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Category – November 2017

Marcus & Millichap Releases 4Q 2017 Las Vegas Apartment Report

Marcus MillichapHealthy job growth in office-using, hospitality sectors drives rental demand. Amid rising payrolls in the professional and business services and hospitality sectors, household growth is prompting demand for rentals. Elevated demand has prompted multiyear declines in vacancy to below 5 percent through the first half of 2017. Builders have responded to the sharp drops in vacancy, with completions set to rise to a multiyear high this year as 3,500 rentals are delivered. As a result, the three-year delivery total will top 9,100 units, which has begun to weigh on overall vacancy in the metro. While longer-term demand trends remain positive, a backup in vacancy is likely until supply moves more in line with the local need for housing.

Construction rises to multiyear high; projects proliferate in Southwest Las Vegas and Green Valley. Tight conditions are spurring a focus on multifamily and mixed-use projects, particularly in the southwestern submarkets and neighborhoods. Performance in these locations has begun to bifurcate, with many submarkets remaining tight while others struggle with new supply. The influx of properties at the high end is boosting overall rents as tenants lease at rates above the metro average.

View full report

Longtime Las Vegas REALTOR® David R. Tina Nominated to National Leadership Post

David R. Tina, 2016 NVAR Pres. smallerjpg (2)David R. Tina, a former president of both the statewide Nevada Association of REALTORS® (NVAR) and the Greater Las Vegas Association of REALTORS® (GLVAR), has been nominated to serve as a National Association of REALTORS® (NAR) regional vice president.

As the only candidate nominated for this position by NAR leaders, Tina will be officially elected to the position by January. He will then represent NAR’s Rocky Mountain Region on NAR’s 2020 Board of Directors, representing the states of Nevada, Arizona, Colorado, New Mexico, Utah and Wyoming. Tina’s nomination was announced in November during NAR’s REALTORS® Conference & Expo in Chicago.

“This is a well-deserved honor for Dave. He’ll do a great job representing our members from Nevada and other Rocky Mountain states,” said 2017 NVAR President Greg Martin. “It also speaks volumes about the quality leaders we have here in Nevada.”

As a regional vice president, Tina will follow in the footsteps of fellow Las Vegas REALTOR® Linda Rheinberger, who held the same NAR position after serving as president of GLVAR and NVAR.

 

Tina, a longtime local REALTOR®, was also honored at the NAR event this month by achieving REALTOR® Emeritus status, recognizing more than 40 years as an NAR member. He was NVAR’s REALTOR® of the Year in 2016. He owns and operates Urban Nest Realty in Las Vegas with his son and business partner David J. Tina, who is the 2017 president of the GLVAR.

Colliers Las Vegas Sets Tone For Holiday Season Activity

COMPLETED LEASE TRANSACTIONS:

 

APN 176 01 201 008A sale to NV LAS DEC LLC. The approximately 2.5 acre land parcel is located near Jones Blvd. and Roy Horn Way (APN: 176-01-201-008) in Las Vegas. The transaction value was $3,500,000. Brian Fike of Colliers International represented the buyer.

 

 
 

 

1225 East Hacienda AvenueA sale to Kanawati Group. The 44-unit multifamily property, Skyline Terrace Apartments, is located at 1225 E. Hacienda Ave. in Las Vegas. The transaction value was $3,175,000. Thomas Olivetti of Colliers International represented the buyer and the seller, Alpha Wave Investors.

 

 
 

 

5154 West Patrick LaneA sale to Christopher Lim. The approximately 6,245 square foot industrial property is located at 5154 W. Patrick Ln. in Las Vegas. The transaction value was $865,000. Brian Riffel, SIOR and Tyler Jones of Colliers International represented the seller, 288 Investments LLC.

 

 
 

 

971 Empire Mesa WayA sale to 969 Empire LLC. The approximately 6,800 square foot industrial property is located at 971 Empire Mesa Way in Henderson. The transaction value was $782,000. Brian Riffel, SIOR and Tyler Jones of Colliers International represented the seller, Peterson-Thompson LLC.

 

 

 

 

 

 

 

 

South Decatur Boulevard and West LeBaron Avenue APN 177 30 201 001A sale to Diamond Decatur Limited. The approximately 1.35 acre land parcel is located at S. Decatur Blvd. and W. LeBaron Ave. (APN: 177-30-201-001) in Las Vegas. The transaction value was $300,000. Steven Haynes of Colliers International represented the seller, Oscar A. Matheu & Sonia Matheu. Mike DeLew, SIOR and Greg Pancirov, SIOR of Colliers International represented the buyer.

 

 

 

 

 

7336 West Post Road, Unit 8A sale to Play Golf Designs Inc. The approximately 1,521 square foot office property is located in The Square at 7336 W. Post Rd., Unit 8 in Las Vegas. The transaction value was $296,595. Brian Riffel, SIOR, Chris Connell, Grant Traub and Tyler Jones of Colliers International represented the seller, Professional Warehouse Office Condos.

 

 
 

 

COMPLETED LEASE TRANSACTIONS:

 

DCIM100MEDIADJI_0164.JPGA lease to New Wave Enviro Inc. The approximately 29,250 square foot industrial property is located in Henderson Freeways Crossing at 8385 Eastgate Rd. in Henderson. Pat Marsh, SIOR and Sam Newman of Colliers International represented the lessor, Henderson Freeways Crossing LLC.

 

 
 

 

 

6285 South Mojave Road, Suite F-GA lease to Olsen Gaming Inc. The approximately 6,500 square foot industrial property is located in Mojave Airport Center at 6285 S. Mojave Rd., Suite F-G in Las Vegas. Mike DeLew, SIOR, Greg Pancirov, SIOR, Dean Willmore, SIOR and Alex Stanisic of Colliers International represented the lessor, Stockbridge Patrick and Mojave LLC.

 

 
 

 

1845 Village Center CircleA lease to Sports Science Training LLC. The approximately 6,000 square foot office property is located in V Centre Trails at 1845 Village Center Circle in Las Vegas. Chris Clifford, Steve Neiger and Brett Rather of Colliers International represented the lessee.

 

 
 

 

4405 West Sunset RoadA lease renewal to Preferred Electric LLC. The approximately 5,685 square foot industrial property is located at 4405 W. Sunset Rd. in Las Vegas. Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessor, Brigite Land Management LLC.

 

 
 

 

 

 

6295 South Pearl Street, Suite 500A lease to L5 Parcel Services LLC. The approximately 5,500 square foot industrial property is located in Arrowhead Commerce Center (Bldg. 6) at 6295 S. Pearl St., Suite 500 in Las Vegas. Spencer Pinter, Dan Doherty, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessor, KTR LV IV LLC.

 

 
 

 

 

 

DCIM100MEDIAA lease to Capitol Builders Hardware Inc. The approximately 5,386 square foot industrial property is located in Highland Industrial Center at 2910 S. Highland Dr., Suite P in Las Vegas. Chris Connell and Grant Traub of Colliers International represented the lessor, FKC Highland LLC.

 

 

 

 

 

 

 

4210 North Lamb Boulevard, Suite 130A lease to Ashley Briggs dba: Forge Performance. The approximately 4,195 square foot industrial property is located in Northpointe Business Center at 4210 N. Lamb Blvd., Suite 130 in Las Vegas. Dean Willmore, SIOR of Colliers International represented the lessor, Danny Muallem. Alex Stanisic of Colliers International represented the lessee.

 

 
 

 

 

3858 Civic Center DriveA lease to Vegas Signs Inc. The approximately 4,008 square foot industrial property is located in Civic Center Corporate Park at 3858 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 II LLC.

 

 

 

 

 

 

 

3874 Civic Center DriveA lease to West Coast Commercial Services Inc. The approximately 4,008 square foot industrial property is located in Civic Center Corporate Park at 3874 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 II LLC.

 

 

 

 

 

 

 

9053 South Pecos Road, Suite 2900A lease to American Academy of Urology. The approximately 3,490 square foot medical office property is located in Sansone Pecos I-215 at 9053 S. Pecos Rd., Suite 2900 in Henderson. Stacy Scheer, CCIM, LEED GA of Colliers International represented the lessee.

 

 
 

 

2920 North Green Valley Parkway, Suite 312A lease to Vetfed Carenet LLC. The approximately 2,538 square foot office property is located in Sunset Ridge Professional Plaza at 2920 N. Green Valley Pkwy., Suite 312 in Henderson. Alexia Crowley, CCIM, LEED GA of Colliers International represented the lessee.

 

 

 

8461 West Farm Road, #170A lease to Firehouse Subs. The approximately 1,650 square foot retail property is located in DC Plaza at 8461 W. Farm Rd., #170 in Las Vegas. Chris Clifford, Steve Neiger and Brett Rather of Colliers International represented the lessee.

 

 

 

 
 

280 East Flamingo RoadA lease to Dinh Tran dba Posh Nails 24/7. The approximately 1,200 square foot retail property is located at 280 E. Flamingo Rd. in Las Vegas. Phillip Dunning, CCIM of Colliers International represented the lessor, Flamingo Corridor, LLC.

Cushman & Wakefield Red Hot With Activity

 

cushmanCushman & Wakefield just released the following activity:

 

 

Nevada Chapter of the National Hemophilia Foundation leased 750 SF of office space at Rainbow Office Center, Ste 203, Las Vegas 89145. Pete Janemark, CCIM of Cushman & Wakefield represented the lessor, 222 Rainbow, LLC.

PW Enterprises renewed 1,595 SF of office space at 5135 Camino Al Norte, Ste 220, North Las Vegas 89031. Pete Janemark, CCIM of Cushman & Wakefield represented the lessor, KFRE Camino, LLC.

Jet Stream Academics, LLC leased 1,954 SF of office space at Palms Business Center North, 3002 Rigel Ave, Ste 100, Las Vegas 89102. Leo Biedermann and Bob Hawkins of Cushman & Wakefield represented the lessor, Fisher Brothers Las Vegas, LLC.

Air Squad Heating & Air Conditioning renewed 1,630 SF of industrial space at Palms Business Center North,3017 Rigel Ave, Ste D-3017, Las Vegas 89102. Leo Biedermann of Cushman & Wakefield represented the lessor, Fisher Brothers Las Vegas, LLC.

Hospitality Marketing, LLC renewed 2,201 SF of industrial space at Palms Business Center North, 3022 Rigel Ave, Las Vegas 89102. Leo Biedermann of Cushman & Wakefield represented the lessor, Fisher Brothers Las Vegas, LLC.

Podworx, Inc renewed 2,997 SF of industrial space at Palms Business Center North, 3013 & 3015 Rigel Ave, Las Vegas 89102. Leo Biedermann of Cushman & Wakefield represented the lessor, Fisher Brother Las Vegas, LLC.

United California Freight Solutions, Inc renewed 4,329 SF of industrial space at Desert Inn Commerce Center, 3226 W Desert Inn Rd, Las Vegas 89102. Leo Biedermann of Cushman & Wakefield represented the lessor, Paradise Las Vegas, LLC.

Beqa Lagoon Resort Support Services, LLC renewed 800 SF of industrial space at Kraft Building, 2900 Meade Ave, Ste 5, Las Vegas 89102. Leo Biedermann of Cushman & Wakefield represented the lessor, Paradise Las Vegas, LLC.

Holbrook Asphalt, LLC renewed 758 SF of industrial space at Kraft Building, 2900 Meade Ae, Ste 7, Las Vegas 89102. Leo Biedermann of Cushman & Wakefield represented the lessor, Paradise Las Vegas, LLC.

Royal Coach Tours, Inc leased 1 acre of industrial space at 8801 Las Vegas Blvd S, Las Vegas 89123. Leo Biedermann of Cushman & Wakefield represented the lessee.

Whiting-Turner Contracting Company renewed 3,600 SF of industrial space at Desert Inn Commerce Center,3230 W Desert Inn Rd, Ste 170, Las Vegas 89102. Leo Biedermann of Cushman & Wakefield represented the lessor, Paradise Las Vegs, LLC.

CRET LLC Series 2012-2, a Nevada limited liability company subleased 37,500 SF of industrial space at 4825 E Cheyenne Ave, Ste A, Las Vegas 89115. Kimberly Noack-Summers, Travis Noack, and Warren Noack of Cushman & Wakefield represented the lessee.

NOA Capital, LLC bought 24,806 SF of industrial space for $2,937,500 at 2020 Pama Ln, Las Vegas 89119. Danielle Steffen, SIOR and Amy Ogden, SIOR of Cushman & Wakefield represented the seller, MCA Pama, LLC.

Clifford G & Louise J Kohler Family Trust bought 9,556 SF of industrial space for $1,366,508 at 6847 S Eastern Ave, Las Vegas 89119. Art Farmanali of Cushman & Wakefield represented the seller, Nagala Family Limited Partnership, LLP.

Ameriprise Holdings, Inc leased 4,398 SF of office space at Green Valley Corporate Center, 2370 Corporate Cir, Ste 160, Henderson 89074. Jayne Cayton and Matt Kreft of Cushman & Wakefield represented the lessor, Corporate Ctr V, LLC.

Citywide Home Loans, a Utah Corporation leased 3,053 SF of office space at Pointe Flamingo, 4040 S Eastern Ave, Ste 340, Las Vegas 89119. Bob Hawkins and Neil Sorkin of Cushman & Wakefield represented the lessor, Pointe Flamingo Holdings, LLC.

Mozingo Ventures, LLC leased 810 SF of office space at 222 S Rainbow Blvd, Ste 104, Las Vegas 89145. Pete Janemark, CCIM of Cushman & Wakefield represented the lessor, 222 Rainbow, LLC.

Lightsha Wellness, LLC leased 775 SF of office space at Red Feather Plaza, 3281 N Decatur Blvd, Ste 120, Las Vegas 89130. Pete Janemark, CCIM of Cushman & Wakefield represented the lessor, Red Feather Plaza, LLC.

Satish Sharma, MD, PC renewed 4,367 SF of office space at Sansone Pecos, 9029 S Pecos Rd, Ste 2800, Henderson 89074. Nick Barber of Cushman & Wakefield represented the lessor, 9005-9089 South Pecos Raod, LLC.

Anthony Byrne renewed 2,409 SF of retail space at Azra Center, 4440 E Washington Ave, Ste 114-115, Las Vegas 89110. Lauren Tabeek, CCIM and Katelyn Panella of Cushman & Wakefield represented the lessor, Berryessa Plaza, LLC.

METROPCS Nevada, LLC renewed 2,888 SF of retail space at Craig Promenade, 655 W Craig Rd, Ste 112, North Las Vegas 89032. Lauren Tabeek, CCIM and Katelyn Panella represented the lessor, RREF II-KI Promenade, LLC.

Waddell & Reed, Inc leased 4,784 SF of office space at Town Center and 216 Office Building, 10777 W Twain Ave, Ste 120 & 130, Las Vegas 89135. Jayne Cayton and Matt Kreft of Cushman & Wakefield represented the lessor, TAG Town Center 1, LLC.

Friends of Steven Sisolak leased 1,140 SF of office space at 201 Las Vegas Blvd, Ste 240-250, Las Vegas 89101. Bob Hawkins, Jayne Cayton, and Matt Kreft of Cushman & Wakefield represented the lessor, 201 Vegas DP, LLC, a Nevada limited liability company.

Tru Yoga, LLC leased 2,086 SF of office space at Brookhollow Business Park, 7310 Smoke Ranch Rd, Ste D, Las Vegas 89128. Bob Hawkins of Cushman & Wakefield represented the lessor, Brookhollow Business Park, LLC.

CYBT, Incorporated renewed 1,669 SF of office space at Brookhollow Business Park, 7320 Smoke Ranch Rd, Ste H, Las Vegas 89128. Bob Hawkins of Cushman & Wakefield represented the lessor, Brookhollow Business Park, LLC.

Enterprise Plumbing and Mechanical, LLC leased 1,508 SF of office space at 3565 E Post Rd, Ste 112B, Las Vegas 89120. Pete Janemark, CCIM of Cushman & Wakefield represented the lessor, AMJ Post, LLC.

Platinum Mortgage Home Corporation leased 5,942 SF of office space at Fort Apache Corporate Center, 4670 S Fort Apache Rd, Ste 190, Las Vegas 89147. Nick Barber of Cushman & Wakefield represented the lessor, Colonial Plaza office Center, LLC.

Finance of America Mortgage, LLC expanded their office space by 5,942 SF at Fort Apache Corporate Center, 4670 S Fort Apache Rd, Ste 180, Las Vegas 89147. Nick Barber of Cushman & Wakefield represented the lessor, Colonial Plaza Office Center, LLC.

Pebble Stone Coatings, Inc leased 4,000 SF of industrial space at Desert Inn Commerce Center, 3230 W Desert Inn Rd, Ste 140, Las Vegas 89102. Leo Biedermann of Cushman & Wakefield represented the lessor, Paradise Las Vegas, LLC.

Staffing Authority, LLC leased 3,500 SF of retail space at Imperial Plaza, 4343 N Rancho Dr, St 222, Las Vegas 89130. Bob Hawkins and Neil Sorkin of Cushman & Wakefield represented the lessor, Royal Investors Group, LLC – Javid Investments – Shayan Capital.

Pump Salon renewed 1,352 SF of office space at Canyon Plaza 7985 W Sahara Ave, Ste 106, Las Vegas 89117. Bob Hawkins of Cushman & Wakefield represented the lessor, Winner Properties, LLC.

Double E Holdings, LLC dba Rock YourSales leased 1,075 SF of office space at Desert Inn Office Center, 2785 E Desert Inn Rd, Ste 150, Las Vegas 89121. Pete Janemark, CCIM of Cushman & Wakefield represented the lessor, 2625 BV, LLC.

Willwork, Inc renewed 4,170 SF of industrial space at Desert Inn Commerce Center, 3218 W Desert Inn Rd, Las Vegas 89102. Leo Biedermann of Cushman & Wakefield represented the lessor, Paradise Las Vegas, LLC.

Classic Canine III, LLC renewed 1,270 SF of retail space at 1651 W Horizon Ridge Pkwy, Ste 160, Las Vegas 89012. Lauren Tabeek, CCIM and Katelyn Panella of Cushman & Wakefield represented the lessor, Beryessa Plaza, LLC.

Vapetasia, LLC leased 10,451 SF of industrial space at 871 Grier Dr, Ste B1, Las Vegas 89119. Travis Noack, Kimberly Noack-Summers, Warren Noack, and Geoffrey West of Cushman & Wakefield represented the lessor, Kirkorian Properties, a California limited partnership.

EMA Consulting, LLC purchased 4,550 SF of office space for $710,000 at 2948 E Russell Rd, Las Vegas 89120. Nick Barber and Eric Rogosch of Cushman & Wakefield represented the lessor, JIB Real Estate, LLC.

Dispatchhealth Management, LLC leased 1,770 SF office space at Charleston Valley View Business Park, 3814 W Charleston Blvd, Ste 203, Las Vegas 89102. Neil Sorkin and Bob Hawkins of Cushman & Wakefield represented the lessor, WBCMT 2007-C33 Charleston Boulevard LLC.

Joshua James Moore dba AMS Picture renewed 1,953 SF of retail space Centennial Plaza, 150 E Centennial Pkwy, Ste 114, Las Vegas 89032. Lauren Tabeek, CCIM and Katelyn Panella of Cushman & Wakefield represented the lessor, Centennial 5Development, LLC.

Prince Insurance, LLC leased 1,125 SF of retail space at Fiesta Plaza, 2125 Civic Center Dr, North Las Vegas 89030. Eric Rogosch, Dan Hubbard, and Jason Park of Cushman & Wakefield represented the lessor, TRIF III/Civic Plaza NV LLC.

Vandal Forever leased 1,920 SF of retail space at 4343 N Rancho Dr, Ste 210, Las Vegas 89130. Bob Hawkins and Neil Sorkin of Cushman & Wakefield represented the lessor, Royal Investors Group LLC-Javid Investments-Shayan Capital.

Navarro Research and Engineering, Inc renewed 1,200 SF of office space Spectrum Office Plaza, 3814 W Charleston Blvd, Ste 203, Las Vegas 89102. Bob Hawkins of Cushman & Wakefield represented the lessor, Anderson & Puryear Pistashio, LLP.

Matters of the Mind leased 5,503 SF office space at 4528 W Craig Rd, North Las Vegas 89031. Pete Janemark, CCIM of Cushman & Wakefield represented the lessor, AMJ Craig, LLC.

Center for Popular Democracy, Inc dba Make the Road of Nevada leased 1,100 SF of office space at Bonanza Plaza, 4250 E Bonanza Rd, Ste 14, Las Vegas 89110. Pete Janemark, CCIM of Cushman & Wakefield represented the lessor, Steven E Traisman dba SET Properties.

David J Winterton & Assocaites, Ltd, A Nevada Limited Partnership leased 2,118 SF of office space at 7881 W Charleston Blvd, Ste 220, Las Vegas 89117. Paula Lea, CCIM of Cushman & Wakefield represented the lessee.

HDR Consulting, LLC renewed 2,465 SF office space at Marbeya Business Center, 6655 W Sahara Ave, Las Vegas 89146. Nick Barber of Cushman & Wakefield represented the lessor, Pacific Peninsula, LLC.

David Feda dba Kabob Kitchen leased 1,576 SF retail space Lone Mountain Plaza, 10040 W Cheyenne Ave, Ste 150, Las Vegas 89129. Lauren Tabeek, CCIM and Katelyn Panella of Cushman & Wakefield represented the lessor, Sunstone Lone Mountain, LLC.

Bob Allen Golf, LLC leased 3,803 SF of retail space at 6415 S Fort Apache Rd, Ste 155-165, Las Vegas 89148. Lauren Tabeek, CCIM and Katelyn Panella of Cushman & Wakefield represented the lessor, LI Portfolio Holdings, LLC.

Kimley-Horn and Associates, Inc expanded their office space by 16,791 SF Town Square, 6671 Las Vegas Blvd S, Stes D310, D350 and D380, Las Vegas 89119. Jayne Cayton and Matt Kreft of Cushman & Wakefield represented the lessee.

Café Rio leased 3,556 SF of retail space at Bowler Plaza, 330 N Sandhill Blvd, Ste 330D, Mesquite 89027. Dan Hubbard of Cushman & Wakefield represented the lessor, Las Virgenes, LLC.

Leslie’s Poolmart, Inc leased 2,520 SF of retail space at Bowler Plaza, 330 N Sandhill Blvd, Stes H & I, Mesquite 89027. Dan Hubbard of Cushman & Wakefield represented the lessor, Las Virgenes, LLC.

David Graziano leased 4,170 SF of industrial space at Desert Inn Commerce Center 3220 W Desert Inn Rd, Las Vegas 89102. Bob Hawkins and Leo Biedermann of Cushman & Wakefield represented the lessor, Paradise Las Vegas, LLC.

BLV Holdings, LLC purchased 11,272 SF of office space for $1,025,000 at 732 S 3rd St, Las Vegas 89101. Bob Hawkins and Geoffrey West of Cushman & Wakefield represented the lessor, Summerlin LV, LLC.

Hilti, Inc leased 10,000 SF of industrial space at 5480 Valley View Blvd, Ste 160-170, Las Vegas 89118. Alma Cuevas of Cushman & Wakefield represented the lessor, Dunn-Edwards Corporation.

AW Ventures, LLC leased 2,573 SF of office space 6200 N Durango Dr, Ste 110, Las Vegas 89149. Nick Barber of Cushman & Wakefield represented the lessee.

Five Star Partnership, LLC leased 3,158 SF of office space at Sansone Pecos, 9065 S Pecos Rd, Ste 200, Henderson 89074. Nick Barber represented the lessor, 9005-9089 South Pecos Road, LLC.

PFS Marketing, LLC renewed 1,259 SF of office space at Pines Office Center, 7261 W Charleston Blvd, Ste 102, Las Vegas 89117. Nick Barber of Cushman & Wakefield Commerce represented the lessor, Pines Office Center, LLC.

Bella Grande Entrance renewed 8,000 SF of industrial space Desert Inn Commerce Center, 3222 W Desert Inn Rd, Las Vegas 89102. Leo Biedermann of Cushman & Wakefield represented the lessor, Paradise Las Vegas, LLC.

H&L Spa, Inc renewed 1,300 SF of retail space 775 W Craig Rd, Ste 164, Las Vegas 89032. Lauren Tabeek, CCIM and Katelyn Panella of Cushman & Wakefield represented the lessor, RREF II-KI Promenade, LLC.

Maria Rivetti leased 951 SF of retail space at Bianca Plaza 2959-B Sammy Davis Jr Dr, Las Vegas 89109. Lauren Tabeek, CCIM and Katelyn Panella of Cushman & Wakefield represented the lessor, Leonardi Properties, Inc.

AW Ventures, LLC leased 2,573 SF of office space 6200 N Durango Dr, Ste 110, Las Vegas 89149. Nick Barber of Cushman & Wakefield represented the lessee.

Five Star Partnership, LLC leased 3,158 SF of office space at Sansone Pecos, 9065 S Pecos Rd, Ste 200, Henderson 89074. Nick Barber represented the lessor, 9005-9089 South Pecos Road, LLC.

Xingquan Xue dba New China Cuisine renewed 2,600 SF of retail space 5515 Camino Al Norte, North Las Vegas 89031. Dan Hubbard of Cushman & Wakefield represented the lessor, Parlay Properties, LLC.

Newmark Knight Frank Recent Transactions

Newmark Logo

 

 

Newmark Knight Frank represented Millis Properties, LLC in the purchase of 9330 W. Martin Ave., a 8,705 square foot office building, from Joseph & Geraldine Dehorty Living Trust. Total consideration was $1,415,000. NKF’s Managing Director Ben Millis, SIOR and Associate Director Dave Wrzesinski represented the buyer in the transaction. Tina Taylor and Ryan McCullough of Marcus & Millichap represented the seller in the transaction.

 

Newmark Knight Frank represented Millis Nellis, LLC in the sale of SWC Nellis Blvd. & Geist Ave., a 1.39 acre parcel of land, to Alternative Medicine Association LC. Total consideration was $432,000. NKF’s Managing Director Ben Millis, SIOR and Associate Director Dave Wrzesinski represented the seller in the transaction. Kevin Higgins of CBRE represented the buyer in the transaction.

 

Tax Services of America, Inc dba Jackson Hewitt leased 981 square feet of retail space at 4750 W. Sahara Ave., Ste. 1, from Sahara 3D, LLC. Total consideration was $125,783. Managing Director Michael Zobrist and Executive Managing Director Nelson Tressler of Newmark Knight Frank represented the lessor in the transaction.

NAI Sauter Multifamily Represents Sale Of Cheyenne Point Apartments

Cheyenne PointNAI Vegas is pleased to announce the successful marketing and sale of Cheyenne Pointe Apartments, 204-units located at 3240 N. Las Vegas Blvd., Las Vegas, NV 89115 for $17,442,000 ($85,500 per unit) on 11/1/17.

Patrick Sauter, Art Carll and Antone Brazill of NAI Vegas’ Sauter Multifamily Group appreciates the opportunity to have exclusively represented the Buyer and Seller in this successful transaction.

 

 

Cheyenne Pointe Apartments 3240 N Las Vegas Blvd, Las Vegas, NV 89115

Transaction Details

  • $17,442,000 Sale Price
  • 5.51% Cap Rate
  • Class B Community
  • Built in 1999
  • Date Sold:11/1/2017

Boston And Las Vegas Bookend Required Credit Scores For Apartment Renters

rent cafe logo

 

 

The average credit score of those approved for an apartment lease is on the increase, up 12 points since 2014 to hit 650 in 2017, according to rental applications submitted nationwide.

Across building types, rental applicants approved for an apartment in 2017 had average scores that range from 683 in high-end buildings to only 624 in low-end buildings.

And if you’re wondering which generation of renters is in the best credit shape, that’s Baby Boomers for you, with the highest accepted average score of 683.Zooming in to the city level, two of the most expensive hubs for renters lead the way, Boston with a 737 average credit score of approved applicants and San Francisco with 724. Las Vegas is on the other end of the spectrum with 590, the lowest average credit score of approved renters out of the 50 cities we looked at. Sin City has also witnessed a 6.3% increase in rents since last year, now at $962/mo.

While it may not all boil down to a renter’s credit score, our research shows there’s a strong correlation between it and application approval rates, as you can see in the graph below:

See full credit score report here

Monte Village Shopping Center, LLC Signs Long Term Retail Lease – Avison Young

avison-young

 

 

AVLiz Clare, CCIM and Jacqueline Young of Avison Young represented the landlord, Monterey Vista Village Shopping Center, LLC in the 126 month retail lease located at 3555 South Fort Apache in Las Vegas, Nevada.  Cory Argubright of Dunbar Commercial represented the tenant, 9 Rounds.  The total value of the transaction was $253,008.00.

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

 


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