Avison Young announces the promotions of Amber Amato to Property Manager and Joy Grant to Senior Property Manager. Congratulations to both!
Full Address: 100 S 14th Street, Las Vegas, NV 89101
Property type and size: Assisted Living Facility, 88 beds | 29,100sf
Loan Type: Bridge-Perm
Loan Amount: $3,850,000
Term and Amortization: 2yr I/O, then 3/25
Name and Lender Type: Community development lender
Non-profit borrower with a mission to provide housing and services for veterans.
The Greater Las Vegas Association of REALTORS® (GLVAR) presented its annual awards this week to some of its leading members, including David R. Tina, who was named GLVAR’s REALTOR® of the Year. As part of its annual installation of new officers and board members for 2017 held Dec. 9 at the Red Rock Resort, the GLVAR presented its top annual award to Tina, a longtime local REALTOR® who is a past president of both the GLVAR and the statewide Nevada Association of REALTORS®
Tina, the father and business partner of 2017 GLVAR President David J. Tina, was honored for serving as a leader in the real estate profession and in the community, association officials said. Other GLVAR award winners for 2017 included:
• Norma Jean Opatik – Residential Instructor of the Year. • Linda Rheinberger – Ronn Reiss Award for educational excellence and leadership. • Melissa Zimbelman – Gene Nebeker Memorial Award for professionalism and service to the GLVAR and the community. • Devin Reiss – Sala/Rubin Award (formerly called the Frank Sala Award and now also honoring longtime GLVAR leader Marv Rubin) recognizing long-term commitment to grassroots political action and to protecting private property rights. • Keith Kelley – Jack Woodcock Distinguished Service Award. • Janet Carpenter, Aldo Martinez and Melissa Zimbelman – GLVAR Hall of Fame inductees.
The annual awards are presented to REALTORS® who have taken extraordinary measures to provide their many years of skill, experience and expertise to their fellow REALTORS®. They were recognized for exemplary leadership, contributions to the industry, and advancement of the REALTOR® brand, 2017 GLVAR President David J. Tina said.
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 Bromley Apartments, a 32-unit apartment property located in Las Vegas, NV. The asset sold for $2,480,000.
The buyer, an individual/personal trust, was secured and represented by Cesar A. Talavera, senior associate in Marcus & Millichap’s Las Vegas office.
Bromley Apartments is located at 5816 Bromley Ave in Las Vegas, NV.
Neal Anzalotti and Scot Prince of Logic Commercial Real Estate announce the sale of 3.88 acrss of land at Silverado and Maryland, Las Vegas, NV 89123. The seller Martin Stanley was represented by Logic Commercial and the buyer, American First Credit Union was represented by Dee Hansen of DHR Realty Company. Total sale price was $4,650,000.00.
Properties Carved from Massive, High Class American Nevada CRE Portfolio – One of the Buyers Making First Entry into Las Vegas Metro Market
Cushman & Wakefield announced today the sales of three high quality office buildings totaling 172,469 square feet (sf) that comprise the Green Valley Corporate Center—North complex in Henderson, Nevada, a suburb of Las Vegas. The assets, which consisted of Plaza 8, 9 and 10, transpired over two separate investment transactions for a combined price of $37.05 million.
The properties are part of a larger, massive high class regional real estate portfolio currently in the process of being sold by American Nevada Company, which was represented in the disposition by Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets in San Diego who both primarily focus on larger, best in class, institutional office and industrial investment sales in the Las Vegas, San Diego, and Phoenix markets. Cushman & Wakefield’s Geoffrey West, Jayne Cayton, and Michael Dunn based in Las Vegas are also performing local expert advisory in the disposition(s).
Mr. Reeder, Executive Managing Director, said, “Green Valley Corporate Center—North represents premier stable assets that are well leased to credit tenants and desirably located within the Las Vegas Metro area, internationally recognized as one of the most exciting tourist destinations in the world. The Metro is coextensive with Clark County, the heartbeat of Southern Nevada, which encompasses nearly 8,000 square miles, five cities and a growing population.”
Sold as a single asset of 54,365 sf, Plaza 8 was acquired by real estate investment firm JMA Ventures for a price of $13.15 million or $242 per square foot. Situated on 3.68 acres, Plaza 8 is a classically-designed, two-story office building that was 100% leased at the time of sale with tenants including Atkins, Barrick Gold and Signature Gallery of Homes. Developed in 2002, the building’s high-quality construction is highlighted by a dramatic entry flanked with soaring palm trees, reflective glass providing abundant natural light, an inviting lobby with polished granite accents, large and flexible floor plates and modern interior finishes. Extensive window lines also provide tenants with views of the surrounding area and the attractive, tree-lined landscaping.
Mr. Tecca, Managing Director, said, “The five leases in place at Plaza 8 vary from established to recently signed tenants which, together, reflect both the property’s ongoing stability and desirability.”
Sold as a joint asset, Plaza 9 and Plaza 10 total a combined 118,104 sf and were acquired by Strategic Office Partners, a joint venture between Gramercy Property Trust and TPG Real Estate, for a price of $23.9 million or $202 per square foot. The acquisition marked the Buyer’s first entry into the Las Vegas metro market. The pair of buildings were 100% leased at the time of sale to long-term tenant Barclays Services Corporation, a multinational banking and financial services company. Completed in 2000, Plaza 9 is a two-story structure totaling 63,959 sf on 5.62 acres that features striking architectural designs, tenant balconies, prominent signage and expansive floor designs that accommodate a variety of needs. Plaza 9 also offers a desirable business setting complete with large windows framing scenic views, meticulous landscaping, and generous parking. Developed in 1999, Plaza 10 consists of a two-story 54,145-sf building on 5.06 acres featuring similar architectural designs to the neighboring Plaza buildings. Plaza 10 offers high-end construction with extensive dual-glazed reflective glass and extensive window lines producing picturesque views, spacious floor plates, high-end commercial finishes, multiple tenant entries, and an ample parking ratio. Further enhancing the corporate environment of these two properties are pedestrian walkways linking them to one another as well as to Plaza 8.
Working collectively with the seller, the Cushman & Wakefield team positioned the Plaza 9 and 10 asset as a favorable investment to an array of investors from all over the world. In securing an out-of-state party such as Strategic Office Partners as the eventual buyer, Mr. West and Ms. Cayton, both Senior Directors, were also effectively instrumental in providing a deep exploration of the Las Vegas metro market, showcasing all of its alluring qualities as well as positive real estate performance from a market demand standpoint. Mr. Tecca noted, “Our team’s cohesive approach helped equip the buyer with a greater understanding of the local area and provided forward looking data to bolster their decision to enter this marketplace, which is now experiencing growing interest and demand from institutional investors.”
Mr. West said, “The identification and procurement of Strategic Office Partners as the buyer for Plaza 9 and 10 represented a coup for the Las Vegas market through attracting a premier institutional buyer active in numerous other top national metro markets for its first acquisition in the Las Vegas market, and provides a welcome addition of another sophisticated owner to the Las Vegas real estate landscape.
“Green Valley Corporate Center-North Plaza 9 and Plaza 10 properties represent a premier asset developed by American Nevada Company, and when combined with the strong credit of Barclays Services Corporation provides an exciting addition to the Strategic Office Partners portfolio.”
Notably, also as part of the larger American Nevada portfolio, the Cushman & Wakefield listing team had recently sold the Green Valley Town Center in Henderson in September. Henderson Town Center LLC had acquired the 194,757-sf mixed-use center consisting of Green Valley Town Center II & III (4300 & 4500 E. Sunset Rd.) and Athenian Shops (4350 E. Sunset Rd.) for $21.5 million.
Las Vegas Made, LLC has leased approximately 7,641 SF of retail space at Green Valley Town Center III, located at 4300 E. Sunset Rd. Ste. A-1, in Henderson. Brett S. Beck of Virtus Commercial represented the Lessor, Henderson Town Center LLC., and Brad S. Winston of Award Realty Corp. represented the Lessee.
Pride Communications, Inc. has leased approximately 6,000 SF of industrial space located at 639 E. Brooks Ave. Ste. 206-207, in N. Las Vegas. Matt Feustel of Virtus Commercial represented the Lessee and Jason Simon of JLL represented the Lessor, HIC Trident, LLC.
Precise Business Management, LLC has leased approximately 749 SF of office space at The 1785 Office Center, located at 1785 E. Sahara Ave. Ste. 350, in Las Vegas. Chris Emanuel of Virtus Commercial represented the Lessor, The 1785 Office Center, LLC.
Platinum Hair Salon has renewed their lease for the 1,750 SF of retail space at Revere Marketplace, located at 955 W. Craig Rd. Ste. 101B, in N. Las Vegas. Chris Emanuel of Virtus Commercial represented the Lessor, Las Vegas Adventure, LLC.
The Greater Las Vegas Association of REALTORS® (GLVAR) reported today that local home prices continued to cool down heading into the holidays, though home prices and sales are still up from one year ago. GLVAR reported that the median price of existing single-family homes sold during November through its Multiple Listing Service (MLS) was $261,150. That’s down slightly from October, but up 8.8 percent from November 2016. The median price of local condos and townhomes sold in November was $141,500, up slightly from October and up 19.0 percent from the same time last year.
GLVAR President David J. Tina, a longtime local REALTOR®, said home prices are following seasonal trends and reiterated that they have been appreciating at roughly the same rate for the past few years.
“Like most years, we’re seeing prices level off heading into the winter months,” Tina said. “This is normal. Overall, the local housing market has been steady and strong, with sales going up and prices appreciating, but not going up too quickly.”
As for headwinds in the housing market, Tina said demand continues to exceed the shrinking supply of homes available for sale. This tight housing supply has been presenting challenges for many buyers, especially those seeking lower-priced 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.
“We have a growing population and an undersupply of homes on the market,” Tina said, adding that the housing supply is tight nationwide, with no relief in sight. “So regardless of what happens here over the next five years or so, we’re still going to need more houses for all the people moving here.” By the end of November, GLVAR reported 4,538 single-family homes listed for sale without any sort of offer. That’s down 33.1 percent from one year ago. For condos and townhomes, the 735 properties listed without offers in November represented a 29.1 percent drop from one year ago.
The total number of existing local homes, condos and townhomes sold during November was 3,202, a slight increase from November 2016. Compared to one year ago, sales were unchanged for homes and up 5.2 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 28.5 percent of all local properties sold in November were purchased with cash, up from 26.9 percent one year ago. That’s still 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. Tina said foreclosures and short sales now make up such a small share of the local housing market that “they’ve really become a non-issue.” For instance, he said short sales and foreclosures combined accounted for fewer than 5 percent of all existing home sales during November, compared to 10.5 percent of all sales one year ago.
These GLVAR statistics include activity through the end of November 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 November was nearly $810 million for homes and nearly $96 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in November were up 12.4 percent for homes and up 24.6 percent for condos and townhomes.
Homes and condos continued to sell faster than last year at this time. In November, 82.3 percent of all existing local homes and 88.5 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 74.3 percent of all homes and 79.8 percent of all condos and townhomes sold within 60 days.