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Category – Marcus & Millichap

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.

Marcus & Millichap Close On Recent Office and Retail Sales Transactions

Spanish VistaMarcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Spanish Vista, a 51,989-square foot office property located in Las Vegas, NV. The asset sold for $8,950,000, according to Todd R. Manning, regional manager of the firm’s Las Vegas office.

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, a limited liability company.

 

 

 

desert oaksMarcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Desert Oaks Plaza, a 7,620-square foot, multi-tenant retail center located 3930 West Craig Road in North Las Vegas, NV. The asset sold for $1,625,000, according to Todd R. Manning, regional manager of the firm’s Las Vegas office.

Chris Cunning, Senior 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.

Spanish Vista Sells for $8.95 Million

spanish vistaChris Emanuel with Virtus Commercial represented the Buyer in an $8.95 million transaction of Spanish Vista, a 51,834 square feet garden style office park located less than a mile from the 215 Beltway at 4955 South Durango Drive, in Las Vegas.  Tina Taylor and Ryan McCullough with Marcus & Millichap  represented the seller, WJA Properties, LLC & Gold Pac Capital, LLC. Virtus Commercial will be handling the Property Management and Leasing at the Property, which includes an Executive Suite component.

Marcus & Millichap Represents North Las Vegas Industrial Building Sale

2645Marcus & 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 8,690-square foot industrial property located at 2645 West Cheyenne Avenue in North Las Vegas, Nevada. The asset sold for $725,000, according to Todd R. Manning, regional manager of the firm’s Las Vegas office.

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, a private investor.  The buyer, Mekad, LLC, was secured and represented by Taylor and McCullough as well.

California Investor Buys El Pollo Loco Property

2375 saharaBonanni Holdings Nevada LLC , an all cash private investor from California purchased El Pollo Loco, a 2,655-square foot net-leased property located at 2375 East Sahara Avenue in Las Vegas, Nevada. The asset sold for $2,100,000.

Tina D. Taylor, an investment specialist in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the Seller, Oakmont West, LLC.  The buyer was an all-cash private investor from California.


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