SIOR_Header

Category – Retail – Las Vegas

G2 Capital Development Acquires Campus Village

campusvillageLas Vegas-based G2 Capital Development, a privatelyowned commercial real estate development company, is pleased to announce its newest acquisition along the Maryland Parkway corridor. Campus Village, consisting of approximately 3 acres of land with two buildings totaling +/-39,185 SF of space at the northeast corner of Maryland Parkway and Harmon Ave., is now a part of G2 Capital Development’s real estate portfolio.

“We are excited to have purchased Campus Village, and look forward to continuing to operate the property, as well as evaluating potential redevelopment opportunities,” said Frank Marretti, Founder and Owner of G2 Capital Development. “Our commitment to the Maryland Parkway corridor is stronger than ever.”

Campus Village is a commercial center consisting of a mix of retail and office tenants. Built in the late 1970s, the property consists of one two-story building with frontage along Maryland Parkway and adjacent to UNLV, and one single-story building set back to the east along Harmon Avenue. Tenants at Campus Village offer a host of different services to UNLV students, as well as to local residents, including food services, salon services, and other retail shops.

Campus Village is the third major investment in property along Maryland Parkway for G2 Capital Development. Just south of Campus Village , the University Gateway project is about to begin its final phase of construction with an 8-story mixed-use building consisting of retail, office and luxury apartment units, containing approximately +/-180,000sf. Construction on this $60+ million dollar project is expected to begin within the next few weeks. Earlier this year, G2 Capital Development entered into agreements to re-develop a 4+ acre site just north of Campus Village as well as completing Phase I of the University Gateway project by constructing and delivering a seven-story parking garage with approximately 820 parking spaces and 10,000 square feet of office space to be used for a UNLV police substation.

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.

Taco Bell Changes Hands

6010 tropicanaMarcus & Millichap announced the sale of Taco Bell, a 2,488-square foot net-leased property located at 6010 W Tropicana Ave in Las Vegas, Nevada. The asset sold for $2,050,000.

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.

2 Deals at Apache Center

apacheLiz 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.

Durango Neighborhood Center Sells For $2.25 Million

8043durango_nMarcus & 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.

Decron Properties Sells Las Vegas Shopping Center for $17.5 Million

 

flamingo_maryland shopping centerLos Angeles-based Decron Properties has sold Flamingo Maryland Shopping Center, a Target-anchored retail center near the Las Vegas Strip in Las Vegas, NV, for $17.5 million.

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.


Hit Counter provided by laptop reviews