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Category – All Las Vegas Real Estate

Virtus Commercial Retail and Land Transactions of Note

Sahara centerBurlington Coat Factory of Nevada has leased approximately 48,929 SF of retail space at Sahara Center, located at 1000 W. Sahara Ave. Ste. 130-140, in Las Vegas.  Ted Baker of New Market Advisors represented the Lessor, Sahara Center LLC and Jeff Mitchell & Joe Cooley of Virtus Commercial represented the Lessee.

 

 

 

3545 PorAll Team Towing has leased approximately 34,412.40 SF of land located at 3545 Procyon St., in Las Vegas.  Troy Tobler and Erick Ramirez of Virtus Commercial represented the Lessor, 3500-3675 Procyon LLC.

 

 

 

 

 

TenayaLino’s Pizza has leased approximately 2,400 SF of retail space at Tenaya Village, located at 7240 W. Azure Dr. Ste. 145, in Las Vegas.  Robert S. Hatrak II represented both the Lessee & the Lessor, Tenaya Village LLC.

 

Flamingo Chateau Sells For $16 Million – Northcap Multifamily

FlamingoCoverPic (1)Robin Willett, Devin Lee, CCIM, Jerad Roberts, and Jason Dittenber, of  Northcap Multifamily are pleased to announce the recent sale of Flamingo Chateau for $16,600,000.  The sale consisted of 136 multifamily units, located at 6570 W. Flamingo Road, Las Vegas, NV.

Flamingo Chateau was built in 1992. There are one and two-bedroom floor plans that consist of fully-equipped kitchens, spacious walk-in closets, fireplaces, private balconies/patios along with in-unit washers and dryers.

The transaction closed on May 22nd, 2017.  Northcap Multifamily  was pleased to have worked with the Seller, Flamingo Garden Villas, LLC, in this successful transaction.

Avison Young Represents Landlords In Two Lease Negotiations

1505 WigwamBarton Hyde and Scott Donaghe of Avison Young represented both the landlord, Henderson Medical Properties and the tenant, Nevada Eye Physicians in the 120 month lease of a 9,307 square foot medical office suite located at 1505 Wigwam Parkway, Suites 101 & 102.  The total value of the transaction was $2,352,000.

 

 

 

 

3390Scott Donaghe of Avison Young represented the landlord, Lone Mountain Village West in the 124 month, 1,202 square foot retail lease at 3390 Novat Street, C120, Las Vegas to the tenant, Cow3, LLC.  The total value of the transaction was $276,000.

Cushman & Wakefield Commerce Grows Las Vegas Team With The Addition Of Kimberly Noack-Summers

unnamedThe Las Vegas office of Cushman & Wakefield Commerce has added industry veteran Kimberly Noack-Summers as a Director to its roster of seasoned industrial brokers. Summers specializes in industrial sales, leasing, development and investment sales.

“Throughout her career, Kimberly has successfully executed numerous transactions that were extremely complex and multifaceted,” said Michael Dunn, Market Leader for the Las Vegas office of Cushman & Wakefield Commerce. “She Joins the family team of Warren and Travis Noack, where she will leverage market knowledge and industry experience on behalf of our clients.”

Prior to joining Cushman & Wakefield Commerce, Summers was Vice President, Brokerage Services at Gatski Commercial in Las Vegas and prior to that she was Vice President for 18 years at NAI Capital – South Bay in Torrance, California.

Summers earned a MBA in Finance from Loyola Marymount University, Los Angeles, Calif.; a BA in Finance, California State University Fullerton, Fullerton, Calif.; and Financial Paraplanner Designation from the College for Financial Planning, Denver, Colo.

David Afromsky Of HiTower Realty Closes The Following Transactions

David Afromsky recently represented the Seller (PAR Homes 1,  LLC) in the sale of 2480 E Tompkins Ave. (office building) for $2.1MM.  The building was multi-tenant and 100% occupied.  The Buyer (Alson Lee and Linda NG) were represented by Nicholas Faskaris of ASF Realty).

 

David Afromsky represented IMMI(Integrated Medical Management Inc.) in the lease of 12,528rsf at Desert Canyon Plaza, 9127 West Russell Road, suite 100, LV NV 89148.  The Transaction was valued at $1,662.166.00.  The Landlord (Beltway One Development Group) was represented by Bobbi Miracle of Commercial Executives.

 

David Afromsky represented the Landlord (BGM Red Rock Inc.) in the lease of 23,681rsf of retail space to ROSS Stores, Inc. dba “dd’s” at 1435A West Craig Road, North Las Vegas Nevada, 89032.  The transaction is valued at $1,906,321.00.  The Tenant was represented by Lisa Callahan of SAGE Commercial Advisors.  The dd’s store is slated to open the end of August 2017.

Risks And Opportunities Facing The Commercial Real Estate Industry

SooziThe election of Donald Trump has made for uncertain times. Ecommerce and millennials are changing the commercial real estate industry. And retail’s loss has been industrial’s gain. Those are just a few of the takeaways from an in-depth report published by the National Association of REALTORS® (NAR) on the risks and opportunities facing the commercial real estate industry. Leaders of the Commercial Alliance Las Vegas (CALV) have been reviewing this report and its more than 120 pages. And at least one CALV leader had a hand in creating it.

Soozi Jones Walker, CCIM, SIOR and a former CALV president, was one of the independent commercial real estate brokers interviewed for the project she calls “The Danger Report.” One of her main takeaways is the fact that the average age of a commercial real estate professional keeps increasing and is now up to 60 years old. “I’m excited NAR has chosen to review the commercial industry and agree fully with the results of this danger report,” she said. “With an average age of the commercial agent now at 60, there is a huge opportunity for new agents to mentor under successful brokers and transition into their book of business.” The NAR report is titled “Commercial Real Estate ALERT: Analysis of the Latest Emerging Risks and Trends.”

The Strategic Thinking Advisory Committee of the NAR produced the report along with T3 Sixty, Inc., a leading research and information company. For four months, between November 2016 and February 2017, researchers interviewed senior executives from the five largest commercial real estate companies − CBRE, JLL, Newmark Grubb Knight Frank, Cushman & Wakefield and Colliers International − as well as numerous medium-size and regional companies. Besides these interviews, the NAR report relied on information and studies from the Urban Land Institute, American Bankers Association, International Facility Management Association, CCIM Institute, NAIOP Research Foundation, the Federal Reserve, The Appraisal Journal, PWC, Wells Fargo and others. “This study was made significantly more complicated due to the fact that the presidential elections fell during this window, and that the unexpected win by President Donald Trump and the subsequent realization that his leadership style would be unpredictable and impactful made many issues difficult to address,” the report states. The report concluded that “uncertainty is at an all-time high.”

Some of the highlights include:

• According to NAIOP, by 2025, the industry will face a shortage of 15,000 to 25,000 qualified leaders, without enough younger leaders to replace them. • Technology will continue to enhance every aspect of commercial real estate, from smart buildings to driverless vehicles. By 2025, it will have altered the economics of entire subsectors of the industry and changed the way real estate developers and the investment community operate

. • E-commerce has been invading every part of the economy, and now it is expected to have a significant impact on commercial real estate. • In 2016, the National Retail Federation reported that for the first time, shoppers made more purchases online during the Black Friday weekend than were made in the stores.

• As millennials enter the heart of their careers, their preference to be “totally connected” with immediate access to the Internet has followed them into the business world. For the industry, the biggest impact has been the transformation of the retail industry into a “click and knock” strategy that is altering what retail centers look like and “driving massive changes in the industrial sector.”

Please click the link here to view the full report.

 

Hayim Mizrachi, CCIM Reviews Las Vegas’s Commercial Real Estate Resilience

MDL Group Names Hayim Mizrachi Managing Partner

In January I heard two economists forecast the next recession will hit the nation around 2019. You can read more about it more here in my previous “Takeaways”. During the month of April I attended two events – both organized by NAIOP of Southern Nevada– that discussed major projects in Southern Nevada and the realities of passing Question 2 (a.k.a. recreational marijuana)

What I learned from these events makes me feel like even if the US Economy will recede in 2019; Las Vegas could skip that recession. Here are 2 reasons why.

1. The amount of capital that is in the works creating jobs (specifically in construction), coupled with the timing of these several large projects.

2. Las Vegas has fundamentally changed post the great recession increasing capacity and sophistication with this development cycle.

What did I learn at the two NAIOP events? Why do I believe Las Vegas has fundamentally changed? Which projects are so significant?

Please click here for link to full article.

Nevada Real Estate Industry Well Protected In 2017 Legislative Session

Greg Martin 2mbSo says the statewide Nevada Association of REALTORS® (NVAR), which cited several new laws that should help homeowners, along with some issues that could have hindered them and the real estate industry had they passed.

“The legislative process is never pretty,” 2017 NVAR President Greg Martin said. “But thanks in part to the NVAR and our work with state lawmakers, I think Nevada consumers and homeowners had a pretty good session. The same could also be said for our members.”

Martin, a longtime REALTOR® based in Elko, said examples include new laws protecting members of the military from foreclosure while on active duty, extending the state’s foreclosure mediation program and combatting squatters who occupy homes illegally.

There were also some surprises during the session, Martin added. For instance, he said NVAR leaders expected lawmakers to pass legislation related to reforming property taxes. But when lawmakers ended the 2017 session late during the evening of June 5, he said they left Carson City without doing much to address the issue beyond passing Senate Joint Resolution 14. It would amend the Nevada Constitution to reset depreciation and tax caps when a property transfers to a new owner. SJR14 must also be approved by the 2019 Legislature.

“We would have liked to see the Legislature approve a property tax study, but that didn’t happen,” Martin said. “I guess the good news is that property taxes weren’t increased.”

Other bills benefiting homeowners that were passed by the 2017 Legislature include:

·       Senate Bill 33 – This bill became law May 29. It protects members of the military from losing their homes to foreclosure, including by a homeowner association, while on active duty. NVAR supported it.

·       Senate Bill 255 – NVAR supported this bill to allow homeowners to cancel a contract to buy a property within an HOA via email after they have reviewed a package of documents provided by the HOA. This law takes effect July 1.

·       Senate Bill 490 – This bill, pending approval by Nevada Gov. Brian Sandoval, would extend the state’s Foreclosure Mediation Program, which is currently scheduled to sunset on June 30, 2017. The bill also requires Home Means Nevada, Inc. to administer the program, instead of the Nevada Supreme Court.

·       Assembly Bill 161 – This bill is intended to combat squatters, who often produce falsified rental documents when confronted by police officers trying to remove them from a home they are occupying illegally. The new law, which takes effect July 1, protects legitimate tenants with a lease signed by a permitted property manager while requiring a disclosure on rental agreements that creates a “rebuttable presumption” that the tenant does not have the right to live in a property if they can’t produce a rental agreement that has been notarized

·       Assembly Bill 169 – This bill makes closing a real estate transaction easier by having a more predictable title recording fee. This law takes effect on Oct. 1.

Newmark Knight Frank Represents The Sale Of 93,000sf Industrial Property

Newmark LogoNewmark Knight Frank represented Boli Family Trust, et al. and Peter & Jill Boli CO-TRS in the sale of 249-257 Elliott Rd., a 93,600 square foot industrial property, to 15100 Family Limited Partnership. Total consideration was $6,100,000.00. NKF’s Director Chris Beets represented the seller in the transaction. Bradford Dessy of First Western Properties, Inc. represented the buyer in the transaction.


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