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Category – Retail

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.

For the full report..please click here

 

New Deals From Newmark Knight Frank

Newmark1 logo Newmark Knight Frank represented Annallen, LLC in the purchase of a 1.25 acre parcel of land located on the SEC of Azure Dr. & Madge Ln., from Margaret Carnell Revocable Trust. Total consideration was $105,265.00. NKF’s Managing Director Ben Millis, SIOR and Associate Director Dave Wrzesinski represented the buyer in the transaction.

 

 

Family Dollar, Inc leased 9,025 square feet of retail space at 1374 W. Cheyenne Ave., Ste 101-105., from Cheyenne Marketplace, LLC. Total consideration was $837,084.10. Director Michael Zobrist and Executive Managing Director Nelson Tressler of Newmark Knight Frank represented the lessor in the transaction.

 

Boot World Nevada, LLC dba KM Shoes leased 4,015 square feet of retail space at 4616 W. Sahara Ave., Ste 3 from Sahara 3D, LLC. Total consideration was $352,705.47. Director Michael Zobrist and Executive Managing Director Nelson Tressler of Newmark Knight Frank represented the lessor in the transaction.

Land Sales Lead This Weeks Colliers Las Vegas Transactions Of Note

Range and I-215A sale to K&K Residential LLC. The approximately 22.45 acres land parcels are located at 6200 Range Rd. at I-15 & I-215 North in North Las Vegas (APNs: 123-28-101-008, 123-28-201-001, 123-28-201-004, 123-28-201-007, 123-29-601-006, 123-29-601-006, 123-29-601-009, 123-29-601-012, 123-29-601-014 & 123-29-601-019). The transaction value was $2,445,805. Mike DeLew, SIOR and Greg Pancirov, SIOR of Colliers International represented the sellers, BMC Stock Holdings Inc. & BMC West LLC.
 

 

 

Industry Park Court LandA sale to Landcaster Yard LLC. The approximately 1.99 acre land parcel is located on the southwest corner of Industry Park Ct. and Industry Center Dr. in Las Vegas (APN: 140-05-110-018). The transaction value was $500,000. Mike DeLew, SIOR and Greg Pancirov, SIOR of Colliers International represented the buyer.

 

 

 

 

 

 

2360 Corporate CircleA lease to Far West Division Inc. The approximately 47,145 square foot office property is located in Green Valley Corporate Center at 2360 Corporate Cir., Suites 125, 150, 225, 235 and 280 in Las Vegas. Patti Dillon, SIOR, Taber Thill, SIOR, Ryan Martin, CCIM, SIOR and Teddie Hickey of Colliers International represented the lessor, Corporate Center VI Investors LLC.
 

 

 

 

 

2920 Green Valley PkwyA lease to Covenant Protectors LLC. The approximately 3,235 square foot office property is located in Sunset Ridge at 2920 Green Valley Pkwy., Suite 412 in Henderson. Rebecca Staniec of Colliers International represented the lessor, Landmark Ventures LLC.
 

 

 

 

 

6671 Las Vegas Blvd SouthA lease to GPA Wong LLC dba Eden in Love. The approximately 1,846 square foot retail property is located in Town Square Las Vegas at 6671 Las Vegas Boulevard South, Space No. A-123 in Las Vegas. George Connor and Garrett Connor of Colliers International represented the lessee.
 

Avison Young Represents Landlords In Two Market Transactions

6070Scott Donaghe and Barton Hyde of Avison Young represented the landlord, AMA Properties in the 64 month, 4,239 square foot office lease located at 6070 South Eastern Avenue, Suite 200 to the tenant, Velasquez Immigration. The total value of the transaction was $395,000.

 

 

 

 

 

 

Planet FitnessJacqueline Young and Liz Clare, CCIM of Avison Young represented the landlord, 4343 North Rancho Drive, LLC in the 144 month, 18,000 square foot retail lease located at 4404-4530 North Rancho Drive, Suites F1 & F2 to the tenant, Planet Fitness.  The total value of the transaction was $2,451,600.

Albright Callister’s Recent Deals Add To Summer Activity

3644Lessor/Seller: Four G’s, LLC

Lessor/Seller Broker/s:Bryan Houser

Lessor/Seller Brokerage Firm: Albright Callister & Associates

Lessee/Buyer: BESCO LV

Lessee/Buyer Broker/s:  NA

Lessee/Buyer Brokerage Firm:

Name of Business Center/Complex: Rancho Gowan Business Park

Street Address: (Specify whether it’s a Street, Avenue, Boulevard, Road, etc. If an address isn’t yet assigned, please list the cross streets and corner. Also, be sure to include the suite number, if applicable, as well as the city.)  3644 N Rancho Dr Las Vegas, NV 89130

Transaction Value: $130,770

Length of Lease: 49 months

Product Type: (Retail, Industrial, Office, Land, Residential) Office/warehouse

Square feet: 4,000

Acreage:

Rental Type: (Specify: Modified Gross, Triple Net, Full Service Gross) NNN

New Lease or Renewal NEW

Note: After a short marketing campaign this property leased to a high quality user and the Landlord provided custom TI work for the tenant to function properly from the space.

 

4512 andrewsLessor/Seller: Southern Nevada Industrial The Brookhollow Group

Lessor/Seller Broker/s:Bryan Houser

Lessor/Seller Brokerage Firm: Albright Callister & Associates

Lessee/Buyer: Tangerine Tile

Lessee/Buyer Broker/s:  NA

Lessee/Buyer Brokerage Firm:  NA

Name of Business Center/Complex: Andrews Industrial Park

Street Address: (Specify whether it’s a Street, Avenue, Boulevard, Road, etc. If an address isn’t yet assigned, please list the cross streets and corner. Also, be sure to include the suite number, if applicable, as well as the city.)  4512 Andrews St Suite H North Las Vegas, NV 89081

Transaction Value: $56,081

Length of Lease: 36 months

Product Type: (Retail, Industrial, Office, Land, Residential) Office/warehouse distribution

Square feet: 3,600

Acreage:

Rental Type: (Specify: Modified Gross, Triple Net, Full Service Gross) NNN

 

 

Lessor/Seller: Grandtrine Enterprises

Lessor/Seller Broker/s: Cindy Inman

Lessor/Seller Brokerage Firm: Priority One Commercial

Lessee/Buyer: Espri Laser Med Spa

Lessee/Buyer Broker/s:  Bryan Houser

Lessee/Buyer Brokerage Firm:  Albright Callister & Associates

Name of Business Center/Complex: Lakes Business Park

Street Address: (Specify whether it’s a Street, Avenue, Boulevard, Road, etc. If an address isn’t yet assigned, please list the cross streets and corner. Also, be sure to include the suite number, if applicable, as well as the city.)  8961 W Sahara Ave Suite 106 Las Vegas, NV 89117

Transaction Value: $56,161

Length of Lease: 24 months

Product Type: (Retail, Industrial, Office, Land, Residential) Office

Square feet: 1,590

Acreage:

Rental Type: (Specify: Modified Gross, Triple Net, Full Service Gross) MG

 

 

3470 w cheyeneLessor/Seller: Fink Trust

Lessor/Seller Broker/s: Bryan Houser

Lessor/Seller Brokerage Firm: Albright Callister & Associates

Lessee/Buyer: Allstate

Lessee/Buyer Broker/s:  NA

Lessee/Buyer Brokerage Firm:  NA

Name of Business Center/Complex: Cheyenne Business Park

Street Address: (Specify whether it’s a Street, Avenue, Boulevard, Road, etc. If an address isn’t yet assigned, please list the cross streets and corner. Also, be sure to include the suite number, if applicable, as well as the city.)  3470 W Cheyenne Ave Suite 101 North Las Vegas, NV 89032

Transaction Value: $14,940.00

Length of Lease: 18 months

Product Type: (Retail, Industrial, Office, Land, Residential) Office

Square feet: 1,174

Acreage:

Rental Type: (Specify: Modified Gross, Triple Net, Full Service Gross) NNN

 

 

8000 rainbowLessor/Seller: Southwest Market Place Station

Lessor/Seller Broker/s:

Lessor/Seller Brokerage Firm:

Lessee/Buyer: # 1 Hawaiian BBQ

Lessee/Buyer Broker/s:  Bryan Houser

Lessee/Buyer Brokerage Firm:  Albright Callister & Associates, LLC

Name of Business Center/Complex: Southwest Marketplace

Street Address: (Specify whether it’s a Street, Avenue, Boulevard, Road, etc. If an address isn’t yet assigned, please list the cross streets and corner. Also, be sure to include the suite number, if applicable, as well as the city.)  8000 S Rainbow Blvd Suite G La Vegas, NV 89139

Transaction Value: $491,106.00

Length of Lease: 120 months

Product Type: (Retail, Industrial, Office, Land, Residential) Retail

Square feet: 1,400

Acreage:

Rental Type: (Specify: Modified Gross, Triple Net, Full Service Gross) NNN

 

4620 mitchellLessor/Seller: SubLessor American Expressways

Lessor/Seller Broker/s: Bryan Houser

Lessor/Seller Brokerage Firm: Albright Callister & Associates

Lessee/Buyer: Castle Cabinets

Lessee/Buyer Broker/s:  Marty Martell

Lessee/Buyer Brokerage Firm:  MDL Group

Name of Business Center/Complex: GBS Industrial

Street Address: (Specify whether it’s a Street, Avenue, Boulevard, Road, etc. If an address isn’t yet assigned, please list the cross streets and corner. Also, be sure to include the suite number, if applicable, as well as the city.)  4620 Mitchell St Suite H North Las Vegas, NV 89081

Transaction Value: $26,040

Length of Lease: 12 months

Product Type: (Retail, Industrial, Office, Land, Residential) Warehouse Storage

Square feet: 3,300

Acreage:

Rental Type: (Specify: Modified Gross, Triple Net, Full Service Gross) NNN

 

4700 mitchellLessor/Seller: GSC Industries, LLC

Lessor/Seller Broker/s: Bryan Houser

Lessor/Seller Brokerage Firm: Albright Callister & Associates

Lessee/Buyer: GIST Specialties

Lessee/Buyer Broker/s:  Eric Larkin

Lessee/Buyer Brokerage Firm:  NAI Vegas

Name of Business Center/Complex: NA

Street Address: (Specify whether it’s a Street, Avenue, Boulevard, Road, etc. If an address isn’t yet assigned, please list the cross streets and corner. Also, be sure to include the suite number, if applicable, as well as the city.)  4700 Mitchell St North Las Vegas, NV 89081

Transaction Value: $115,200

Length of Lease: 12 months with 4 – 1 year renewal options

Product Type: (Retail, Industrial, Office, Land, Residential) Warehouse Storage

Square feet: 30,000

Acreage:

Rental Type: (Specify: Modified Gross, Triple Net, Full Service Gross) NNN

New Lease or Renewal: New

 

 

2939 MarcoLessor/Seller: 2930 Marco St, LLC

Lessor/Seller Broker/s: Dean Willmore

Lessor/Seller Brokerage Firm: Colliers

Lessee/Buyer: Red Rock Recycling

Lessee/Buyer Broker/s:  Bryan Houser

Lessee/Buyer Brokerage Firm:  Albright Callister

Name of Business Center/Complex: NA

Street Address: (Specify whether it’s a Street, Avenue, Boulevard, Road, etc. If an address isn’t yet assigned, please list the cross streets and corner. Also, be sure to include the suite number, if applicable, as well as the city.)  2930 Marco St Las Vegas, NV 89115

Transaction Value: $1,398,632.00

Length of Lease: 60 Months

Product Type: (Retail, Industrial, Office, Land, Residential) Industrial Warehouse and yard Storage

Square feet: 31,500

Acreage:

Rental Type: (Specify: Modified Gross, Triple Net, Full Service Gross) NNN

New Lease or Renewal: New

 

1285 rockpebbleLessor/Seller: ROCK NLV, LLC

Lessor/Seller Broker/s: Bryan Houser and Douglas Albright

Lessor/Seller Brokerage Firm: Albright Callister & Associates

Lessee/Buyer: Cutting Edge Supplies

Lessee/Buyer Broker/s:  NA

Lessee/Buyer Brokerage Firm:  NA

Name of Business Center/Complex:

Street Address: (Specify whether it’s a Street, Avenue, Boulevard, Road, etc. If an address isn’t yet assigned, please list the cross streets and corner. Also, be sure to include the suite number, if applicable, as well as the city.)  1285 Rockpebble Ave North Las Vegas, NV 89030

Transaction Value: $630,000

Length of Lease:

Product Type: (Retail, Industrial, Office, Land, Residential) Office Warehouse yard Storage

Square feet: 5641 SF with yard

Acreage:

Rental Type: (Specify: Modified Gross, Triple Net, Full Service Gross)

New Lease or Renewal: New

 

3450 w cheyenneLessor/Seller: Cheyenne Business Park, LLC

Lessor/Seller Broker/s: Bryan Houser and Douglas Albright

Lessor/Seller Brokerage Firm: Albright Callister & Associates

Lessee/Buyer: Tishbi, Inc

Lessee/Buyer Broker/s:  David Afromsky

Lessee/Buyer Brokerage Firm:  HI Tower Realty

Name of Business Center/Complex: Cheyenne Business Park

Street Address: (Specify whether it’s a Street, Avenue, Boulevard, Road, etc. If an address isn’t yet assigned, please list the cross streets and corner. Also, be sure to include the suite number, if applicable, as well as the city.)  3450, 3550, 3560, 3562 W Cheyenne North Las Vegas, NV 89032

Transaction Value: $2,475,000.00

Length of Lease:

Product Type: (Retail, Industrial, Office, Land, Residential) Office Park

Square feet: 20,000 Sf total

Acreage:

Rental Type: (Specify: Modified Gross, Triple Net, Full Service Gross)

New Lease or Renewal: New

 

 

 


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