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Category – Office

Plaza 8, 9 & 10 At Green Valley Corporate Center Sells For Over 37 Million – Cushman & Wakefield

 

 

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Properties Carved from Massive, High Class American Nevada CRE Portfolio – One of the Buyers Making First Entry into Las Vegas Metro Market

plaza 10Cushman & 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).

plaza 8Mr. 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.”

plaza 9Sold 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.

 

 

 

Virtus Commercial Deals Of Note – Office And Retail Leasing Activity

green Valley townLas 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.

 

 

 

 

 

 

 

639 e brooksPride 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.

 

 

 

 

 

1785 e sahara1Precise 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.

 

 

 

 

 

 

955 w craigPlatinum 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.

 

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.”

IREPLV, LLC Closes On Grey Shell Office And Medical Office Transactions

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6950 S. Cimarron RdThe property located at 6950 S. Cimarron Rd. sold for $3,548,490 on 11/29/2017. The Grey Shell Office building was 21,506 square feet in size. The seller was New Haven Development LLC, represented by Mike Young and David Livingston of IREPLV, LLC. The buyer was LV Medical LLC.

 

 

 

 

 

3840 Ann Rd.The  property located 3840 W. Ann Rd. sold for $267,841 on 11/27/2017. The Grey Shell Office building was 3,227 square feet in size. The seller was Annallen, LLC, represented by Ben Millis of Newmark Grubb Knight Frank. The buyer was HCCN Holdings II, LLC, represented by Mike Young and David Livingston of IREPLV, LLC.

 

 

 

 

 

6200 N.DurangoThe property located at 6200 N. Durango Dr. consists of a 2,554 Square foot medical office condo. The property was leased to AW Ventures, LLC represented by Nicholas Barber of Cushman and Wakefield. The Landlord was Julpat Holdings, LLC who was represented by Mike Young and David Livingston of IREPLV, LLC.

 

 

 

 

 

8285 W. ArbyMedialThe property located at 8285 W. Arby Rd. #300 consists of a 1,668 square foot medical office suite. The property was leased to The Nevada Inter-Cellular Exchange Clinic, LLC who was represented by Mike Young and David Livingston or IREPLV, LLC. The landlord was HTA-San Martin LLC.

Commercial Executives Sign Significant Deals Along W. Russell Rd.

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9445 w russellSoozi Jones Walker, CCIM, SIOR and Bobbi Miracle, CCIM, SIOR of Commercial Executives Real Estate Services recently represented JEF Investment Properties, LLC in the lease renewal of 1,250 +/- SF of office space located at 9445 W. Russell Rd. Suite #130 Las Vegas, NV 89148 to Saul and Brianna Diaz. The lease is for 60 months and the transaction is valued at approximately $108,768.

 

 

 

 

 

Soozi Jones Walker, CCIM, SIOR and Bobbi Miracle, CCIM, SIOR of Commercial Executives Real Estate Services recently represented Beltway One Development Group, LLC in the leasing of 2,336 +/- RSF of office space located at 9127 W. Russell Road, Suite 150, Las Vegas, NV to State Farm Mutual Automobile Insurance Company. The lease is for 60 months and is valued at $311,991.

Commercial Executives Closes On Lease At 5575 S. Durango

 

 

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5575 S Durango

Soozi Jones Walker, CCIM, SIOR and Bobbi Miracle, CCIM, SIOR of Commercial Executives Real Estate Services recently represented T&J Fallon Family Trust in the leasing of 3,592 +/- sf of office space located at 5575 S. Durango Dr. Suite 111, Las Vegas, Nevada to FGKG, LLG. The lease is for 37 months and the transaction is valued at $140,860.

Virtus Commercial’s Office And Retail Leasing Activity Remains Solid

600 s 6thPaper Bag Beauty has leased approximately 1,783 SF of retail space located at 600 S. 6th St, in Las Vegas.  Robert S. Hatrak II of Virtus Commercial represented the Lessor, David Mason.

 

 

 

 

 

1785 e saharaHKM Employment Attorneys LLP has leased approximately 923 SF of office space at The 1785 Office Center, located at 1785 E. Sahara Ave. Ste. 325, in Las Vegas.  Brett S. Beck of Virtus Commercial represented the Lessor, The 1785 Office Center LLC. and Gary S. Beck of Virtus Commercial represented the Lessee.

 

 

 

 

 

3949 Martin LutherSecond Chance Resources LLC has leased approximately 3,204 SF of office space at Alexander Square, located at 3940 N. Martin Luther King Blvd. Ste. 110, in N. Las Vegas.  Brett S. Beck of Virtus Commercial represented the Lessor, Alexander Square LLC and Gary S. Beck of Virtus Commercial represented the Lessee.

 

 

 

 

 

DCIM100MEDIADJI_0149.JPGAndres Almanza & Valentin Vargas have leased approximately 1,808 SF of retail space at Charleston Square, located at 4420 E. Charleston Blvd. #4, in Las Vegas.  Robert S. Hatrak II represented both the Lessee and the Lessor, Charleston Vegas Partners LP.

 

 

 

 

 

3900 MeadowsSafe Nest has leased approximately 10,000 SF of office space at Meadows Business Center II, located at 3900 Meadows Lane, in Las Vegas.  Robert S. Hatrak II represented the Lessor, 3900 Meadows LLC / David Mason, and Jarrad Katz of MDL represented the Lessee.

 

 

 

 

 

10960 S easternJM Cookie LLC has leased approximately 1,200 SF of retail space at Sunridge Village Plaza, located at 10960 S. Eastern Ave. Ste. 109, in Henderson.  Brett S. Beck of Virtus Commercial represented the Lessor, Kwang Ha LLC and Alexia Crowley of Colliers International represented the Lessee.

 

 

 

 

 

2471 w horizonOur Little World Treatment Center has leased approximately 2,377 SF of office space at Horizon Ridge Commons, located at 2471 W. Horizon Ridge Pkwy. Ste. 100, in Henderson.  Brett S. Beck of Virtus Commercial represented the Lessor, Shin Sookwe and Randal J. Gibson of First Federal Realty DeSimone represented the Lessee.

 

 

 

 

 

1785 e saharaAt Your Service Home Care has renewed their lease for the 3,634 SF office space at The 1785 Office Center, located at 1785 E. Sahara Ave. Ste. 430, in Las Vegas.  Chris Emanuel of Virtus Commercial represented the Lessor, The 1785 Office Center, LLC.

 

 

 

 

 

5665 w saharaGohar Margarin has leased approximately 2,376 SF of retail space at Westview Plaza, located at 5665 W. Sahara, Ste. 104-105, in Las Vegas.  Robert S. Hatrak II of Virtus Commercial represented both the Lessor, Nick and Georgia Dalacas Trust, and the Lessee.

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.


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