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$14+ Million In Sales And 215,000+ SF Of Leasing Activity – Colliers Las Vegas

Colliers LogoCOMPLETED SALE TRANSACTIONS:

A sale to Goettl. The approximately 53,040 square foot industrial property is located in Parc Post at 6521 W. Post Rd. in Las Vegas. The transaction value was $6,603,000. Brian Riffel and Tyler Jones of Colliers International represented the buyer.

A sale to STAG INVESTMENT HOLDINGS LLC. The approximately 34,916 square foot industrial property is located at 3450 W. Teco Ave. in Las Vegas. The transaction value was $4,650,000. Dean Willmore, SIOR of Colliers International represented the buyer.

A sale to 16170 Jacqueline Court LLC. The approximately 1,500 square foot retail property is located at 115 Stephanie St. in Henderson. The transaction value was $3,200,000. Dan Gluhaich of Colliers International represented the buyer.

COMPLETED LEASE TRANSACTIONS:

A lease renewal to Carbon Block Technology Inc. The approximately 89,728 square foot industrial property is located in Sunrise Industrial Park #2 at 3101 Marion Dr., Suite 109-111 in Las Vegas. Dan Doherty, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessor, Icon PAC Nevada Owner Pool 3 Nevada.

A lease renewal to Mygrant Glass Company Inc. The approximately 46,080 square foot industrial property is located in Sunrise Industrial Park #2 at 3101 Marion Dr., Suite 105 in Las Vegas. Dan Doherty, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessor, Icon PAC Nevada Owner Pool 3 Nevada.

A lease to Alorica Customer Care Inc. The approximately 40,288 square foot office property is located at 625 Pilot Rd. in Las Vegas. Ryan Martin, CCIM, SIOR, Taber Thill, SIOR, Patti Dillon, SIOR and Teddie Hickey of Colliers International represented the lessor, FKC Glendale and KII Glendale LLC.

A lease renewal to Allstar Vending Enterprises LLC. The approximately 16,150 square foot industrial property is located in Nellis Industrial Park #3 at 3940 E. Craig Rd., Suite 101 in North Las Vegas. Dan Doherty, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessor, ICON PAC Nevada Owner Pool 3 Nevada.

A lease renewal to La Bonita Grocery and Meat Market. The approximately 14,955 square foot industrial property is located in Nellis Industrial Park #2 at 4403 McGuire St. in North Las Vegas. Dan Doherty, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessor, ICON PAC Nevada Owner Pool 3 Nevada.

A lease to Sentinel Offender Services LLC. The approximately 7,496 square foot office property is located at 714 S. 4th St. in Las Vegas. Andrew Kilduff of Colliers International represented the lessee.

A lease to Center for Aesthetic Medicine and Humans Performance. The approximately 1,560 square foot retail property is located in Charleston Buffalo Plaza at 1151 S. Buffalo Dr., Suite 130 in Las Vegas. Chris Clifford, Steve Neiger and Brett Rather of Colliers International represented the lessor, 1151 S Buffalo Drive LLC.

Virtus Commercial Deals Of Note

1485 w warmRMCC Cancer Center has renewed their lease for the 2,100 SF office space at Augusta Park, located at 1485 W. Warm Springs Rd. Ste. 105, in Henderson.  Chris Emanuel of Virtus Commercial represented the Lessor, Augusta Park 8 LLC.

 

 

 

 

 

 

2575Mr. Bill’s has leased approximately 1,039 SF of office space at Montessouri Office Building, located at 2575 Montessouri St., Ste. 105, in Las Vegas.  Brett S. Beck of Virtus Commercial represented both the Lessor, Sookwe Shin, as well as the Lessee.

 

 

 

 

 

 

 

HorizonCD Young’s Karate has renewed their lease for the 2,000 SF retail space at Horizon Village Square Retail & Office Park, located at 70 E. Horizon Ridge Pkwy, Ste. 120, in Henderson.  Chris Emanuel of Virtus Commercial represented the Lessor, HVS Partners.

 

 

 

 

 

DurangoArable Limonite & Lucia Porcayo-Martinez have renewed their lease for the 2,000 SF retail space at Durango Springs Plaza, located at 8530 W. Warm Springs Rd. Ste. 106, in Las Vegas.  Chris Emanuel of Virtus Commercial represented the Lessor, Amen & Traci Wardy.

 

 

 

 

 

7240Centennial Allergy Medical has renewed their lease for the 1,750 SF retail space at Tenaya Village, located at 7240 W. Azure Dr. Ste. 165, in Las Vegas.  Chris Emanuel of Virtus Commercial represented the Lessor, Tenaya Village, LLC.

Commercial Real Estate Market Seeing More Construction, Lower Vacancy Rates

calv_xceligentA report released today by Xceligent in partnership with the Commercial Alliance Las Vegas (CALV) paints a mostly positive picture of the commercial real estate market in Southern Nevada, with most sectors continuing to gain ground through the third quarter of 2017.

“For the most part, the local commercial real estate market continues to get better each quarter,” said CALV President Jennifer Ott, CCIM, and a longtime local commercial real estate broker who specializes in the retail market. “I think the retail market continues to be a good example of that. While we’re all seeing national news about well-known retailers that have been closing or cutting back, this report and our experience here in the Las Vegas area actually shows that the retail market has been improving in the past few years.”

The report shows the retail market remained on the rise, absorbing nearly 50,000 square feet of space during the third quarter. This marks the fourth straight quarter that the local retail market has posted a positive absorption rate, according to Xceligent’s statistics. At the same time, the total retail vacancy rate in Southern Nevada fell to 9.4 percent, down 0.3 percent from one year earlier.

“This is good news for the industry and for the local economy,” Ott said.

Tina Hickman, director of analytics for Xceligent for the Las Vegas market, pointed out that nearly 150,000 square feet of retail space has been built so far this year in Southern Nevada – more than in past years. Another 180,000 square feet of retail space is under construction, with more than 800,000 additional square feet of space planned in local centers such as Mountain’s Edge Marketplace, The Landing and Shanghai Plaza.

Hickman said an improving local economy and job market are boosting the office, industrial and retail markets. While other cities are seeing a decline in “brick and mortar storefronts,” she said “Las Vegas continues to hold strong in the sector, due to the advantage gained from being a tourist destination.” With much of Southern Nevada’s new retail space being pre-leased, Hickman expected retail absorption to remain positive during the rest of 2017.

The story is similar for the office market, she said. The total office vacancy rate continued to decline, dropping to 14.9 percent during the third quarter of 2017, down 0.3 percent from the same quarter in 2016. The local office market also recorded 27,093 square feet of positive absorption during the third quarter, marking its fifth consecutive quarter of doing so.

Brenden Graves, sales executive for Xceligent in Las Vegas, said local office vacancy rates remain higher than historic averages. However, he explained that “obsolete” office space, especially in the central and northeast parts of Las Vegas, have a lot to do with those numbers. He added that office construction has been on the rise, though leasing activity has recently slowed.

In the local industrial market, Xceligent reported that more than 2.8 million square feet of space is under construction. High-profile new industrial tenants include Amazon, Dr. Pepper and Snapple and the Southern Nevada Teamsters Local 631.

According to the report from Xceligent and CALV, the local industrial market recorded nearly 1.5 million square feet of positive absorption during the third quarter of 2017. Due largely to new inventory being added to the market, Hickman said the total industrial vacancy rate increased by 0.5 percent, from 5.6 percent one year ago to 6.1 percent during the third quarter of 2017.

“Much of the focus for our industrial sector has been placed on new big-box tenants that are beginning to call Vegas home,” Hickman said. “But the lesser-sized inventory is still showing positive gains. Spaces ranging in size from 25,000 square feet and under account for over 3.3 million square feet of space reported as leased thus far in 2017.”

Xceligent, a growing provider of commercial real estate information, partners with CALV and local commercial real estate professionals through their Quarterly Advisory Boards to produce quarterly reports on trends and conditions in the office, industrial and retail markets in Southern Nevada. The report released this week covers activity through the third quarter of 2017.

Ott, whose professional designations include being a Certified Commercial Investment Member (CCIM), is one of dozens of leading local brokers who volunteer to serve on advisory boards that help verify and produce these reports.

Local Home Prices Keep Climbing, While Sales Stabilize in September GLVAR Housing Statistics for September 2017

glvarThe Greater Las Vegas Association of REALTORS® (GLVAR) reported today that local home prices continued to rise while home sales stabilized in September.

 GLVAR reported that the median price of existing single-family homes sold during September through its Multiple Listing Service (MLS) was $265,000, up 13.5 percent from September 2016. The median price of local condos and townhomes sold in September was $140,000, up 21.7 percent from the same time last year.

 GLVAR President David J. Tina, a longtime local REALTOR®, said home prices have been appreciating at a fairly steady rate of about 10 percent per year for the past few years.

 “Heading into the fall, home prices are continuing to be up monthly by double digits,” Tina said. “We see several reasons for this. There’s a strong demand for housing here in Southern Nevada. Our economy and job market have been improving. Mortgage rates are relatively low. And our housing supply continues to be as tight as it has been in recent memory. All these things drive up home prices.”

 As for headwinds in the housing market, Tina said the growing demand and shrinking supply of homes available for sale continues to present challenges for buyers, especially those seeking entry-level homes and condos.

 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.

 By the end of September, GLVAR reported 4,969 single-family homes listed for sale without any sort of offer. That’s down 33.1 percent from one year ago. For condos and townhomes, the 680 properties listed without offers in September represented a 41.4 percent drop from one year ago.

 The total number of existing local homes, condos and townhomes sold during September was 3,571, up from 3,541 in September 2016. Compared to one year ago, sales were down 0.4 percent for homes, but up 7.0 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. At this rate, GLVAR statistics show that 2017 is on pace to be the best year for local home sales since at least 2012.

 GLVAR reported that 25.7 percent of all local properties sold in September were purchased with cash, similar to last month and up only slightly from 25.6 percent in September of last year. That’s less than half of the February 2013 peak of 59.5 percent, indicating that cash buyers and investors are playing a smaller role in the local housing market.

 In recent years, GLVAR has been reporting fewer distressed sales and more traditional home sales, where lenders are not controlling the transaction. That trend continued in September, when 2.9 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’s down from 4.6 percent of all sales in September 2016. Another 2.3 percent of all September sales were bank-owned, down from 6.0 percent one year ago.

These GLVAR statistics include activity through the end of September 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 September was nearly $901 million for homes and nearly $103 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in September were up 15.2 percent for homes and up 34.4 percent for condos and townhomes.

 ·Homes and condos continued to sell faster than last year at this time. In September, 82.9 percent of all existing local homes and 87.6 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 76.1 percent of all existing local homes and 77.3 percent of all existing local condos and townhomes sold within 60 days.

Two Las Vegas Multifamily Assets Sold by Marcus & Millichap for $39.3 Million

lasplamas rubixMarcus & Millichap announced the sale of two multifamily assets in Las Vegas. The properties are Las Palmas, a 394-unit apartment complex and The Rubix, which features 236 fully furnished studios. The assets sold for a total of $39.3 million.

“Consistent job growth is driving strong demand for local apartments,” says Michael Shaffner, first vice president investments in Marcus & Millichap’s Las Vegas office. “Strength in the labor market has reduced unemployment to below 5 percent for the first time in a decade, prompting considerably tight market conditions.”

Shaffner and Michael LaBar, first vice president investments, brokered both transactions.

Built in 1974 on 13 acres, Las Palmas is located at 3550 Paradise Road, across the street from the Wynn Hotel. The buyer plans to infuse the community with significant capital improvements and renovate the property’s interior and exterior.

The Rubix was built in 2009 and was acquired with tax-exempt bond financing. The new ownership strategy will focus on an expanded HUD-Veterans Affairs Supportive Housing program that will assist veterans and their families find and sustain permanent housing. The property is located on 7.75 acres in Las Vegas’s northeast corridor, adjacent to Nellis Air Force Base and near Amazon, Hyperloop, Bed Bath & Beyond, Fanatics, and the Las Vegas Motor Speedway.

14.8 Acre Site Near New Las Vegas Stadium Sells for $18.5 Million

photoMarcus & Millichap announced the sale of a 14.8-acre, 644,688-buildable-square-foot redevelopment site in Las Vegas. The property sold for $18.5 million, or $1.25 million per acre, the highest price-per-acre sale of a large, 10-plus-acre, non-strip parcel of commercial land in nearly 10 years.

“The property has a prime location adjacent to The Orleans Hotel & Casino and is less than a mile from the planned $1.9 billion, 65,000-seat Las Vegas stadium, future home of the NFL’s Las Vegas Raiders, UNLV football, and many major entertainment events,” says Ray Germain, first vice president investments in Marcus & Millichap’s Las Vegas office. “Previously occupied by Southwest Gas’s corporate offices and a servicing facility, the site is master-planned for commercial tourist land use and is within the county’s Resort Hotel Overlay and MUD-1 Overlay districts, which allow for a high-density, mixed-used development with unlimited height restrictions.”

Germain represented the seller, a California-based limited liability company. The buyer, 4300 Trop LLC, is a limited liability company based in Utah.

The site is located at 4300 West Tropicana Ave., a mile west of Interstate 15 and the Las Vegas Strip. The site’s nearly 1,000 linear feet of frontage along Tropicana Avenue provide convenient access to more than 70,000 vehicles per day.

The land lends itself to a multitude of potential uses including apartments, condos, mixed-use retail, restaurant, lounge, condo/resort hotel applications and variations of its current industrial use.

Jack Rappaport Joins Mountain West Commercial

jack_rappaport_wide-1Mountain West Commercial Real Estate is pleased to welcome Jack Rappaport. Jack has extensive knowledge of all types of commercial real estate from industrial and land to office, multifamily and retail, with an emphasis on tenant and buyer representation. He is a long-time resident of Las Vegas, having moved here in 1965, and has an extensive network of contacts within the Las Vegas market.

Jack entered commercial real estate in 1978, when he received his real estate license and went to work for a local family-owned real estate firm specializing in brokerage, multifamily development and property management. In 1997, Jack formed R&R Commercial Real Estate Services, a full-service firm specializing in tenant and buyer representation, particularly in retail, office and industrial. He achieved his CCIM designation in 1994 and since then has served several positions. Jack also serves as President of the Rappaport Foundation, a non-profit founded to encourage and foster the arts in Southern Nevada.

Centra Point Changes Hands

centraThe Brookhollow Group and PCCP LLC are proud to announce the acquisition of Centra Point. Centra Point is a 383,000 square foot Class A office park located on the southern beltway “curve” in Las Vegas, Nevada.  Centra Point offers a strategic location in the booming Southwest Office Market between the master-planned communities of Summerlin and Green Valley while being just minutes away from the world-famous Las Vegas “Strip” and McCarran International Airport.

“We’ve had our eye on this asset for a long time now,” said Jeff Kaplan, a partner with The Brookhollow Group. “The quality of product, its unmatched location, prime visibility from the southern beltway curve and being in the center of Las Vegas’s fastest growing office markets all played a factor in our decision to aggressively pursue and ultimately acquire Centra Point.”  The acquisition demonstrates the continued trend of activity in the Southwest Las Vegas Office market.

“We are very excited to have the opportunity to work with The Brookhollow Group and help them re-position the asset,” said Nicholas Barber, a Director with Cushman and Wakefield. “The new ownership has the working capital, local presence and a strong sense of the Las Vegas Office market to make instant decisions on all leasing transactions. This is something that both Tenants and the brokerage community will benefit greatly from.” Major renovations will begin immediately and shall include upgraded lobbies and restrooms, landscape renovation, exterior building painting and exterior common area upgrades, spec suites and a new on-site leasing and management office. To learn more, visitwww.centrapointatthecurve.com.


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