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Category – September 2017

CBRE Las Vegas Represents Torchlight In Sale Of City Center West A

CBRE New Logo 2016CBRE announces today the sale of City Center West A, an office building located at 7201 W. Lake Mead Boulevard, Las Vegas, NV 89128. Charles Moore, CSM, Marlene Fujita-Winkel and Bart DeBuono of CBRE’s Las Vegas office represented the seller, Torchlight, in the $13,750,000 transaction encompassing 105,761 square feet. The buyer, RFII Acquisitions, LLC, did not have representation.

The property is adjacent to U.S. Highway 95 and is situated near the corner of W. Lake Mead Boulevard and Tenaya Way.

Scot Prince Joins Mountain West Commercial Real Estate

scot princeMountain West Commercial Real Estate is pleased to welcome Scot Prince. Scot specializes in land, retail and investment sales. He was born in Las Vegas and has strong local knowledge of trends in the Las Vegas Valley. Scot started in commercial real estate in 2013, right after graduating from the University of Nevada, Reno, where he earned a bachelor of science in economics. He has represented one of the largest privately-held real estate investment management firms in the country as well as local developers and mom-and-pop land owners.

Scot brings a wealth of knowledge and will help Mountain West identify what sectors of the industry and which submarkets should be targeted for new development and growth.

Scot can be reached at 702.374.0218 or at sprince@mtnwest.com

Colliers Continues Strong Into September

 

Andermatt Lane APN 176 08 201 007

A sale to KB Homes. The approximately 5.23 acre land parcel is located on Andermatt Ln. (APN: 176-08-201-007) in Las Vegas. The transaction value was $2,484,250. Steven Haynes of Colliers International represented the seller, Alon & Rosana Miller Family Trust.

 

 

 

 

 

 

 

 

 

6623 South Schuster StreetA sale to John Morotti. The approximately 8,258 square foot industrial property is located at 6623 S. Schuster St. in Las Vegas. The transaction value was $1,156,120. Dean Willmore, SIOR of Colliers International represented the buyer.

 

 

 

 

 

 

 

880 Wigwam Parkway, Suite 130 (2)A lease to Good Spirits Distributing LLC. The approximately 32,563 square foot industrial property is located in Harsch Traverse Point Commerce Center at 880 Wigwam Pkwy., Suite 130 in Henderson. Greg Pancirov, SIOR and Mike Delew, SIOR of Colliers International represented the lessor, Harsch Investment Properties and the lessee.

 

 

 

 

 

6385 South Rainbow Boulevard (2)A lease to Liberty Dental Plan. The approximately 22,145 square foot office property is located in Rainbow Sunset Pavilion at 6385 S. Rainbow Blvd. in Las Vegas. Ryan Martin, CCIM, SIOR, Taber Thill, SIOR, Patti Dillon, SIOR and Teddie Hickey of Colliers International represented the lessee.

 

 

 

 

 

 

 

3643 Las Vegas BoulevardA lease to M&K Enterprise LLC. The approximately 3,199 square foot retail property is located in Grand Bazaar Shops at 3643 Las Vegas Blvd. in Las Vegas. Phillip Dunning, CCIM of Colliers International represented the lessee.

 

Northcap Mutifamily Reps Buyer Of Desert Aire On Sierra Vista

northcap-logoRobin WillettDevin Lee, CCIMJerad Roberts, and Jason Dittenber, of Northcap Multifamily are pleased to announce the recent sale of Desert Aire for $1,750,000.  The sale consisted of 32 multifamily units, located at 1076, 1088, 1100, &1112 Sierra Vista Dr, Las Vegas, Nevada.

The transaction closed on September 5th, 2017.  Northcap Multifamily was pleased to have worked with the Purchaser in this successful transaction.

NVAR Relief Fund To Donate Funds For Hurricane Relief

Greg Martin mug shot[1][2]The Nevada Association of REALTORS® (NVAR) has donated $15,000 to help victims of recent hurricanes in Texas, Florida and surrounding areas. NVAR President Greg Martin said NVAR’s donation to the REALTORS® Relief Foundation created 16 years ago by the National Association of REALTORS® (NAR) will be used to help members of the public who need help recovering from Hurricanes Harvey and Irma.

“It’s important to do what we can to help people in need rebuild their lives after these natural disasters,” Martin said. “By donating to the REALTORS® Relief Foundation, 100 percent of the funds go directly to help people affected by these storms. None of this money is used for overhead or administrative costs.” Martin, a longtime REALTOR® based in Elko, Nev., added that NVAR and its members throughout Nevada may donate more to this fund in the coming weeks and months.

NAR launched the REALTORS® Relief Foundation (RRF) as the REALTORS® Relief Fund in 2001, within hours of the devastating Sept. 11, 2001 terrorist attacks – raising more than $8.4 million so that surviving family members could stay in their homes. Since then, more than $25 million has been raised for victims of disasters, including wildfires, tornadoes, floods and hurricanes.

Today, RRF exists as a 501(c)(3) organization established to provide housing-related assistance to victims of disasters and for other charitable purposes permitted under Section 501(c)(3) of the Internal Revenue Code.

Regional Centers See Continued Actvity – Virtus Commercial

Las PalmasGolden Gaming LLC has renewed their lease for the 4,500 SF retail space at Las Palmas Village, located at 455 E. Windmill Ln., in Las Vegas.  Chris Emanuel of Virtus Commercial represented the Lessor, Las Palmas, LLC.

 

 

 

 

 

Tropicana SpencerDeShawn Morris has leased approximately 1,000 SF of retail space at Tropicana Spencer Center, located at 1775 E. Tropicana Ave. Ste. 15, in Las Vegas.  Jeff Satterlee of Results Realty represented the Lessee and Brett S. Beck of Virtus Commercial represented the Lessor, Tropicana Spencer Center LLC.

 

 

 

 

 

Tropicana TopazOasis Laundromat has leased approximately 2,200 SF of retail space at Tropicana Topaz Shopping Center, located at 2625 E. Tropicana Ave. Unit C, in Las Vegas.  Matt Feustel of Virtus Commercial represented the Lessor, 2615 Tropicana Avenue, LLC.

 

 

 

 

 

 

orchard marletDomino’s Pizza LLC has leased approximately 2,500 SF of retail space at Orchards Marketplace, located at 5831 E. Charleston Blvd. Ste. #400, in Las Vegas.  Todd Boyer of ROI represented the Lessor, Orchards Marketplace, LLC and Jeff Mitchell of Virtus Commercial represented the Lessee.

 

 

 

 

 

Las PalmasTaco Bell has renewed their lease for the 3,000 SF retail space at Las Palmas Village, located at 535 E. Windmill Ln., in Las Vegas.  Chris Emanuel of Virtus Commercial represented the Lessor, Las Palmas, LLC.

Colliers Las Vegas Hits 43.5 Million In Transaction Volume

COMPLETED SALE TRANSACTION:

 

4300, 4350 and 4500 East Sunset RoadA sale to Henderson Town Center LLC. The approximately 194,757 square foot retail property is located in Town Center II and III and Athenian Shops at 4300, 4350 and 4500 E. Sunset Rd. in Henderson. The transaction value was $21,500,000. David A. Grant, Chris Connell and Grant Traub of Colliers International represented the buyer.
 

 

 

 

 

 

 

5540 West Harmon AvenueA sale to Madison Residential Holdings. The 168-unit multifamily property, Vernazza Apartments, is located at 5540 W. Harmon Ave. in Las Vegas. The transaction value was $19,200,000. Chris Bentley of Colliers International represented the seller, Veneto Capital.
 

 

 

 

 

 

 

 

Corporate Center Drive and Pecos RoadA sale to Centra Corporate Center LLC. The approximately 9.49 acre land parcel is located on the Northwest corner of Corporate Center Dr. and Pecos Rd. (APN: 139-01-711-002) in North Las Vegas. The transaction value was $3,823,805. Dan Doherty, SIOR, Chris Lane and Jerry Doty of Colliers International represented the seller, 2567 East Washburn Rd LLC.

 

 

 

COMPLETED LEASE TRANSACTIONS:

 

7326 West Cheyenne Avenue, Suite 2A lease to Kidney Specialists of Southern Nevada. The approximately 6,150 square foot office property is located in Pointe North at 7326 W. Cheyenne Ave., Suite 2 in Las Vegas. Suzette LaGrange, CCIM and Kara Walker, CCIM of Colliers International represented the lessor, BM Highland LLC.

 

 

 

 

 

 

 

OLYMPUS DIGITAL CAMERAA lease to Jed Adams Enterprises LLC. The approximately 3,742 square foot office property is located in Flamingo Grand Plaza at 1050 E. Flamingo Rd., Suite N-237 in Las Vegas. Chris Connell and Grant Traub of Colliers International represented the lessor, FKC Flamingo LLC.
 

 

 

 

 

 

 

 

10445 Spencer StreetA lease to 4M Innovations LLC. The approximately 1,500 square foot retail property is located in Spencer Crossings at 10445 Spencer St. in Las Vegas. Chris Clifford, Steve Neiger and Brett Rather of Colliers International represented the lessee.
 

 

 

 

 

7955 Blue Diamond Road Shops 4, Suite 102A lease to 4M Innovations LLC. The approximately 1,155 square foot retail property is located in Mountains Edge Marketplace at 7955 Blue Diamond Rd. Shops 4, Suite 102 in Las Vegas. Chris Clifford, Steve Neiger and Brett Rather of Colliers International represented the lessee.

 

 

 

 

 

 

5340 Cameron Street, Suite 20A lease to Inhouse Printing LLC. The approximately 1,050 square foot industrial property is located in Cameron Hacienda at 5340 Cameron St., Suite 20 in Las Vegas. Chris Clifford, Steve Neiger and Brett Rather Colliers International represented the lessor, VTT- Cameron Properties LLC.

 

 

 

 

 

 

 

 

309 West Lake Mead Parkway, Suite 250A lease to Centerpoint Landscaping Services Inc. The approximately 850 square foot office property is located at 309 W. Lake Mead Pkwy., Suite 250 in Henderson. Chris Clifford, Steve Neiger and Brett Rather of Colliers International represented the lessor, JEEG Trust.

Home Prices Stabilize While Sales Continue Strong Pace – GLVAR Report

GLVARThe Greater Las Vegas Association of REALTORS® (GLVAR) reported today that local home sales continued to rise while home prices started to level off in August. GLVAR reported that the median price of existing single-family homes sold during August through its Multiple Listing Service (MLS) was $260,000, unchanged from July, but up 10.6 percent from August 2016. The median price of local condos and townhomes sold in August was $137,250, down slightly from July, but still up 19.3 percent from August 2016.

GLVAR President David J. Tina said home prices have been appreciating steadily for several years. For example, he said GLVAR reported that the median single-family home price in August of 2014 was $200,000. It went up to $220,000 in August of 2015, then to $235,000 in August of 2016 before hitting $260,000 last month. “Basically, our local home prices have been going up by about 10 percent per year for the past three years,” Tina said. “That rate of appreciation has been fairly consistent, making for a stable housing market. At the same time, more homes are changing hands as the economy improves.”

As for potential headwinds in the local housing market, Tina said the demand for housing continues to exceed supply. 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. He added that the supply is even tighter for lower-priced homes, condos and townhomes.

By the end of August, GLVAR reported 5,157 single-family homes listed for sale without any sort of offer. That’s down 32.1 percent from one year ago. For condos and townhomes, the 683 properties listed without offers in August represented a 45.1 percent drop from one year ago. If there’s a bright spot in the housing supply, Tina explained, it’s that “at least we had more homes available for sale in August than we did the previous month.”

Meanwhile, more homes are selling each month. The total number of existing local homes, condos and townhomes sold during August was 4,012, up from 3,789 in August 2016. Compared to one year ago, sales were up 5.9 percent for homes and up 6.0 percent for condos and townhomes.According to GLVAR, total sales so far in 2017 continue to outpace 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 said 25.8 percent of all local properties sold in August were purchased with cash, the same percentage as August of last year. That’s well short of the February 2013 peak of 59.5 percent.

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 August, when 3.7 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 4.1 percent of all sales in August 2016. Another 2.4 percent of all August sales were bank-owned, down from 5.5 percent one year ago.

These GLVAR statistics include activity through the end of August 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.

 


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