR statistics include activity through the end of December 2016. GLVAR distributes such 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 monthly value of local real estate transactions tracked through the MLS during December was more than $741 million for homes and nearly $83 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in December were up 7.8 percent for homes, but down 16.5 percent for condos and townhomes.
  • Homes and condos continued to sell faster as 2016 came to a close. In December, 71.7 percent of all existing local homes and 76.3 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 64.6 percent of all existing local homes and 61.5 percent of all existing local condos and townhomes sold within 60 days.

Recent Virtus Commercial Transactions


955craigRuby Nails has renewed their lease for a 1,400 SF retail space at Revere Marketplace located at 955 W. Craig Rd. Ste. 115, in North Las Vegas.  Chris Emanuel of Virtus Commercial represented the Lessor, Revere Marketplace LLC.

 

 

 

 

6250charlestonTextbook Brokers, Inc has renewed their lease for a 2,025 SF retail space at Charleston Festival located at 6250 W. Charleston Blvd. Ste. 105, in Las Vegas.  Chris Emanuel of Virtus Commercial represented the Lessor, Charleston Festival Retail, LLC.

 

 

 

 

3920raymert1Aurelio Esquivel has purchased a converted home, sitting on .46 acres, located at 3920 Raymert Dr., in Las Vegas.  Fegiel Lopez-Arreola represented the buyer, and Jakke Farley of Virtus Commercial represented the Seller, Robert L. Jones.

 

 

 

 

1873lasvegasblvdAdolfo Orozco has purchased the 31-room Starlite Motel (building size of approximately 10,534 SF), Located at 1873 N. Las Vegas Blvd., in North Las Vegas.  Brett Beck of Virtus Commercial represented both the Buyer and the Seller, Pei-Ken & Yu-Li Tong.

 

 

 

 

3961marylandTibia LLC has renewed their lease in the 1,455 SF retail space at Maryland Crossing, located at 3961 S. Maryland Parkway, in Las Vegas.  Jakke Farley of Virtus Commercial represented the Lessee.

 

 

 

 

8520warmspringTeriyaki Madness has renewed their lease for the 1,800 SF retail space at Durango Springs Plaza, located at 8520 W. Warm Springs Rd. Ste. 103, in Las Vegas.  Chris Emanuel and Gina O’Neil of Virtus Commercial represented both the Lessee and the Lessor, Amen & Traci Wardy.

 

 

 

 

5506apacheMaxHealth Centers has leased approximately 2,453 SF of office space at Fort Apache Office Park, located at 5506 S. Fort Apache Rd. Ste. 110, in Las Vegas.  Marc Magliarditi of Logic Commercial represented the Lessor, Linda Barrett Properties, LLC and Jakke Farley of Virtus Commercial represented the Lessee.

2017 Expected to be Another Strong Year of Development for Summerlin

Howard HughesWhile 2016 was another year for the record books for The Howard Hughes Corporation® (NYSE: HHC) and its Summerlin® master-planned community, 2017 is expected to be equally strong. Entering its 27th year of development, Summerlin – a 22,500-acre community that spans the western rim of the Las Vegas valley at the foot of Red Rock Canyon – is expected to mark the new year with significant development and expansion.

Summerlin’s anticipated 2017 development highlights include:

  • Opening of nine new neighborhoods:  six neighborhoods in The Cliffs village; the last remaining neighborhood in The Paseos village; one neighborhood in The Ridges village and one neighborhood in Summerlin Centre.  Of these new neighborhoods, seven will offer single-family detached homes and two will feature attached products.
  • Opening of two new public elementary schools in The Paseos and The Cliffs villages for the 2017-2018 school year
  • Completion and opening of Summerlin’s 20th major community park, Fox Hill Park in The Paseos village
  • Grand opening of the National Hockey League practice facility for the city’s first professional sports franchise – Vegas Golden Knights  – in the Downtown Summerlin area
  • Grand opening of the highly anticipated first-to-market Crate and Barrel at Downtown Summerlin®, the community’s 106-acre fashion, dining and entertainment destination
  • Completion of a Tom Fazio-designed golf course at The Summit, a 550-acre joint venture development with Discovery Land Company that includes exclusive custom homes, estates and a championship golf course
  • Ongoing planning and development of a new village west of the 215 Beltway

Currently, Summerlin has 21 actively-selling sub-divisions or neighborhoods offering nearly 100 unique floorplans, according to Brian Gordon, principal of Applied Analysis. “Not only does Summerlin have more new home neighborhoods than any other southern Nevada community, it also has the largest number of builders within master planned communities. The wide range of builders and product offerings has been one of the keys to the community’s success. There are a number of impressive master plans throughout the Las Vegas valley, but Summerlin has the longest-running streak of quality development for more than a quarter century.”

 

Gordon continued, “In addition to experiencing the highest sales volumes among local master-planned communities in 2016, the mix of offerings in Summerlin has placed the community near the top of national rankings as well. As the southern Nevada new home market continues to gain momentum, we expect to see Summerlin finish out 2016 with the most new home closings among large-scale communities in the area.”

According to Gordon, the number of new home closings in Summerlin during 2016 is on track to surpass prior year levels by an estimated 10 percent. Other strong performance indicators for the community: The Summit sold more than half of its exclusive custom homesites; the Constellation leased more than 60 percent of its apartments within the first few months after launch; and Downtown Summerlin achieved occupancy in excess of 90 percent and more than one million visitors each month.

Significant 2016 milestones include:

  • Opening of three new neighborhoods in The Cliffs village: Regency and Ironwood by Toll Brothers and Vistara by Pulte Homes
  • Launch of a new custom home neighborhood, Indigo, in The Ridges® village
  • Ongoing development of the Summit, a 550-acre joint venture development with Discovery Land Company that includes exclusive custom homes, estates and a championship Tom Fazio golf course
  • Grand opening of a new K- 9th grade public charter school, Doral Academy, near The Paseos village
  • Grand opening of the fourth community center and outdoor pool in The Vistas village
  • Completion of a nearly 25,000-square-foot indoor aquatic center in The Cliffs village that was deeded to Clark County for public use
  • Opening of Constellation® – a joint venture development with The Calida Group – the first residential offering and luxury apartment neighborhood in Downtown Summerlin
  • Commencement of construction on the practice facility for the NHL franchise, the Vegas Golden Knights, the city’s first professional sports team
  • Ongoing expansion of Downtown Summerlin’s retail and dining line-up with the addition of 14 new brands, including many first-to-market names such as Dave & Buster’s, buybuy Baby, Casa del Matador and Fabletics by Kate Hudson; along with the first off-Strip Maggiano’s Little Italy
  • Achieved Leadership in Energy & Environmental Design (LEED) Silver certification for Downtown Summerlin
  • Continued dominance of new home sales both nationally and locally via its #4 mid-year ranking among best-selling master-planned communities nationwide by national real estate consultant RCLCO. As of June 30, 2016, Summerlin had 366 new home sales, moving up two positions from RCLCO’s 2015 mid-year ranking via an increase of 12 percent for the same period last year.

“As Summerlin enters its second quarter-century of development, we continue to be excited and invigorated about the community’s potential beyond what has already been realized,” said Kevin T. Orrock, President of Summerlin for The Howard Hughes Corporation. “Today, Summerlin still has more than 6,000 gross acres left to develop, so there are many remaining opportunities for landmark development in keeping with our vision to create the best place to live in southern Nevada.

Xceligent & CALV Market Report Cites Continued Improvement For All Commercial Asset Classes

jennifer-ott-calv-2017-pres-largercalv_xceligentA report released today by Xceligent and the Commercial Alliance Las Vegas (CALV) shows the commercial real estate market in Southern Nevada ended 2016 on an upswing, with positive momentum in the office, industrial and retail markets.

CALV President Jennifer Ott, CCIM, and a longtime local commercial real estate broker, said most aspects of the industry continued to improve through 2016. And she said most of her peers expect more of the same in 2017. As an example, she cited continued progress in the local retail market, which is her specialty.

“The retail market continues to be on the road of recovery, with year-over-year vacancy rates declining from 8.8 to 8.2 percent,” Ott said. “Our market has seen unexpected vacancies with the closures of chain stores like Sports Authority, Sport Chalet, Haggen supermarkets and more. But thanks to new market entries like the Burkes Outlet department store and buybuy BABY children’s furniture store, and expansions from tenants like Ross Dress for Less, Smart & Final and Big 5 Sporting Goods, the market has been able to absorb some of those vacancies to see a continued decrease in vacancy rates.”

The report found that more than 2.4 million square feet of local retail space was leased throughout 2016. Ott said areas around the Galleria at Sunset mall in Henderson and in the southwest part of Las Vegas have been in especially high demand, as reflected by their below-market average vacancy rates of 5.2 and 6.2 percent, respectively.

“Over the past year, we’ve seen continued demand from restaurants, with new-to-market concepts like Cracker Barrel, Chick-fil-A and PizzaRev leasing space,” Ott added.

The latest data from Xceligent and CALV offered more proof that the industrial market continues to lead the industry’s recovery from the recession, with year-over-year total vacancy rates improving from 6.1 percent one year ago to 5.4 percent by the end of 2016.

Tina Reith, director of analytics for Xceligent for the Las Vegas market, said the Southern Nevada industrial market closed the year with a positive total net absorption of 955,129 square feet of space. She said more than 1,000 local industrial leases were signed throughout 2016, including renewed space, subleased space and expanded space. In all, these leases account for more than 9 million square feet of local industrial space.

Average rental rates for Southern Nevada industrial space continue to hover just below 65 cents per square foot. Heading into 2017, Reith said newer warehouse and distribution facilities are projecting asking rents between 53 cents and $1.50 per square foot.

The report also showed the local office market still lagging other sectors, although office vacancy rates continue to decline and rents have been rising gradually in recent years.

Year-over-year, the report showed that local office vacancy rates decreased from 18 to 15.6 percent. Class B properties have seen the greatest improvement in vacancy, improving from 17.5 percent one year ago to 14.6 percent by the end of 2016, Reith explained. The local office sector closed out the year with an overall net absorption of 312,460 square feet. Year-to-date, she said the local office market absorbed more than 1.1 million square feet in 2016, almost double the amount of activity reported in 2015.

“This positive trend is expected to continue, with over 51,000 square feet of office space inked for occupancy in 2017,” Reith said. “More than 3 million square feet of space was inked throughout 2016, including renewal and sublease space. The west (side of Las Vegas) market reflects the majority of space leased throughout the year, at over 800,000 square feet.”

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 this week covers activity through the fourth quarter of 2016.

Ott, whose professional designations include being a Certified Commercial Investment Member (CCIM), took over as CALV president on Jan. 1. She is one of dozens of leading local brokers who serve on advisory boards that help verify and produce these reports. Ott thanked her fellow brokers and industry professionals for sharing their time and expertise to help verify this data and to ensure these reports are the most accurate overview possible of the commercial real estate market in Southern Nevada.

For information on Xceligent Market Reports please contact Brenden Graves @ 702.957.0600..bgraves@xceligent.com

For information on CALV and membership please contact Stephanie Hill @ 702.784.5000..shill@glvar.org

 


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