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Dermody Properties Commemorates Completion of 546,480 SF Logistics Building in North Las Vegas

WHO:
Nevada-based Dermody Properties, a national real estate investment, development and management company specializing in acquisitions and development of logistics real estate in strategic locations across the United States

WHAT:
The completion of LogistiCenterSM at Las Vegas Boulevard will be marked with a flag raising and national anthem performance by the Vietnam Veterans of America, Chapter 17.

Coming off its largest quarterly expansion of industrial inventory since the first half of 2008, North Las Vegas is a highly desirable market for e-commerce and omni-channel industrial operations. Currently, LogistiCenterSM at Las Vegas Boulevard is the only completed building in North Las Vegas with more than 325,000 square feet available.

WHEN:
Wednesday, August 16
10:00 a.m.

WHERE:
LogistiCenterSM at Las Vegas Boulevard, at North Las Vegas Blvd. and North Walnut Rd.

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The celebration will be hosted inside the logistics facility, which will be air conditioned for the event.

Expected to attend:

  • Philip Klevorick, Clark County Economic Development Liaison, Clark County Planning Department
  • Barbara Coffee, Director of Economic Development & Tourism, City of Henderson
  • Kevin Gullette, Senior Economic Development Specialist, City of Las Vegas
  • Terri Sheridan, Economic Development Specialist, City of North Las Vegas
  • Wes Duncan, First Assistant Attorney General, Office of the Attorney General (Nevada)
  • Leaders from Dermody Properties and United Construction

Southern Nevada Housing Market Stays Hot as Home Sales, Prices Keep Rising

glvarThe Greater Las Vegas Association of REALTOR(GLVAR) reported today that the increasingly hot local housing market showed no signs of cooling off in July, with home prices and sales continuing to rise while the housing supply keeps shrinking.

GLVAR reported that the median price of existing single-family homes sold during July through its Multiple Listing Service (MLS) increased to $260,000. That was up 10.2 percent from July 2016. Meanwhile, the median price of local condos and townhomes sold in July jumped to $138,000, up 20.0 percent from July 2016.

GLVAR President David J. Tina said the demand for housing continues to exceed supply. At the current sales pace, he said Southern Nevada still has less than a two-month supply of existing homes available for sale. A six-month supply is considered to be a balanced market. The supply is even tighter for lower-priced homes, condos and townhomes, he added.

“Our housing supply isn’t necessarily drying up,” he explained. “People are still listing their homes for sale. We’re just selling so many homes at such a rapid rate.”

Tina said the current housing market can be challenging for prospective home buyers, especially those looking for homes in lower price ranges. He advises buyers to be aggressive, act quickly and be prepared to “put a ring on it” when they find a home they like.

By the end of July, GLVAR reported 4,995 single-family homes listed for sale without any sort of offer. That’s down 31.9 percent from one year ago. For condos and townhomes, the 625 properties listed without offers in July represented a 48.4 percent drop from one year ago.

Meanwhile, local home sales continue to increase compared to the same time last year. The total number of existing local homes, condos and townhomes sold in July was 3,798, up from 3,447 in July 2016. Compared to one year ago, sales were up 10.8 percent for homes and up 7.5 percent for condos and townhomes.

According to GLVAR, total sales so far in 2017 continue to outpace 2016, when 41,720 total properties were sold in Southern Nevada.

“Home sales have been very strong this year,” Tina said. “In fact, at the rate we’re going, 2017 is on pace to be our best year for local home sales since at least 2012, and one our five best years ever.”

GLVAR said 24.6 percent of all local properties sold in July were purchased with cash, down from 25.8 percent in July 2016. That’s well short of the February 2013 peak of 59.5 percent, indicating that cash buyers and investors are still more active in Southern Nevada than in most markets, but that their influence has generally been waning.

For several years, GLVAR has been reporting fewer distressed sales and more traditional home sales, where lenders are not controlling the transaction. That trend continued in July, when 3.0 percent of all local sales were short sales – which occur when lenders allow borrowers to sell a home for less than what they owe on the mortgage. That compares to 5.7 percent of all sales in July 2016. Another 3.4 percent of all July sales were bank-owned, down from 5.9 percent one year ago.

These GLVAR statistics include activity through the end of July 2017. GLVAR distributes statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:

  •  The total value of local real estate transactions tracked through the MLS during July was nearly $953 million for homes and nearly $104 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in July were up 21.7 percent for homes, and up 38.6 percent for condos and townhomes.
  •  Homes and condos continued to sell faster than last year at this time. In July, 82.2 percent of all existing local homes and 87.7 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 74.9 percent of all existing local homes and 68.8 percent of all existing local condos and townhomes sold within 60 days.

Don’t Miss Your Class On Evolution – NAIOP Breakfast August 17th

NAIOP Cautious Optimism for Recovery in 2013What: NAIOP Southern Nevada presents “The Evolution of Retail.” The breakfast meeting is sponsored by Cox Business and features a panel of local experts.

NAIOP Southern Nevada is also hosting a Back-to-School Supplies Drive to collect school supplies and monetary donations for Howard H. Hollingsworth Elementary School. Items requested include wide-ruled spiral notebooks, glue sticks, pencils, crayons, washable markers rulers, and other school supplies. Additionally, ties and gently used business attire are still being collected in August to benefit Communities In Schools.

NAIOP Southern Nevada provides educational and informative programs during its monthly member meetings on topics relevant to the commercial real estate development industry. Year-round, NAIOP Southern Nevada hosts mixers and educational programs for its members and potential members. To register or for more information, call (702) 798-7194 or visit www.naiopnv.org.

When: Thursday, Aug. 17

Registration, networking and refreshments begin at 7 a.m., followed by the program from 7:30-8:45 a.m.

Where:The Orleans Hotel & Casino, 4500 W. Tropicana Avenue, 2nd Floor convention area, Las Vegas, Nevada 89103

Who: Dan Hubbard, Cushman & Wakefield, agency leasing broker

Mitch Ogron, local developer, retail pad and multi-tenant properties

Frank Volk, RFK Retail Holdings, developer, Las Vegas Strip Retail update

Adam Malan, Logic Commercial Real Estate, moderator

Ryan McCullough Of Marcus & Millichap Represents Sale Of 1820 Western Avenue

1820Marcus & 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 5,880-square foot industrial property located at 1820 Western Avenue in Las Vegas, Nevada. The asset sold for $685,000, according to Todd R. Manning, regional manager of the firm’s Las Vegas office.

Ryan McCullough, an investment specialist in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, Isleworth Ventures, LLC. The Equity Group’s Joseph Anderson and Steve Nosrat represented the Buyer.

Michael Zobrist and Nelson Tressler Add New Retail On Sahara

Newmark LogoFaviola Trujillo dba Gama Bakery leased 3,333 square feet of retail space at 4750 W. Sahara Ave, Ste 25-27., from Sahara 3D, LLC. Total consideration was $230,815.56. Director Michael Zobrist and Executive Managing Director Nelson Tressler of Newmark Knight Frank represented the lessor in the transaction.

Creative Foam Corporation dba Streaming Media Sales & Consulting leased 1,438 square feet of retail space at 4760 W. Sahara Ave. Ste 5 from Sahara 3D, LLC. Total consideration was $111,620.96. Director Michael Zobrist and Executive Managing Director Nelson Tressler of Newmark Knight Frank represented the lessor in the transaction.

Applied Analysis Reports On Q2 2017 Market Performance

applied analysisIndustrial Market

After releasing its second quarter 2017 industrial market report today, local business advisory firm Applied Analysis noted the Las Vegas industrial market added over 2.4 million square feet of newly constructed space and registered net absorption of nearly the same number. These developments edged the vacancy rate down to 6.9 percent for the second quarter of 2017. Compared to the prior quarter (Q1 2017), the vacancy rate declined 10 basis points (-0.1 percentage points), and compared to a year ago (Q2 2016), the rate decreased by 30 basis points (-0.3 percentage points).

During the second quarter, the industrial market experienced the largest amount of new inventory in a single quarter with 2.4 million square feet of completions. Chief among these was the completion of Amazon’s new 785,500-square-foot fulfillment center located at Northgate Distribution Center at 4550 Nexus Way. Switch completed another building as part of their ongoing data center expansion at 7356 Lindell Road, which added over 343,400 square feet of occupied space to the market. Moreover, Prologis Sunrise Industrial Park completed a 342,300-square-foot building at 4800 E Cheyenne Avenue – a build-tosuit for Walmart. Other notable completions included two buildings at Prologis Las Vegas Corporate Center in the north submarket, adding 260,000 square feet of inventory to the market, with one building fully leased to Dr. Pepper and Snapple and the other reportedly has space leased by Nexgistics and Muscle & Strength.

Office Market

After releasing its second quarter 2017 office market report today, local business advisory firm Applied Analysis noted that the Las Vegas office market continued to experience positive demand during the period. The vacancy rate fell to 19.3 percent during the quarter, which represents a decline of 40 basis points (-0.4 percentage points) from the prior quarter (Q1 2017). Compared to a year ago (Q2 2016), the office market vacancy rate has declined 130 basis points (-1.3 percentage points); the vacancy rate is down significantly from 25.3 percent in early 2013.

Office market inventory increased by 257,300 square feet in the second quarter as four notable projects completed construction, bringing total inventory to over 54.7 million square feet. The new UFC headquarters building, totaling 180,000 square feet, completed construction and is fully occupied by the mixed martial arts promotion company. In addition, three speculative projects wrapped up construction: Cimarron Courtyard Office Condominiums Phase 2 (44,000 square feet), Dignity Health St. Rose Dominican North Campus (18,000 square feet) and 1581 Mount Mariah Drive (15,300 square feet).

The office market experienced 413,550 square feet of positive net absorption (or net move-ins) during the second quarter of 2017. Mobile website developer CML Media Corp (dba Mopro) reportedly leased 16,950 square feet at 101 Convention Center Drive and innovative cash access services company Global Payments Gaming Services, Inc. reportedly leased 15,250 square feet at City Center West at 7201 West Lake Mead Boulevard. Other selected transactions included Building Blocks for Business LLC’s lease for 15,000 square feet at 6170 North Durango Road, Progistics-TAG’s lease for 10,000 square feet at 2270 Corporate Circle and Asembia LLC’s lease for 9,000 square feet at 3844 Meadows Lane.

Retail Market

After releasing its second quarter 2017 retail market report today, local business advisory firm Applied Analysis noted the Las Vegas retail market’s direct vacancy rate fell to 8.1 percent by the end of the period. Compared to the prior quarter (Q1 2017), the vacancy rate declined 30 basis points (-0.3 percentage points), and compared to a year ago (Q2 2016), the rate decreased by 70 basis points (-0.7 percentage points). Vacant sublease space in anchored retail centers added 848,000 square feet of availability, resulting in a total vacancy rate of 9.7 percent (direct vacancy plus vacant sublease space). The total vacancy rate was also down 30 basis points (-0.3 percentage points) from the preceding quarter and 80 basis points (-0.8 percentage points) from the prior year.

Anchored retail inventory increased slightly to 53.7 million square feet during the second quarter with the completion of the first phase of Mountain’s Edge Marketplace located at 7975 Blue Diamond Road in the southwest submarket. The center added 75,600 square feet to the market, which included the 59,300-square-foot Albertsons grocery store. The company now has 31 stores in the Las Vegas Valley.

The retail market experienced 199,600 square feet of positive net absorption during the second quarter of 2017. Burlington Coat Factory leased 48,900 square feet at Sahara Center located on the northeast corner of Sahara Avenue and Hualapai Way. In addition, Seafood City Supermarket leased 42,600 square feet in the former Sport Chalet’s space at The Arroyo Market Square located at 7230 Arroyo Crossing Parkway on the southwest corner of Rainbow Boulevard and Interstate 215. Other notable transactions include Marshalls taking 21,000 square feet of space at Best in the West located at 2050 North Rainbow Boulevard and Planet Fitness expanding their brand to The A Mall, leasing a 17,800-square-foot space at 1205 East Sahara Avenue.

For the complete report, please visit Applied Analysis at www.appliedanalysis.com

Virtus Commercial Continues Run Of Strong Leasing Activty

7920 w tropicalRolled Ice Cream III LLC has leased approximately 1,106 SF of retail space at Centennial Center, located at 7920 W. Tropical Pkwy. #150, in Las Vegas.  Jeff Mitchell of Virtus Commercial represented the Lessee.

3613 procyonSteel Partners, LLC has leased approximately 53,143.20 SF of land at 3613 Procyon St., in Las Vegas.  Erick Ramirez and Troy Tobler of Virtus Commercial represented the Lessor, 3500-3675 Procyon LLC.

 

450 s buffaloCemoro Inc. has leased approximately 1,120 SF of office space at Buffalo Alta Center, located at 450 S. Buffalo Dr. Ste. 110, in Las Vegas.  Brett S. Beck of Virtus Commercial represented the Lessor, Buffalo Alta Center LLC and Gary S. Beck and Jeffrey Antalik of Virtus Commercial represented the Lessee.

 

2300 n rainbowEl Congo Restaurant has leased approximately 2,000 SF of retail space at Alano Plaza, located at 2300 N. Rainbow Blvd. Ste. 108, in Las Vegas.  Jodie Hoover and Pelly Dimopoulos of Fortis Commercial Advisors represented the Lessor, Rainbow Commercial, LLC and Amy Nguyen of Virtus Commercial represented the Lessee.

 

 

5665 w sahara

Reese’s Wigs has leased approximately 1,188 SF of retail space at Westview Plaza, located at 5665 W. Sahara Ave. Ste. 101, in Las Vegas.  Jackie Zlatanovski of Virtus Commercial represented the Lessee and Robert S. Hatrak II of Virtus Commercial represented the Lessor, Nick and Georgia Dalacas Trust.

 

 

6883 s easternRoberto’s Taco Shop, LLC has renewed their lease for the 2,008 SF retail space at Palm Court, located at 6883 S. Eastern Ave. Ste. 200, in Las Vegas.  Chris Emanuel and Vanesa Werme of Virtus Commercial represented the Lessor, Ashland Properties, LLC.

 

 

 

1200 s decaturGen-X Clothing has renewed their lease for the 9,390 SF of retail space at The Family Center, located at 1200 S. Decatur Blvd. Ste. 7, in Las Vegas.  Chris Monson of Mountain West represented the Lessee and Jeff Mitchell, Andrew Fehrman and Preston Abell of Virtus Commercial represented the Lessor, Southwestern Holdings, LLC.

6510 boulder hwyCheck City Partnership, LLC has renewed their lease for the 2,500 SF of retail space at Boulder Marketplace, located at 6510 Boulder Highway Ste. 101, in Las Vegas.  Brandon Huntsman of CBC Advisors represented the Lessee and Chris Emanuel of Virtus Commercial represented the Lessor, Boulder Marketplace LLL, LLC et al.

6500 Boulder hwy #101

Subway Real Estate, LLC has renewed their lease for the 1,200 SF retail space at Boulder Marketplace, located at 6500 Boulder Highway Ste. 101, in Las Vegas.  Charles martin of Subway Development represented the Lessee and Chris Emanuel of Virtus Commercial represented the Lessor, Boulder Marketplace LLL, LLC et al.

 

 

Colliers Mid-Year Report Shows Positive Outlook

colliersThe recovery and expansion of Southern Nevada’s commercial real estate market continued in the second quarter of 2017. The industrial and multifamily markets are keeping up with near record levels of new development, medical office has picked up its pace dramatically, professional office continues to improve and the retail market bounced back from negative net absorption in the first quarter.

The chief complaint of industrial brokers in 2016 was that they were turning away tenants because there were not enough large contiguous spaces on the market. In 2017, developers answered that challenge, constructing by midyear 3.7 million square feet of new industrial product, all of it in the form of large warehouse/distribution buildings. The market has answered with 3.6 million square feet of net absorption, indicating that indeed there was demand in Southern Nevada that was not being met prior to the new developments of 2017 entering the market. Industrial vacancy remains a low 5.4 percent and the average asking rate for industrial space has not suffered much for all of the new development.

“With Southern Nevada’s new industrial construction boom well underway, the result has been encouraging,” remarked John Stater, the research manager of Colliers International’s Las Vegas office.

The hot multifamily market has kept up with the industrial market in terms of construction in 2017. Inventory of multifamily in Southern Nevada could expand by more than 5,000 units this year, and so far demand is keeping pace. Multifamily vacancy is a very low 3.3 percent, and asking rents continue to rise. An expanding population and difficulty for some to qualify for home loans should keep demand for multifamily high in 2017 and 2018. Sales of multifamily projects are slower this year than last, although the average sales price is up significantly.

Sales of hospitality properties remained light in the second quarter of 2017, although the announced sale of the Stratosphere and Arizona Charlie’s could improve matters by the end of the year depending on when those sales are recorded. Visitor volume is a tad shy of where it was last year at this time, but gaming revenue continues to grow. A total of 2,143 rooms sold in the first half of 2017, with total sales volume of $69.5 million and an average sales price of $32,424 per room.

Mike Mixer, Executive Managing Director for Colliers Las Vegas said, “While sales volume in 2017 may not equal that recorded in 2016, the overall sales picture remained strong at mid-year.”

Southern Nevada’s office market saw dramatic improvement in the second quarter of 2017. After five years of recovery, the office market saw its strongest demand in nine quarters, with net absorption of 545,955 square feet. This brought vacancy down to 16.1 percent, while asking rents remained at $2.02 per square foot (psf) on a Full Service Gross (FSG) lease. Vacancy is probably too high and asking rates too low to stimulate a large number of new speculative office developments in the Valley, but niche development will likely begin soon.

The medical office market in Southern Nevada may have finally shaken off the turmoil, both economic and governmental, that has plagued for the past few years. Net absorption has been positive for over a year now and was especially strong in the second quarter of 2017. Vacancy is still elevated, but it is falling. Development is on the rise, and appears to be stimulating the market, perhaps bringing medical practitioners the space designs they need to compete in the changing health care landscape. Whether the next round of healthcare reform in Washington D.C. will knock things off kilter is unknown, but as of yet they do not appear to be dampening demand for medical office space in Southern Nevada.

Despite some headwinds created by the closure of some large anchor stores in Southern Nevada, the retail market is looking up. A weak first quarter was followed by a much stronger second, putting the Valley on pace to chock 2017 up as another year of retail recovery. The second half of the year will see significant new retail inventory with strong pre-leasing completed in Southern Nevada, which should boost net absorption numbers for the year as a whole, and contribute to continued decreases in the vacancy rate.

2017 at midyear presents a mixed bag for land sales. In terms of acres sold, only commercial land looks poised to match 2016 levels. Sales are down tremendously for industrial land in 2017, though it should be pointed out that industrial sales were exceptionally strong in 2016 and would be difficult to match. Residential sales are down slightly compared to 2016, and price per square foot of residential land is also down. The price decreased experienced in residential land sales is reversed for industrial and commercial land, with commercial land experiencing a significant increase in price per square foot. This leaves us with a 2017 in which the number of acres of land sold will likely decreased compared to 2016, while total sales volume will likely match or beat 2016 levels – and all of this in the face of increased (or in industrial’s case near record) levels of new development. Land sales have been relatively strong since 2013, when real estate development was very restrained. Sales might lag a bit in 2017, but at the rate developers are developing, another banner year cannot be far away assuming the local economy continues to grow.

The full second quarter report of 2017 can be downloaded at: http://www.colliers.com/en-us/lasvegas/insights/marketnews/lvqreport.

HB Readies It’s Move To Renovated Gambler’s Book Shop Site – Dapper Companies

HBdapperAs announced last September by Las Vegas developer J Dapper, Henriksen/Butler (HB), an interior furnishings and architectural products design and distribution company with offices in Nevada, Utah and Idaho, has renovated and will be moving to the former site of Gamblers Book Shop at 630 S. 11th St.

HB is known for renovating historic buildings to house its offices, having previously renovated the Holsum Bread Lofts on West Charleston, its Las Vegas office space for the past 12 years. Having now outgrown the space, the company is excited to move its office to another historic building.

“Our approach to building spaces is based on a core value of recapturing and reclaiming existing architecture,” said Dave Colling, chief executive officer at Henriksen/Butler. “We made a choice 14 years ago to be part of Downtown Las Vegas, so when we outgrew our space at Holsum Lofts, we knew we wanted to stay in the area. When we heard that J Dapper was revitalizing the Huntridge neighborhood and had bought the corner at 11th Street and Bonneville (Avenue), we looked at the space and saw it as our future home. Renovating the building comes at a higher cost, but we believe it’s right for our employees, the local community and the environment.”

Dapper has invested nearly $10 million in three commercial real estate properties near the intersection of Charleston Boulevard and Maryland Parkway in the historic Huntridge neighborhood of Downtown Las Vegas, including the building at 630 S. 11th St.

“The renovation of Gamblers Book Shop has been my passion project,” noted Dapper. Along with Henriksen/Butler, we have spent nearly $2 million on the exterior, interior and landscaping of the property.”

The Gamblers Book Shop was founded in 1964 by John and Edna Luckman, however the building dates back to 1955. What started as a hobby quickly became the largest gaming book store in the world.

With its bold bow truss ceiling and skylights, Colling said HB has designed the space to support 20 employees, while flexible enough to hold nearly double that on any given occasion. Thoughtfully designed around the principles of “living office,” the space embodies HB’s point of view on the future of work, allowing employees, remote teams, vendors, customers and the local design community to comfortably work and connect together.

Team members working in the office space can choose from a broad range of settings.

“Dave and his team at HB share our vision of creating new environments while keeping much of the history of Downtown Las Vegas,” Dapper said. “In addition to the beautifully designed interior, our teams have worked with the city of Las Vegas to build an outdoor patio to be used by employees as part of their workspace. We’ve also incorporated native desert landscape to soften building edges and help filter views into the interior showroom space. I couldn’t be more thrilled with the design.”

As with all Henriksen/Butler designs, the entire space has been planned to connect the architecture to the furniture to the technology. Technology is integrated into the walls using DIRTT’s innovative prefabricated interior construction, which Colling said is more green, more flexible and more sustainable. DIRTT is a leading technology-driven manufacturer of highly customized interiors and is used by HB in many of the interiors it designs.

For additional information and photos from the project, visit https://hbdg.com/news/2017/new-h-b-las-vegas-office-completed

 

 

 

Tarkanian Professional Center 100% Occupied With New Lease To Blue Lotus

Danny TarkanianDanny Tarkanian, the commercial real estate developer of the Tarkanian Professional Center, announced today that its 91,859-square-foot plaza of retail and Class A professional office buildings will be 100 percent leased as of August 1.

Situated in the southwest part of the Las Vegas Valley, just off of the 215 Beltway and adjacent to St. Rose Dominican San Martin Hospital, the Tarkanian Professional Center consists of two retail buildings and one Class A office building.

“This is a great milestone, and we’re proud to say that we’re now fully leased,” Tarkanian said. “With the southwest part of town seeing so much development lately, the center provides an ideal location and value that appeals to both small and large businesses.”

The last tenant to lease space at the Tarkanian Professional Center is Blue Lotus Counseling Services, a locally owned business that provides therapy and counseling services for individuals, couples and families.

Additionally, Tarkanian has three vacant lots available at the center, with plans to build two more retail buildings, one with 5,000 square feet and the other with 13,000 square feet, as well as a three-story, 88,000-square-foot Class A office building. After completion, this additional retail and office space will be available for lease.

Tarkanian Professional Center:

Located in the heart of the southwest part of the Las Vegas Valley, adjacent to St. Rose Dominican San Martin Hospital, the Tarkanian Professional Center provides more than 91,000 square feet of retail and Class A professional office space. With convenient access to Summerlin and the Las Vegas Strip, the Tarkanian Professional Center is conveniently located and close to a wide range of businesses, restaurants, mass transit lines and various medical practices.

 

 


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