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Category – Retail

Newmark Knight Frank Completes Retail Transactions

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Henderson Aikido, LLC leased 2,800 square feet of retail space at 229 N. Stephanie St., Ste. D-E, from Stephanie Promenade, LLC. Total consideration was $240,822. Managing Director Michael Zobrist and Executive Managing Director Nelson Tressler of Newmark Knight Frank represented the lessor in the transaction.

 

Daddy’s Q, LLC leased 1,600 square feet of retail space at 4115 S. Grand Canyon Pkwy., Ste. 100, from Grand Canyon Center, LP. Total consideration was $136,512. Managing Director Michael Zobrist and Executive Managing Director Nelson Tressler of Newmark Knight Frank represented the lessor in the transaction.

Green Valley Town Center In Henderson Sold For $21.5 Million – Part Of American Nevada Portfolio

Green Valley 1Cushman & Wakefield has announced the sale of the Green Valley Town Center in Henderson, Nevada, a suburb of Las Vegas. Henderson Town Center LLC acquired the 194,757-square-foot (sf) multi-building mixed-use center for $21.5 million in September. The property is part of a massive high class regional real estate portfolio being sold by American Nevada Company, represented by Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets. Cushman & Wakefield’s Geoffrey West, Jayne Cayton, and Michael Dunn are also performing local expert advisory in the disposition(s).

The sale consisted of Green Valley Town Center II & III (4300 & 4500 E. Sunset Rd.) and Athenian Green ValleyShops (4350 E. Sunset Rd.). Built in multiple phases from 1988 to 2001, the properties are situated on a combined 20.3 acres in the northern portion of the 8,400-acre Green Valley master-planned community. Green Valley Town Center II is a vibrant 117,902-sf retail center anchored by Galaxy Luxury Theater and Barley’s Casino and Brewing Company—which provides a unique unrestricted gaming use—plus several other smaller retailers. Athenian Shops is a 22,087-sf two-story multi-tenant retail center that features four tenants including two restaurants. Green Valley Town Center III is a dynamic 54,768-sf two-story, mixed-use property offering retail on the first floor and office space on the second floor. The property is anchored by Las Vegas Buffet plus several other retail and office tenants. Collectively, the three properties were approximately two-thirds leased at the time of sale.

Mr. Reeder, Executive Managing Director said, “This unique collection of properties is well positioned to restore its standing as a major retail node for the Green Valley/Southeast Las Vegas area, which is experiencing renewed interest and redevelopment.Further, the strong, diverse tenancy of the property forms a desirable financial profile with well-balanced rollover.”

He added, “Considered a strong investment market in the U.S., significant population growth and job gains, particularly in the hospitality and retail sectors, have led to expansion of the Las Vegas region’s diverse economy.”

Mr. Tecca, Executive Director, noted, “This locationoffers superior accessibility, visibility, and abundant parking, and is proximate to many nearby retailers that draw additional consumers to the area.In addition, the property serves a trade area for several thousands of residents, as well as employees at numerous nearby business centers.”

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.

Mountain West Commercial Announces Recent Office, Retail & Industrial Transactions

8597 del wennKyle Nasse Agency Farmers Insurance leased 1,400 SF of retail space at Rampart Plaza, 8597 Del Webb Blvd. Las Vegas, Nevada 89134. Jakke Farley and Preston Abell of Mountain West Commercial represented the Lessee.

 

 

 

 

 

 

9691 Trail woodKobe Insurance DBA Farmers Insurance leased 880 SF of retail space at Trailwood Center, 9691 Trailwood Dr. Las Vegas, Nevada 89134. Jakke Farley of Mountain West Commercial represented the Lessee.

 

 

 

 

 

 

 

220 E HorizonAuralcare hearing centers DBA My Hearing Centers leased 1,000 SF of Office Space at Horizon Drive Office Complex, 220 E. Horizon Dr. Henderson, Nevada 89015. Jakke Farley of Mountain West Commercial represented the Lessee.

 

 

 

 

 

w oquendoRobles Cleaning and Handyman Service LLC leased 1,600 SF of Industrial Space at 3977 W. Oquendo Rd. Las Vegas, Nevada 89118. Jakke Farley of Mountain West Commercial represented the Lessee.

 

 

 

 

 

 

pecos mcleodCampbell’s Estate Gallery leased 2,150 SF of Office Space at Pines Professional Park at 3910 Pecos -Mc-Leod Interconnect Las Vegas, Nevada 89121. Jakke Farley of Mountain West Commercial represented the Lessor.

 

 

 

 

 

 

 

victory village123 ABC Grow, LLC leased 2,788 SF of Retail Space at Victory Village , 284 B Lake Mead Pkwy. Henderson, Nevada 89009. Jakke Farley of Mountain West Commercial represented the Lessor.

 

 

 

 

 

 

 

victory village2Fuzen Pho & Thirstea Juice leased 5,550 SF of Retail Space at Victory Village , 272 Lake Mead Pkwy. Henderson, Nevada 89009. Jakke Farley of Mountain West Commercial represented the Lessor.

 

 
 

 

 

9310Archie’s Thai Bistro leased 2,634 SF of Retail Space at Beltway Plaza, 9310 S. Eastern Ave. Suite 101 Henderson, Nevada 89123. Jeff Mitchell and Preston Abell of Mountain West Commercial represented the Lessor.

 

Regional Centers See Continued Actvity – Virtus Commercial

Las PalmasGolden Gaming LLC has renewed their lease for the 4,500 SF retail space at Las Palmas Village, located at 455 E. Windmill Ln., in Las Vegas.  Chris Emanuel of Virtus Commercial represented the Lessor, Las Palmas, LLC.

 

 

 

 

 

Tropicana SpencerDeShawn Morris has leased approximately 1,000 SF of retail space at Tropicana Spencer Center, located at 1775 E. Tropicana Ave. Ste. 15, in Las Vegas.  Jeff Satterlee of Results Realty represented the Lessee and Brett S. Beck of Virtus Commercial represented the Lessor, Tropicana Spencer Center LLC.

 

 

 

 

 

Tropicana TopazOasis Laundromat has leased approximately 2,200 SF of retail space at Tropicana Topaz Shopping Center, located at 2625 E. Tropicana Ave. Unit C, in Las Vegas.  Matt Feustel of Virtus Commercial represented the Lessor, 2615 Tropicana Avenue, LLC.

 

 

 

 

 

 

orchard marletDomino’s Pizza LLC has leased approximately 2,500 SF of retail space at Orchards Marketplace, located at 5831 E. Charleston Blvd. Ste. #400, in Las Vegas.  Todd Boyer of ROI represented the Lessor, Orchards Marketplace, LLC and Jeff Mitchell of Virtus Commercial represented the Lessee.

 

 

 

 

 

Las PalmasTaco Bell has renewed their lease for the 3,000 SF retail space at Las Palmas Village, located at 535 E. Windmill Ln., in Las Vegas.  Chris Emanuel of Virtus Commercial represented the Lessor, Las Palmas, LLC.

Avison Young Reps Seller For Retail Property Transaction At 7652 West Lake Mead

7652 Lake MeadTony M. Amato, CCIM and Richard Luciani of Avison Young represented the seller, Koenig Property Holdings II, LLC in the sale of a 2,765 square foot retail building located at 7652 West Lake Mead Blvd.  Sasha Ackerman of Ackerman Realty & Property Management represented the tenant, SAS Investments, LLC.  The total value of the transaction was $1,400,000.

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.

Virtus Commercial Late August 2017 Deals Of Note

pecos russellSuper Smoke Shop has leased approximately 1,000 SF of retail space at Pecos Russell Plaza, located at 3380 E. Russell Rd. Ste. 110, in Las Vegas.  Gina O’Neil of Virtus Commercial represented the Lessee and Jeff Mitchell, Jakke Farley and Virtus Commercial represented the Lessor, 3380 Partners; CARE Holdings, LLC; Karakoram LLC & Neil Kay.

 

 

 

 

Eastern BeltwaySkechers Footwear USA, Inc has leased approximately 14,981 SF of retail space at Eastern Beltway Plaza, located at 2360 E. Serene Ave., in Las Vegas.  Leslie Mayer and Jeff Mitchell (of Virtus Commercial) represented the Lessee.

 

 

 

 

 

 

 

 

 

TwainHong Thimy Perez has leased approximately 1,032 SF of retail space at Twain Center, located at 3675 S. Decatur Blvd. #12, in Las Vegas.  Gary Beck of Virtus Commercial represented the Lessee and Brett Beck of Virtus Commercial represented the Lessor, Decatur 3466 LLC.

 

 

 

 

 

 

7777 eastgateCoral Academy of Science Las Vegas has leased approximately 40,147 SF of office space at 7777 Eastgate Rd, in Henderson.  Michael D Hiltz of Signature Gallery of Homes represented the Lessee and Robert S. Hatrak II of Virtus Commercial represented the Lessor, 7777 Eastgate LLC.

RCG Economics & The Lied Institute Reveal Q2 2017 Market Survey

Lied Institute UNLVIndustrial: The Las Vegas Valley’s (“the Valley”) Industrial market1 grew total inventory to 117.4 million square feet (“sf”) of rentable space with 2.7 million sf of completions in the second quarter (“Q2”) of 2017. Net absorption (net demand) in Q2 increased sharply from the previous quarter to 2.0 million sf. Still, the Valley’s Industrial vacancy rate increased by 0.5 points to 6% in Q2, 2017. The vacancy rate is up by 0.8 points, when compared to Q2, 2016. At $0.69 per square foot (“psf”) NNN2 , the average monthly asking rent is down a nickel from Q1 ($0.74 psf), and is down $0.11 from Q2, 2016 ($0.80 psf). Even after this quarter’s big completions, forward-supply3 remains substantial with 4.5 million sf under construction and another 6.5 million sf in the planning stages. 98.1% of the space under construction is of the Warehouse/Distribution type, as is a large proportion of the planned space (96.3%). The Industrial market is recovered and stable.

Speculative Office: The Las Vegas Valley’s (“the Valley”) multi-tenant, Speculative Office market1 saw no new space come to market in the second quarter (“Q2”) of 2017. There are currently 26,480 sf under construction, with another 566,000 sf in the planning stages. Demand for space in Q2, 2017 was strong compared to previous quarters with 465,637 sf absorbed. This helped push down the Spec Office market vacancy rate by more than a point, from 20.3% in Q1 to 19.2% in Q2. Average monthly asking rents held at $1.95 per square foot (“psf”) FSG2. Demand in the Valley’s Spec Office market has grown steadily from a year ago when absorption was negative.

Anchored Retail: The Las Vegas Valley’s (“the Valley”) Anchored Retail market1 inventory (we do not track unanchored properties) remained at 44.3 million square feet (“sf”) at the close of the second quarter (“Q2”) of 2017 with only one completion over three months. Though demand was a meager +9,254 sf, it was better than the previous quarter when net absorption totaled -110,806 sf. After Anchored Retail’s vacancy rate climbed 0.3 points in Q1, it paused in the second quarter, remaining unchanged at 10.8%. This is 0.3 points better than the 11.1% recorded in Q2, 2016. Average monthly asking rents increased by $0.01 to $1.00 per square foot (“psf”) NNN2 in Q2. Compared to the previous year, rents are up $0.04. Forward-supply3 remains notably large at the end of Q2 with 374,943 sf under construction and another 821,550 sf of planned space for a total of 1.2 million sf.

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