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Category – Marcus & Millichap

Marcus & Millichap Confirms Investment Sales Transactions Across The Market

smoke ranchMarcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Smoke Ranch Plaza, a 10,000-square foot retail property located in Las Vegas, Nevada. The asset sold for $1,256,000.Dustin R. Alvino, first vice president investments, in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a private investor. Smoke Ranch Plaza is located at 6595 Smoke Ranch Road in Las Vegas, NV

 

 

 

 

martin professionalMarcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Martin Professional  Building, a 8,708-square foot office property located in Las Vegas, Nevada. The asset sold for $1,415,000. Tina D. Taylor, first vice president investments, and Ryan McCullough, associate, in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. Martin Professional Building is located at 9330 W Martin Ave in Las Vegas, NV.

 

 

 

 

holiday houseMarcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of the Holiday House and Holiday Motels, which together equate to 101 motel rooms on approximately 92,782-square feet of land located on Las Vegas Boulevard. The asset sold for $4,700,000. Dustin R. Alvino, first vice president investments, and Ray Germain, first vice president investments, in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The Holiday House and Holiday Motels are located at 2205-2211 Las Vegas Blvd S in Las Vegas, NV just north of Sahara Avenue.  “The properties are contiguous and provide the owner with significant frontage on one of world’s most well-known boulevards.    These properties received a great deal of interest resulting in multiple competing offers from both local and national buyers, indicating a substantial increase in investor confidence in this submarket,” says Germain.  Alvino adds, “We were thrilled to sell this property to a local developer who has exciting plans to redevelop this property and continue the beautification of this area of Las Vegas Boulevard.”

Marcus & Millichap Releases 4Q 2017 Las Vegas Apartment Report

Marcus MillichapHealthy job growth in office-using, hospitality sectors drives rental demand. Amid rising payrolls in the professional and business services and hospitality sectors, household growth is prompting demand for rentals. Elevated demand has prompted multiyear declines in vacancy to below 5 percent through the first half of 2017. Builders have responded to the sharp drops in vacancy, with completions set to rise to a multiyear high this year as 3,500 rentals are delivered. As a result, the three-year delivery total will top 9,100 units, which has begun to weigh on overall vacancy in the metro. While longer-term demand trends remain positive, a backup in vacancy is likely until supply moves more in line with the local need for housing.

Construction rises to multiyear high; projects proliferate in Southwest Las Vegas and Green Valley. Tight conditions are spurring a focus on multifamily and mixed-use projects, particularly in the southwestern submarkets and neighborhoods. Performance in these locations has begun to bifurcate, with many submarkets remaining tight while others struggle with new supply. The influx of properties at the high end is boosting overall rents as tenants lease at rates above the metro average.

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Robust Tourism Sparks Occupancy and Revenue Growth in Southwest Hotels

Marcus MillichapMarcus and Millichap released its 2nd half 2017 Hospitality Research Regional Report. The Southwest region, which comprises Arizona, Colorado, Nevada, New Mexico and Utah, posted robust occupancy growth since last June. Each state contributed to rising occupancy and in turn fostered an increase in the average daily rate and RevPAR. Arizona and Utah posted occupancy gains of more than 100 basis points during the last four quarters as record-breaking visits to national parks in each state benefited occupancy improvement. Tourism in New Mexico underpinned the largest occupancy and RevPAR growth regionally.

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Marcus & Millichap Arranges The Sale Of 10,000SF Net Leased Property

FysicalMarcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Fyzical Sports Therapy, a 10,000-square foot net-leased property located in Las Vegas, Nevada. The asset sold for $2,750,000, according to Todd R. Manning, regional manager of the firm’s Las Vegas office.

Ryan McCullough, associate, and Tina D. Taylor, vice president investments, in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

Fyzical Sports Therapy is located at 9070 W Cheyenne Ave in Las Vegas, NV.

Marcus & Millichap Lists And Sells DaVita Facility

DavitaMarcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announces the sale of DaVita Dialysis, a 8,000-square- foot net-leased property. The asset sold for $2,525,000.

Dustin Alvino, first vice president investments, had the exclusive listing to market the property on behalf of the seller, a private investor. This DaVita Dialysis is located at 1103 New River Parkway in Fallon, Nevada.

Marcus & Millichap Represent Seller Of Single Tenant Investment

medicalMarcus & 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 3,415-square foot single-tenant office building located in Las Vegas, Nevada. The asset sold for $620,000, according to Todd R. Manning, regional manager of the firm’s Las Vegas office.

Tina D. Taylor, vice president investments, and Ryan McCullough, associate, in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a partnership.

Marcus & Millichap Lists And Sells La Quinta Inn & Suites On South Valley View

la QuintaMarcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of La Quinta Inn & Suites, a 59-room hospitality property located at 4975 South Valley View Blvd. in Las Vegas.The asset sold for $6,350,000, according to Todd R. Manning, regional manager of the firm’s Las Vegas office.

Marcus Threats CCIM, Senior Associate, in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a private investor.

Two Las Vegas Multifamily Assets Sold by Marcus & Millichap for $39.3 Million

lasplamas rubixMarcus & Millichap announced the sale of two multifamily assets in Las Vegas. The properties are Las Palmas, a 394-unit apartment complex and The Rubix, which features 236 fully furnished studios. The assets sold for a total of $39.3 million.

“Consistent job growth is driving strong demand for local apartments,” says Michael Shaffner, first vice president investments in Marcus & Millichap’s Las Vegas office. “Strength in the labor market has reduced unemployment to below 5 percent for the first time in a decade, prompting considerably tight market conditions.”

Shaffner and Michael LaBar, first vice president investments, brokered both transactions.

Built in 1974 on 13 acres, Las Palmas is located at 3550 Paradise Road, across the street from the Wynn Hotel. The buyer plans to infuse the community with significant capital improvements and renovate the property’s interior and exterior.

The Rubix was built in 2009 and was acquired with tax-exempt bond financing. The new ownership strategy will focus on an expanded HUD-Veterans Affairs Supportive Housing program that will assist veterans and their families find and sustain permanent housing. The property is located on 7.75 acres in Las Vegas’s northeast corridor, adjacent to Nellis Air Force Base and near Amazon, Hyperloop, Bed Bath & Beyond, Fanatics, and the Las Vegas Motor Speedway.

14.8 Acre Site Near New Las Vegas Stadium Sells for $18.5 Million

photoMarcus & Millichap announced the sale of a 14.8-acre, 644,688-buildable-square-foot redevelopment site in Las Vegas. The property sold for $18.5 million, or $1.25 million per acre, the highest price-per-acre sale of a large, 10-plus-acre, non-strip parcel of commercial land in nearly 10 years.

“The property has a prime location adjacent to The Orleans Hotel & Casino and is less than a mile from the planned $1.9 billion, 65,000-seat Las Vegas stadium, future home of the NFL’s Las Vegas Raiders, UNLV football, and many major entertainment events,” says Ray Germain, first vice president investments in Marcus & Millichap’s Las Vegas office. “Previously occupied by Southwest Gas’s corporate offices and a servicing facility, the site is master-planned for commercial tourist land use and is within the county’s Resort Hotel Overlay and MUD-1 Overlay districts, which allow for a high-density, mixed-used development with unlimited height restrictions.”

Germain represented the seller, a California-based limited liability company. The buyer, 4300 Trop LLC, is a limited liability company based in Utah.

The site is located at 4300 West Tropicana Ave., a mile west of Interstate 15 and the Las Vegas Strip. The site’s nearly 1,000 linear feet of frontage along Tropicana Avenue provide convenient access to more than 70,000 vehicles per day.

The land lends itself to a multitude of potential uses including apartments, condos, mixed-use retail, restaurant, lounge, condo/resort hotel applications and variations of its current industrial use.


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