Category – All Las Vegas Real Estate
Who: Local REALTORS® are teaming up with Boys & Girls Clubs throughout the state to donate school supplies for students served by the clubs. The donation drive is organized by the Nevada Association of REALTORS® (NVAR) and its LeadershipNVAR Class of 2017, with help from the Greater Las Vegas Association of REALTORS® (GLVAR).
What: On Friday, local REALTORS® are visiting the Boys & Girls Club at 2850 Lindell Road in Las Vegas to deliver thousands of dollars in school supplies, including hundreds of backpacks, to children who need them.LeadershipNVAR, NVAR’s signature program for personal and professional growth, organized the drive as part of its annual class project. REALTORS®donated and collected more than $20,000 in school supplies at designated locations around the state.
When and where:
Friday, Aug. 18, at 3:30 p.m.
Lied Clubhouse, 2850 Lindell Road in Las Vegas
Why: Although the school year has begun, REALTORS® recognize that many students still don’t have everything they need. Boys & Girls Clubs serve as a home away from home for nearly 4 million kids each year, including thousands of children in need here in Nevada.
Big news out of Cushman & Wakefield Commerce. The company’s operations in Salt Lake City, Las Vegas and Seattle as well as its sister company, Cushman & Wakefield NorthMarq, based in Minnesota, have been acquired. The buyer is the global corporation, Cushman & Wakefield.
Through this acquisition, 750 employees, including 200 brokers from Utah, Nevada, Washington and Minnesota will now be formally part of one of the largest commercial real estate companies in the world. Far more than an acquisition, this agreement represents the formal merging of these regional offices with a major global powerhouse and will impact the local market in a major way by adding formal, global resources to ground floor brokers.
CHICAGO, August 15, 2017 – Cushman & Wakefield today announced it has entered into an agreement with NorthMarq Companies, a private holding company of the Pohlad family of Minneapolis, to acquire Cushman & Wakefield NorthMarq (CWN) in Minnesota and Cushman & Wakefield Commerce (CWC) operations in Nevada, Utah and Washington.
Collectively, Cushman & Wakefield NorthMarq and Cushman & Wakefield Commerce employ 750 employees and manage almost 50 million square feet of real estate across 10 offices.
“This is far more than an acquisition – this is the formal merging of a trusted partner into our company,” said Tod Lickerman, Chief Executive Americas. “This also affirms our commitment to our clients to offer them the best strategic advice and our full platform of services wherever they do business.”
Eduardo Padilla, CEO, NorthMarq Companies, added, “We believe there is a logical and compelling reason to sell our operations to Cushman & Wakefield at this time. Specifically, the industry is consolidating, with sophisticated clients needing a seamless platform irrespective of geography or service. We’re incredibly proud of this team’s achievements and excited to see them merge into Cushman & Wakefield’s operations.” NorthMarq Companies and NorthMarq Capital are not included in this acquisition.
Cushman & Wakefield also announced that the leadership teams in the four markets will remain in place.
Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Former Food 4 Less, a 47,625-square foot net-leased property located at 3864 W Sahara Ave in Las Vegas, Nevada. The asset sold for $5,300,000, according to Todd R. Manning, regional manager of the firm’s Las Vegas office.
Ray Germain, First Vice President Investments, and Candace Bare, Senior Associate, in Marcus & Millichap’s Las Vegas office, had the exclusive listingto market the property on behalf of the seller, an individual/personal trust. The Equity Group’s Joseph Anderson and Steve Nosrat represented the Buyer.
This former (dark) Food 4 Less grocery store is located at 3864 West Sahara Avenue in Las Vegas, NV. According to Germain and Bare, “This transaction represented an excellent opportunity to acquire a 47,625-square foot building situated upon 3.81 acres of land in a densely populated, peak trade area of Las Vegas. The property is located within a uniquely positioned shopping center with tremendous potential for upside. This anchor space is well-poised for redevelopment, with the added flexibility of the continued benefits of the triple net lease with the previous occupant remaining intact while the Buyer determines the appropriate use.”
Locate Holdings, Inc has leased approximately 1,920 SF of industrial space at Valley View Business Center, located at 6280 S. Valley View Blvd. Ste. 614, in Las Vegas. Theresa Vinuya with Heller Companies represented the Lessor, York Nevada Management, LLC II and Matt Feustel of Virtus Commercial represented the Lessee.
Iglesias Bautista La Senda has leased approximately 1,475 SF of office space at Copper Pointe, located at 4510 S. Eastern Ave. Ste. 1, in Las Vegas. Jakke Farley of Virtus Commercial represented the Lessor, Murphy Family Trust.
EC Supplies, LLC and Premium Granite, LLC has leased approximately 2,280 SF of industrial space at Arville Industrial Park, located at 4560 S. Arville St., in Las Vegas. David Burns of Commercial Specialists represented the Lessor, 4520 Orville and McKinley Manor and Erick Ramirez of Virtus Commercial represented the Lessee.
Sameer Z. Israel has leased approximately 1,498 SF of retail space at Buffalo Alta Center, located at 450 S. Buffalo Dr. Ste. 112, in Las Vegas. Jackie Zlatanovski of Virtus Commercial represented the Lessee and Brett Beck of Virtus Commercial represented the Lessor, Buffalo Alta Center, LLC.
Robinson Law Group, CHTD has leased approximately 1,025 SF of office space at Century Park, located at 1771 E. Flamingo Rd. Ste. B120, in Las Vegas. Brian Antflick of Era Brokers Consolidated – Gladstein Group, represented the Lessee and Brett Beck of Virtus Commercial represented the Lessor, Flamingo Spencer Garden LLC.
Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a 16-unit apartment property located at 3878 Palos Verdes Street in Las Vegas, Nevada. The asset sold for $920,000, according to Todd R. Manning, regional manager of the firm’s Las Vegas office.
Marco A. Walton, Associate in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Walton as well.
Nevada-based Dermody Properties, a national real estate investment, development and management company specializing in acquisitions and development of logistics real estate in strategic locations across the United States
The completion of LogistiCenterSM at Las Vegas Boulevard will be marked with a flag raising and national anthem performance by the Vietnam Veterans of America, Chapter 17.
Coming off its largest quarterly expansion of industrial inventory since the first half of 2008, North Las Vegas is a highly desirable market for e-commerce and omni-channel industrial operations. Currently, LogistiCenterSM at Las Vegas Boulevard is the only completed building in North Las Vegas with more than 325,000 square feet available.
Wednesday, August 16
LogistiCenterSM at Las Vegas Boulevard, at North Las Vegas Blvd. and North Walnut Rd.
The celebration will be hosted inside the logistics facility, which will be air conditioned for the event.
Expected to attend:
- Philip Klevorick, Clark County Economic Development Liaison, Clark County Planning Department
- Barbara Coffee, Director of Economic Development & Tourism, City of Henderson
- Kevin Gullette, Senior Economic Development Specialist, City of Las Vegas
- Terri Sheridan, Economic Development Specialist, City of North Las Vegas
- Wes Duncan, First Assistant Attorney General, Office of the Attorney General (Nevada)
- Leaders from Dermody Properties and United Construction
The Greater Las Vegas Association of REALTOR(GLVAR) reported today that the increasingly hot local housing market showed no signs of cooling off in July, with home prices and sales continuing to rise while the housing supply keeps shrinking.
GLVAR reported that the median price of existing single-family homes sold during July through its Multiple Listing Service (MLS) increased to $260,000. That was up 10.2 percent from July 2016. Meanwhile, the median price of local condos and townhomes sold in July jumped to $138,000, up 20.0 percent from July 2016.
GLVAR President David J. 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. The supply is even tighter for lower-priced homes, condos and townhomes, he added.
“Our housing supply isn’t necessarily drying up,” he explained. “People are still listing their homes for sale. We’re just selling so many homes at such a rapid rate.”
Tina said the current housing market can be challenging for prospective home buyers, especially those looking for homes in lower price ranges. He advises buyers to be aggressive, act quickly and be prepared to “put a ring on it” when they find a home they like.
By the end of July, GLVAR reported 4,995 single-family homes listed for sale without any sort of offer. That’s down 31.9 percent from one year ago. For condos and townhomes, the 625 properties listed without offers in July represented a 48.4 percent drop from one year ago.
Meanwhile, local home sales continue to increase compared to the same time last year. The total number of existing local homes, condos and townhomes sold in July was 3,798, up from 3,447 in July 2016. Compared to one year ago, sales were up 10.8 percent for homes and up 7.5 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.
“Home sales have been very strong this year,” Tina said. “In fact, at the rate we’re going, 2017 is on pace to be our best year for local home sales since at least 2012, and one our five best years ever.”
GLVAR said 24.6 percent of all local properties sold in July were purchased with cash, down from 25.8 percent in July 2016. 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 generally been waning.
For several years, GLVAR has been reporting fewer distressed sales and more traditional home sales, where lenders are not controlling the transaction. That trend continued in July, when 3.0 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 compares to 5.7 percent of all sales in July 2016. Another 3.4 percent of all July sales were bank-owned, down from 5.9 percent one year ago.
These GLVAR statistics include activity through the end of July 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 July was nearly $953 million for homes and nearly $104 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in July were up 21.7 percent for homes, and up 38.6 percent for condos and townhomes.
- Homes and condos continued to sell faster than last year at this time. In July, 82.2 percent of all existing local homes and 87.7 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 74.9 percent of all existing local homes and 68.8 percent of all existing local condos and townhomes sold within 60 days.
NAIOP Southern Nevada is also hosting a Back-to-School Supplies Drive to collect school supplies and monetary donations for Howard H. Hollingsworth Elementary School. Items requested include wide-ruled spiral notebooks, glue sticks, pencils, crayons, washable markers rulers, and other school supplies. Additionally, ties and gently used business attire are still being collected in August to benefit Communities In Schools.
NAIOP Southern Nevada provides educational and informative programs during its monthly member meetings on topics relevant to the commercial real estate development industry. Year-round, NAIOP Southern Nevada hosts mixers and educational programs for its members and potential members. To register or for more information, call (702) 798-7194 or visit www.naiopnv.org.
When: Thursday, Aug. 17
Registration, networking and refreshments begin at 7 a.m., followed by the program from 7:30-8:45 a.m.
Where:The Orleans Hotel & Casino, 4500 W. Tropicana Avenue, 2nd Floor convention area, Las Vegas, Nevada 89103
Who: Dan Hubbard, Cushman & Wakefield, agency leasing broker
Mitch Ogron, local developer, retail pad and multi-tenant properties
Frank Volk, RFK Retail Holdings, developer, Las Vegas Strip Retail update
Adam Malan, Logic Commercial Real Estate, moderator