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Category – November 2017

Robust Tourism Sparks Occupancy and Revenue Growth in Southwest Hotels

Marcus MillichapMarcus and Millichap released its 2nd half 2017 Hospitality Research Regional Report. The Southwest region, which comprises Arizona, Colorado, Nevada, New Mexico and Utah, posted robust occupancy growth since last June. Each state contributed to rising occupancy and in turn fostered an increase in the average daily rate and RevPAR. Arizona and Utah posted occupancy gains of more than 100 basis points during the last four quarters as record-breaking visits to national parks in each state benefited occupancy improvement. Tourism in New Mexico underpinned the largest occupancy and RevPAR growth regionally.

Click Here to read the full report

 

Colliers Recent Transactions of Note

  • Roy Horn Way and Edmond Street APN 176 01 601 006A sale to NV LAS DEC LLC. The approximately 2.5 acre land parcel is located at Roy Horn Way near Edmond St. (APN: 176-01-601-006) in Las Vegas. The transaction value was $2,525,000. Brian Fike of Colliers International represented the buyer.

 

 

 

 

  • DCIM100MEDIAA sale to James Tsunis. The approximately 1,400 square foot industrial property is located in Pecos Industrial Complex at 4300 N. Pecos Rd., Unit 17 in North Las Vegas. The transaction value was $132,500. Eric Molfetta, CCIM and Chris Zunis of Colliers International represented the seller, Chriselle McMahon.

 

 

 

COMPLETED LEASE TRANSACTIONS:

  • 3030 North Lamb Boulevard, #103-104A lease to Updike Distribution Logistics LLC. The approximately 55,125 square foot industrial property is located in Freeport West Distribution Center at 3030 N. Lamb Blvd., #103-104 in Las Vegas. Dean Willmore, SIOR of Colliers International represented both the lessee and the lessor, Natomas Creek Nevada LLC.

 

 

 

  • 2711 East Craig Road, Suite C-DA sublease to Social Media Unicorn Inc. The approximately 12,012 square foot industrial property is located in Harsch Craig Distribution Center at 2711 E. Craig Rd., Suite C-D in North Las Vegas. Dean Willmore, SIOR and Alex Stanisic of Colliers International represented the lessor, Alled LLC.

 

 

 

 

  • 731 Pilot Road, Suite CA lease to GameCo Inc. The approximately 11,192 square foot industrial property is located in Hughes Airport Center at 731 Pilot Rd., Suite C in Las Vegas. Greg Pancirov, SIOR and Mike DeLew, SIOR of Colliers International represented the lessee.

 

 

 

 

  • 5016 West Post RoadA lease renewal to Showcase Contracting LLC. The approximately 5,809 square foot industrial property is located at 5016 W. Post Rd. in Las Vegas. Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessor, Dean and Penny Brunner 1985 Trust.

 

 

 

 

  • 6355 South Pecos Road, Suite 64_65A lease to Quantakinetic Holdings LLC. The approximately 4,000 square foot industrial property is located at 6355 S. Pecos Rd., Suite 64/65 in Las Vegas. Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessee.

 

 

 

 

  • 7251 West Lake Mead Boulevard, Suite 110A lease to Vivint LLC. The approximately 3,524 square foot office property is located in City Center West at 7251 W. Lake Mead Blvd., Suite 110 in Las Vegas. Patti Dillon, SIOR, Ryan Martin, CCIM, SIOR, Taber Thill, SIOR and Teddie Hickey of Colliers International represented the lessor, 7251 West Lake Mead LLC.

 

 

 

  • DCIM100MEDIAA lease to Legacy Foodservice Design LLC. The approximately 2,156 square foot office property is located in Airport Corporate Center at 376 E. Warm Springs Rd., Suite 125 in Las Vegas. Chris Connell and Grant Traub of Colliers International represented the lessor, Airport CC LLC.

 

 

 

 

  • 340 East Warm Springs Road, Suite 2BA lease to CrossCountry Mortgage Inc. The approximately 1,800 square foot office property is located in Bermuda Springs Office Park at 340 E. Warm Springs Rd., Suite 2B in Las Vegas. Chris Connell and Grant Traub of Colliers International represented the lessor, Office By Airport LLC.

 

 

 

1221 South Boulder Highway, #121-100A lease to Future Nails. The approximately 1,393 square foot retail property is located in Horizon Town Center at 1221 S. Boulder Hwy., #121-100 in Henderson. Scot Marker of Colliers International represented the lessor, Wells Fargo.

Avison Young Represents Landlords In Two Long Term Office Leases

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9440 SaharaJacqueline Young and Liz Clare, CCIM of Avison Young represented the landlord, G&I VIII Village Square, LLC in the 1,780 SF 126 month lease to the tenant, Grabbagreen at 9440 West Sahara Avenue, Suite 180, Las Vegas, Nevada.  Mike Leonard of Catalyst Commercial Group represented the tenant.  The total value of the retail lease was $536,500.

 

 

 

 

 

Catapult (1)Barton Hyde and Scott Donaghe of Avison Young represented the landlord, 2625 GV, LLC in the 6,580 SF 60 month lease to the tenant, Catapult Fundraising at 2651 N. Green Valley Pkwy, Suite 102D, Henderson, Nevada.  Buzz Horden of Vegas Commercial Real Estate represented the tenant. The total value of the office lease was $381,500.

Mountain West Commercial Transacts Retail, Office & Land Deals

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360 TropicanaTatuado Tavern, MTSRB LLC has leased 3,000 SF of retail space at McCarran Village, 360 E. Tropicana Ave. Las Vegas, Nevada 89169. Jeff Mitchell and Preston Abell of Mountain West Commercial represented the Lessor.

 

 

 

 

 

317 6thCoWorks LLC, has leased 8,400 SF of Office Space Downtown at 317 S. 6th St. Las Vegas, Nevada 89101. Preston Abell of Mountain West Commercial represented the Lessor.

 

 

 

 

 

 

SW Oleta Terrible Hebst Inc. has leased 2.39 ACRES of Land on SWC of Oleta Ave. & Jones Blvd. Sahil Kurji of Mountain West Commercial represented the Lessee.

Sun Commercial’s Recent Activity Hits All Property types

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525 E St. Louis - Cover PhotoThe Sale of a four-story apartment building was completed on October 31, 2017. The 90,610 square foot 92-unit property is located at 525 E. St. Louis Avenue, Las Vegas, NV 89104. The total value of the transaction was $7,300,000.00. Cathy Jones, Paul Miachika, Roy Fritz, Jessica Cegavske and Jennifer Lehr of Sun Commercial Real Estate, Inc. represented the Seller, St. Louis LV Holdings LLC and Sunnyside Group represented the Buyer, Patel Family Trust.

 

 

 

 

 

 

9070 w cheyenne aveThe Sale of a single tenant office building was completed on October 30, 2017. The 10,000 square foot office building is located at 9070 W. Cheyenne Avenue, Las Vegas, NV 89129. The total value of the transaction was $2,750,000.00. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate, Inc. represented the Buyer, Kerry Holt and Marcus & Millichap represented the Seller, PCB Pensivy LLC.

 

 

 

 

 

 

 

2917 Brookspark DriveThe Sale of an industrial building was completed on September 27, 2017. The 10,128 square foot space is located at 2917 Brookspark Drive, North Las Vegas, NV 89030. The total value of the transaction was $1,050,000.00. Lisa Hauger, Timothy Erickson, and Tim Behrendt of Sun Commercial Real Estate, Inc. represented the Buyer, Auto-Chlor Systems of Las Vegas and CBRE represented the Seller, Brookspark Drive LLC.

 

 

 

 

 

375 Stephanie 1The Sale of an office building was completed on September 26, 2017. The 5,740 square foot space is located at 375 N. Stephanie Street, Building 10, Henderson, NV 89014. The total value of the transaction was $830,000.00. Paul Chaffee and Wil Chaffee of Sun Commercial Real Estate, Inc. represented the Seller, Stephanie 10, LLC and iProperties International represented the Buyer, LVH Holdings, LLC & RMZX Defined Benefit Plan Pension Trust.

 

 

 

 

 

 

6325 s rainbow boulevardThe Lease with Your Leasing Solution, LLC was completed on September 12, 2017. The 4,892 square foot office space is located at 6325 S. Rainbow Boulevard, Suite 420, Las Vegas, NV 89118. The total value of the transaction was $816,726.72. Renae Russo of Sun Commercial Real Estate, Inc. represented the Tenant, Your Leasing Solution, LLC and CBRE represented the Landlord, WGHII Acquisitions, LLC.

 

 

 

 

 

 

777 s rainbow boulevardThe Lease with Telassistant LLC was completed on September 25, 2017. The 7,713 square foot office space is located at 777 N. Rainbow Boulevard, Suite 130 & 135, Las Vegas, NV 89107.The total value of the transaction was $698,268.54. Michael Brazill and Edward Bassford of Sun Commercial Real Estate, Inc. represented the Tenant, Telassistant LLC and Colliers International represented the Landlord, Rainbow Business Center LLC.

 

 

 

 

 

 

3975 w post roadThe Lease with Duralum Products, Inc. was completed on September 1, 2017. The 12,485 square foot industrial space is located at 3975 W. Post Road, Las Vegas, NV 89118. The total value of the transaction was $525,700.19. Lisa Hauger, Timothy Erickson and Tim Behrendt of Sun Commercial Real Estate, Inc. represented the Tenant, Duralum Products, Inc. and JLL represented the Landlord, Gaunt Industrial Properties LLC.

 

 

 

 

 

 

9640 W. Tropicana Ave (2)The Lease with Senza Gluten-Free Bakery was completed on November 1, 2017. The 2,022 square foot retail space is located at 9640 W. Tropicana Avenue, Suite 118 & 119, Las Vegas, NV 89147. The total value of the transaction was $173,908.20. Rob Moore and Matt Patros of Sun Commercial Real Estate, Inc. represented the Landlord, Teepee Development, LLC and Savant CRE represented the Tenant, Senza Gluten-Free Bakery.

 

 

 

 

 

 

4640 s polaris aveThe Lease with ABC Rifle Company was completed on November 9, 2017. The 5,400 square foot industrial space is located at 4640 S. Polaris Avenue, Unit A, Las Vegas, NV 89103. The total value of the transaction was $126,390.06. Paul Chaffee and Wil Chaffee of Sun Commercial Real Estate, Inc. represented the Tenant, ABC Rifle Company and Gatski Commercial Real Estate Services represented the Landlord, CV PropCo, LLC.

2017 NAR Conference Provides Value For Commercial And Residential Realtors

David TinaMembers of the Greater Las Vegas Association of REALTORS® (GLVAR) joined more than 20,000 real estate professionals and fellow industry leaders from around the country at the 2017 REALTORS® Conference & Expo held in Chicago from Nov. 3 to 6. This year’s conference theme, “The Sky’s the Limit,” encouraged members of the National Association of REALTORS® (NAR) to take advantage of new technology and innovations shaping the industry, educate themselves on the latest market trends and real estate issues and make new contacts with fellow real estate professionals from around the world.

GLVAR members also had the opportunity to attend hundreds of information and education sessions featuring more than 300 nationally recognized speakers and industry experts who spoke on a wide range of real estate topics, including affordability from inventory constraints, brokerage management and tax reform’s potential impact on homeowners. Among the panelists and speakers were Lawrence Yun, NAR chief economist, who shared the latest outlook for residential and commercial real estate markets; William Doerner, Federal Housing Finance Agency senior economist; Steve Schmidt, MSNBC political analyst; Robert Dietz, National Association of Home Builders chief economist; Luke Glass, realtor.com® executive vice president of Industry Platforms, and 23-time Olympic gold medalist Michael Phelps.

“As a trusted source for real estate information, REALTORS® need to constantly work to educate ourselves about the latest trends and developments affecting our industry,” said GLVAR President David J. Tina, a longtime Las Vegas REALTOR®. “This conference was an incredible opportunity for me and the dozens of other Nevada REALTORS® who attended. We were able to reflect on this year’s successes, identify solutions to problems facing the housing market locally and nationally and to discuss ways to keep homeownership and real estate issues near the top of the national agenda. For example, Tina said he learned that Southern Nevada isn’t the only housing market where there aren’t enough homes available for sale. “From what I heard in Chicago, most of the major cities in the country are facing an inventory shortage,” he added.

Throughout the week, REALTORS® attended 100-plus conference forums, workshops and educational sessions on a broad range of real estate issues to help enhance their skills and prepare their businesses for 2018. Attending this conference is one of the countless ways NAR members gain specialized knowledge, hone their expertise to better serve America’s home buyers, sellers and investors, and improve their professionalism.

Newmark Knight Frank Completes Retail Transactions

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Henderson Aikido, LLC leased 2,800 square feet of retail space at 229 N. Stephanie St., Ste. D-E, from Stephanie Promenade, LLC. Total consideration was $240,822. Managing Director Michael Zobrist and Executive Managing Director Nelson Tressler of Newmark Knight Frank represented the lessor in the transaction.

 

Daddy’s Q, LLC leased 1,600 square feet of retail space at 4115 S. Grand Canyon Pkwy., Ste. 100, from Grand Canyon Center, LP. Total consideration was $136,512. Managing Director Michael Zobrist and Executive Managing Director Nelson Tressler of Newmark Knight Frank represented the lessor in the transaction.

Virtus Commercial Deals Of Note

4955 s durangoShay Khun has leased approximately 320 SF of office space at Spanish Vista Office Park, located at 4955 S. Durango Dr. Ste. 125, in Las Vegas.  Robert S. Hatrak II of Virtus Commercial represented the Lessor, Amen Wardy III & Traci A. Wardy, and Victor Hecker of Hecker Real Estate represented the Lessee.

 

 

 

 

3380 e russelScales N’ Tails LLC has leased approximately 1,000 SF of retail space at Pecos Russell Plaza, located at 3380 E. Russell Rd. Ste. 112, in Las Vegas.  Matt Feustel of Virtus Commercial represented the Lessor, 3380 Partners.

 

 

 

 

 

235 n easternPedro Loyo Malabar has leased approximately 1,200 SF of retail space at Stewart Square, located at 235 N. Eastern Ave. Ste. 120, in Las Vegas.  Matt Feustel of Virtus Commercial represented the Lessor, Miller Trust Et al.

 

 

 

 

 

1785 e saharaClark Dynamics LLC has leased approximately 1,189 SF of office space at The 1785 Office Center, located at 1785 E. Sahara Ave. Ste. 340, in Las Vegas.  Brett S. Beck of Virtus Commercial represented the Lessor, The 1785 Office Center LLC, and Gary S. Beck of Virtus Commercial represented the Lessee.

Home Prices Cool Down Recently But Still Up Year Over Year

GLVARThe Greater Las Vegas Association of REALTORS® (GLVAR) reported today that local home prices cooled down a bit in October, though home prices and sales are still well up from one year ago. GLVAR reported that the median price of existing single-family homes sold during October through its Multiple Listing Service (MLS) was $263,000, down slightly from September, but still up 13.4 percent from October 2016. The median price of local condos and townhomes sold in October was $140,000, unchanged from September, but up 19.7 percent from the same time last year.

GLVAR President David J. Tina, a longtime local REALTOR®, said home prices have been appreciating at a fairly steady rate of about 10 percent per year for the past few years. Though that pace may be slowing heading into the fall, he still has a positive outlook for the local housing market. “I think our housing market is in good shape, largely because our local economy continues to grow,” Tina said. “Our population and economy are growing as fast as almost any place in the country. And Southern Nevada has been leading the nation in job growth. All these things point to more demand for housing, with more home sales and more appreciation expected for the foreseeable future.”

As for headwinds in the housing market, Tina said demand continues to exceed the shrinking supply of homes available for sale. This continues to present challenges for many buyers, especially those seeking entry-level 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. By the end of October, GLVAR reported 4,795 single-family homes listed for sale without any sort of offer. That’s down 32.3 percent from one year ago. For condos and townhomes, the 770 properties listed without offers in October represented a 32.0 percent drop from one year ago.The total number of existing local homes, condos and townhomes sold during October was 3,633, up from 3,225 in October 2016. Compared to one year ago, sales were up 13.3 percent for homes and up 16.1 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 26.9 percent of all local properties sold in October were purchased with cash, similar to past months and down from 27.4 percent one year ago. That’s 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. That trend continued in October, when 2.9 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 5.1 percent of all sales in October 2016. Another 2.3 percent of all October sales were bank-owned, down from 5.6 percent one year ago. As these declining percentages indicate, Tina said “distressed sales now make up such a small share of the local housing market that they’ve really become a non-issue.”

These GLVAR statistics include activity through the end of October 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 October was nearly $930 million for homes and nearly $101 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in October were up 32.6 percent for homes and up 37.5 percent for condos and townhomes. Homes and condos continued to sell faster than last year at this time. In October, 81.9 percent of all existing local homes and 89.0 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 75.2 percent of all local homes and 76.2 percent of all condos and townhomes sold within 60 days.


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