Marcus & Millichap announced the sale of Jack in the Box, a 2,762-square foot net-leased property located at 3211 North Rancho Drive in Las Vegas, NV. The asset sold for $2,225,000 to Nyenhuis Family Investments, LLC. Dustin R. Alvino, represented the seller, Kim Soo-Young trust, a private investor.
Category – Retail – Las Vegas
Bonanni 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.
Tina D. Taylor, First Vice President Investments in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, MRFT, LP. This was an all-cash exchange buyer from California.
Liz Clare, CCIM and Jacqueline Young of Avison Young represented both parties in the 64 month lease of 1,208 square feet at 3525 South Fort Apache Road, Suite 130 to Farmers Insurance. The landlord was Monteray Vista, LLC. This retail transaction was valued at $116,693.00.
Liz Clare, CCIM and Jacqueline Young of Avison Young represented the landlord, Monterey Vista Village Shopping Center in the 1,120 SF 27 month lease to Vap O Rise at 3525 Fort Apache, Suite 105. The total value of the retail transaction was $42,650.
Marcus & Millichap announced the sale of 3325 East Russell Road , a 51,024-square foot retail property located in Las Vegas, Nevada to Fit Las Vegas LLC. The asset sold for $3,600,000. Dustin R. Alvino, Senior Associate, in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, Noval LP, a private investor.
Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Durango Neighborhood Center, a 11,060-square foot retail property located at 8043-8053 North Durango Drive in Las Vegas, NV. The asset sold for $2,225,000, according to Todd R. Manning, regional manager of the firm’s Las Vegas office.
Dustin R. Alvino, Senior Associate, in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, SSB Propco LLC.
The disposition is part of Decron’s strategy to reduce the size of its commercial portfolio in favor of multifamily assets, which are generating higher rental income growth. In the past 24 months, Decron has sold six office and retail assets for more than $300 million, using the disposition proceeds, along with newly raised capital, to acquire seven multifamily communities, totaling 1,630 units, for approximately $500 million.
The rapid growth in the multifamily apartment sector is a reflection of Decron’s plans to increase its apartment portfolio in California, a market that continues to lead the country in job creation. According to a recent Pew Study (http://www.pewtrusts.org/en/research-and-analysis/blogs/stateline/2015/5/13/which-states-have-the-most-job-growth-since-the-recession), California has seen close to 2,000,000 new jobs since the Great Recession, 20% more or 300,000 more jobs than the next runner up state, Texas. Decron’s geographic footprint now extends from San Jose to San Diego.
“The last two years have been the most active in Decron’s 60-year history from a transactional standpoint,” said Decron CEO David Nagel. “Completing almost $800 million in capital transactions has right sized our portfolio. Previously 40% of our assets were in the office or retail sector. With technology and e-commerce disrupting how we ‘work and shop’ we committed to our investors that we would reduce our commercial exposure and emphasize more investments into the multifamily sector. During the Great Recession we saw tremendous volatility in our commercial portfolio but very little in our residential portfolio. Successfully executing this strategy puts us in a more stable position to continue to grow for the next 60 years.”
Decron Properties Corp. has a real estate portfolio of 6,700 apartment units and 1.7 million square feet of commercial office and retail space.
Marcus & Millichap announced the sale of Taco Bell, a 2,334-square foot net-leased property located 3221 N Rancho Dr. in Las Vegas, NV. The asset sold for $1,925,000, according to Todd R. Manning, regional manager of the firm’s Las Vegas office.
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, a private investor. There were immediate multiple offers and sold over list price to an exchange Buyer from California.
California-based Get a Haircut, a classic men’s barber shop that combines classic hair cuts with classic rock n’ roll, is now open at The Promenade at Juhl, the 20,000-square-foot ground-level retail component at Juhl, a 344-residence, multi-building community that spans an entire city block in downtown Las Vegas. The Promenade at Juhl officially opened in November and is bringing critically needed retail and services to an underserved area of downtown.
“We are delighted to welcome Get a Haircut to Las Vegas and The Promenade at Juhl,” said Uri Vaknin, a partner at KRE Capital LLC, whose company, in partnership with Dune Real Estate Partners, purchased Juhl in 2013 as DK Las Vegas. “This is a fun, hip place that has done very well in California, and we expect it to be equally popular here. While downtown Las Vegas has great beauty lounges like Bombshell, Get a Haircut fills a void by bringing a quality and reputable men’s hair salon to the area. Now all the attorneys and other professionals who work in the area have a great place to get their hair cut.”
- Greens & Proteins –A modern, family friendly café serving breakfast, lunch and dinner, featuring a menu full of healthy comfort foods, vegan, raw and vegetarian options and a smoothie and fresh juice bar.
- Le Pho – The recently opened Vietnamese kitchen at Promenade at Juhl specializes in fast, fresh and simple dishes by owner Chef Khai Vu.
- Classic Jewel - The cocktail lounge Classic Jewel serves up drink options that pay homage to Vegas of yesteryear. The bar is owned by a team of friends, three who live at Juhl.
- A/V Boutique & Downtown Décor – A/V Boutique specializes in home theater retail and design, catering to young professionals. Downtown Decor is a place to purchase eclectic and esoteric home furnishings and décor. Owners Tammy Gerlach and John Marshall, are Juhl residents.
- JAECI – A jewelry store owned and operated by Jenna Consiglio, a lifelong Las Vegan who moved to Juhl three years ago.
- Galerie Miscre8 – Tanya Michelle, street artist and owner of Galerie Miscre8 and Lil Art Bodega, the urban gallery and supply store that combines street art with fine art, has made her personal and professional home at Juhl for three years.
- The Corner Market, a community convenience store is planned to open in 2017.
LMD LLC, AKA Agora Realty and Management purchased a 100,831 SF retail property located at 1941 N. Decatur Boulevard in Las Vegas. Anchored by Smart & Final Extra, the property closed for $10.25 million. Daniel Adamson, with R.O.I. Commercial Real Estate represented the buyer and seller.