CommCap Advisors arranged a $2,300,000 permanent loan for Sunset Insight AirCenter a 27,779 SF industrial flex building located at 3058 Sunset Road, in Las Vegas. Issued by a Life Company, the loan featured a 4.25% interest rate and was a 5 year term with a 25 year amortization with the first year interest only.
Category – Industrial-Las Vegas
Dermody Properties, a national industrial real estate owner-operator headquartered in Reno, Nev., recently started construction on a 550,000-square-foot industrial facility on Las Vegas Boulevard near North Walnut Road. United Construction Company is the design-build contractor on the project. The companies expect to complete construction in the Second Quarter of 2017.
Upon completion, LogistiCenterSM at Las Vegas Boulevard will feature 36 feet of clear height and above-standard auto and trailer parking. The facility will be ideal for distribution, e-commerce, manufacturing and warehouse operations. LogistiCenterSM at Las Vegas Boulevard issuitable for up to four tenants, depending on their building requirements. The site offers an additional eight to nine acres of excess land for retail or office building development.
“We are pleased to be starting construction on another facility in Las Vegas,” said George Condon, Partner, Dermody Properties West Region Office. “It is a highly desired market, particularly for Internet fulfillment centers and e-commerce companies, and we expectLogistiCenterSM at Las Vegas Boulevard will be fully leased shortly after construction is complete.”
Dermody Properties has been involved in the Las Vegas industrial market since 1974 and has developed more than four million square feet in the market since that time. Earlier this year, the company completed and fully leased its LogistiCenterSM at Cheyenne facility, a 381,804-square-foot facility also located in the North Las Vegas submarket.
LogistiCenterSM at Las Vegas Boulevard is strategically located in the heart of the Interstate 15 corridor, with ability to reach customers in the southern California and Arizona submarkets overnight.
Dan Doherty, Executive Vice President, and Susan Borst, Vice President, of Colliers International Las Vegas are representing LogistiCenterSM at Las Vegas Boulevard on behalf of Dermody Properties. Adam Malan, Director, and Deana Marcello, Senior Brokerage Associate, of Logic Commercial Real Estate are representing the site’s excess acres of land on behalf of the company.
BKM Capital Partners, an institutional fund manager with a niche focus on value-add, multi-tenant light industrial investments, has acquired Spencer Airport Center, a seven-building 177,597 square-foot multi-tenant industrial park in Las Vegas, Nevada for $15,650,000.
This is the BKM’s fourth acquisition in the Las Vegas market, bringing the firm’s local assets under management to 710,538 square feet.
“The Las Vegas airport submarket in which Spencer Airport Center is located, has demonstrated tremendously high occupancy and consistent demand that is significantly outpacing supply,” says Brian Malliet, CEO and Co-Founder of BKM Capital Partners. “Quality market fundamentals and ongoing growth in the region make our below-replacement-cost and significantly below peak pricing, acquisition of this asset particularly noteworthy.”
BKM purchased Spencer Airport Center at more than 40 percent below replacement costs, according to Malliet.
The property is located at 6744, 6754 & 6830 Spencer Street; 1857, 1863 & 2055 E. Helm Avenue; 1856 & 2060 Pama Lane; and 6745 Surrey Street in Las Vegas, Nevada. The seller, Guardian Financial, was represented by CB Richard Ellis.
Panattoni Development Company, Inc. and Hillwood Investment Properties have broken ground on a +/-482,000 square foot speculative warehouse distribution facility as Phase II of the 150 acre South 15 Airport Park in the west Henderson area. The South 15 Airport Center is a master-planned business park on Executive Airport Drive, located directly east of the Henderson Executive Airport and approximately one mile from the interchange of I-15 and St. Rose Parkway. The project is already home to a 320,000 square foot FedEx Ground facility, which was Phase I of the park. Neighbors include the Levi Strauss fulfillment center, Maverick Airlines, Southwest Gas Training & Operations Center, Cox Communications, Cashman (CAT) Equipment and the M Resort & Casino, to name a few. The Class A distribution building will include the following features: high image design, cross-dock configuration, 36′ clear height, LED light fixtures, dock and grade level loading positions, ample car and trailer parking. The Panattoni/Hillwood partners are planning for project completion by the fourth quarter of 2016.
Phase III at South 15 Airport, set to begin in approximately the 3Q of 2017 but it will start sooner if first building lease-up goes well, will include the introduction of over 680,000 square feet across four industrial distribution buildings ranging in size from 91,000 square feet to 200,000 square feet. These buildings can be offered both for sale or lease.
The Colliers International industrial team of Dan Doherty, SIOR, Susan Borst, SIOR, CCIM, Chris Lane and Jerry Doty represent the owners of the planned industrial development.
According to the Colliers Doherty Industrial team, “Logistically, the South 15 Airport Center is viewed as a new emerging submarket in an ideal and superior location, given access to the neighboring FedEx Ground facility and its proximity of only ±30 miles to the California border, where the majority of incoming product arrives from daily.”
Panattoni partner Doug Roberts added,” we are excited to continue the growth of the west Henderson industrial market and look forward to building a world-class park to serve the south end of the Valley.”
Be-Fit Training leased 2,800 square-feet of industrial space located at 4275 Bell Road, Las Vegas, NV. The total value of the transaction was $119,280.00. Lisa Hauger and Tim Behrendt of Sun Commercial Real Estate, Inc., represented the Landlord, The Prince Group and Dapper Development represented the Tenant.
Troy Farrell purchased the 8,000 square-foot flex building located at 3080 E. Post Road, Las Vegas, NV. The total value of the transaction was $1,160,000.00. Lisa Hauger and Tim Behrendt of Sun Commercial Real Estate, Inc. represented the Seller CLR, LLC and John Bostedt of Home Smart Encore represented the Buyer, Troy Farrell.
Savant Investment Partners multi-tenant industrial/warehouse property located at 4420 S. Arville, Las Vegas, NV 89103 announces it is now 100% leased. The building is 44,196 SF. Kari Bradley, Savant’s in-house leasing agent, Savant Commercial Real Estate represented the property owner, Jordan Wirsz, on lease negotiations.
The reported asking rent is $.85/SF Modified Gross.
Richard Luciani and Tony Amato, CCIM of Avison Young represented the tenant in the lease 3,600 square feet of industrial space at the Valley View Business Center, owned by York Nevada Management, at 6280 S. Valley View, Las Vegas, NV 89118. The tenant ATC Group Services will occupy Suites 400 and 402. The term of the lease is for 50 months with a total consideration of $204,000.00
The approximate aggregate value of the transaction is $1.13 per square foot.