Nevada

8880-S-Rainbow-Blvd-Las-Vegas-NV

LAS VEGAS — SRS Real Estate Partners has brokered the sale of a retail property, located at 8880 S. Rainbow Blvd. in Las Vegas. Situated on 0.77 acres, Conoco occupies the 3,500-square-foot property under a 20-year, absolute triple-net lease with LV Petroleum LLC, a franchisee gas station operator with more than 30 locations. Las Vegas-based Kingsbarn Realty Capital sold the asset to a Las Vegas-based private investor for $7.1 million. Patrick Luther of SRS Capital Markets represented the seller in the deal.

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Las-Vegas-Multifamily-Portfolio-Las-Vegas-NV

LAS VEGAS — ABI Multifamily has negotiated the sale of a three-property multifamily portfolio in Las Vegas for a combined $8.9 million, or $121,431 per unit. The undisclosed buyer and seller are both based in Nevada. Jason Dittenber, Josh McDougall, Anthony Marinello and Bradley Gumm of ABI Multifamily represented the seller in the deal. The portfolio includes:

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Origin-at-Symphony-Park_Las-Vegas

— By Jeffrey Swinger, Executive Vice President | Las Vegas, Multifamily Investment Sales, Colliers — Las Vegas is on a roll right now, continuing to raise the bar year after year, and we are bullish on the long-term outlook of Southern Nevada’s future. UNLV’s Center for Business and Economic Research predicts that Southern Nevada’s population will gain 41,900 new residents in 2023 and increase another 2.4 percent in 2024. This wave of growth, coupled with strong local economic activity and enhanced infrastructure investments, has created more jobs and more demand for housing.  With more than $8.12 billion of new major projects delivered in 2023, there is another $2 billion currently under construction with plans to deliver in 2024 and 2025. Additionally, there is another $17.25 billion of announced and proposed projects keeping Las Vegas’s momentum moving forward. Significant projects that were delivered in 2023 include the Fontainebleau, the MSG Sphere and the inaugural Formula 1 Heineken Silver Las Vegas Grand Prix. The Fontainebleau is the latest hotel/casino along the Strip, valued at $3.7 billion, and will add 3,644 rooms to the hotel inventory count. The MSG Sphere is Las Vegas’s newest entertainment venue featuring the largest spherical building in the …

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Emerald-Island-Rainbow-Club-Casino-Henderson-NV

HENDERSON, NEV. — LOGIC Commercial Real Estate has arranged the sale of Emerald Island and Rainbow Club Casino in downtown Henderson. An affiliate of ECL Water Street LCC, a Las Vegas-based company with 45 properties in three states, acquired the assets from Tim Brooks for an undisclosed price. The buyer company is led by Ron Winchell and Marc Falcone. Tim Brooks, former owner, will continue overseeing both properties’ day-to-day operations as general manager. Covering approximately 2.7 acres, the portfolio features a combined gaming machine count of approximately 768 and each property holds a Nevada non-restricted gaming license. Vincent Advisory Group of LOGIC represented the seller in the transaction.

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— By Paul Sweetland, SIOR, Vice Chairman, Colliers Doherty Industrial Group — Throughout 2023 we were often asked if the Las Vegas industrial market had “missed the memo” on the slowdown since other western markets were experiencing a slowdown that we had yet to see. With record under-construction numbers and net absorption numbers being on pace to finish the year with the second highest total of the last five years, Las Vegas didn’t appear to be slowing down. However, there are certain sectors that show initial signs of a pending change.  Land Sales:  Land sale transactions have seen a 75 percent drop from the prior year. Peak land pricing was $36.00 per land square foot in the summer of 2022, and by the fourth quarter of 2023 it had dropped 25 to 35 percent as demonstrated in the limited closings that occurred. Although lease rates continued to increase, developer underwriting had seen significant changes in exit CAP rates along with debt, equity and construction financing due to an unstable interest rate environment with the Feds continued rate increases at the fastest pace in 40 years. Lower land pricing or significant lease rate increases are going to be necessary for the …

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330-S-Valley-View-Blvd-Las-Vegas-NV

LAS VEGAS — Las Vegas Valley Water District (LVVWD) has purchased a vacant office building, located at 330 S. Valley View Blvd. in Las Vegas, from a private seller for $21.2 million. Built in 1983 on 10 acres, the two-story building offers 166,409 square feet of office space. The property, as it currently stands, features an atrium, open floor plan with HVAC control systems, controlled access at exterior and major interior doorways, and 870 parking spaces. Additionally, the facility features call-center-quality networking, including redundant fiber optics, Cat6 ethernet cabling and a backup generator servicing the building’s critical systems. LVVWD currently owns 251.5 acres of property directly across the street from the acquisition. The existing portfolio includes administrative buildings, operations support, utility infrastructure, public education buildings and special land preservation area. Marlene Fujita Winkel, Emily Brun and Cody Seager of Cushman & Wakefield’s Private Capital Group in Las Vegas represented the private seller in the transaction.

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SpringHill-Suites-Las-Vegas-Convention-NV

LAS VEGAS — Apple Hospitality REIT has purchased Springhill Suites by Marriott Las Vegas Convention Center, located at 2989 Paradise Road in Las Vegas, for approximately $75 million, or $251,000 per key. The name of the seller was not released. Opened in October 2009, the hotel features 299 rooms, more than 10,000 square feet of flexible indoor and outdoor meeting space, a rooftop pool with views of the Las Vegas Strip, and a seven-story parking garage and surface lot with a combined total of 244 spaces. The surface lot is zoned and master planned for future development of additional hotel rooms. With this acquisition, the Apple Hospitality hotel portfolio includes 225 hotels with 29,900 guest rooms spread across 38 states.

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Hylo-Park-North-Las-Vegas-NV

NORTH LAS VEGAS, NEV. — Agora Realty & Management has received an undisclosed amount of financing for the development of Hylo Park, a 73-acre mixed-use project at the corner of Rancho Road and Lake Mead Boulevard in North Las Vegas. Construction is slated to begin in June 2024. The planned development includes entitlements for 1,300 residential units spanning a 37-acre residential component, a grocery-anchored retail center, restaurants and commercial services. The project will also include Champion Square, a sports village and public plaza. The sports-anchored center will serve the community and traveling teams. The center of Hylo Park will be a multi-purpose sports rink and separate field house. The development will anchor a community village featuring public space and an outdoor digital video screen for sports watch parties, as well as other local programming and events. The square will also include shops, restaurants and service-oriented retail in proximity to an extended-stay hotel. The city’s National Hockey League team, the Las Vegas Golden Knights, will provide management and programming for the existing ice arena at the property.

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South-Meadows-Promenade-Reno-NV

— By Tad Loran, Vice President, Retail Specialist, Avison Young | Western Alliance Commercial Inc. — The Northern Nevada retail sector has made quite a comeback post-pandemic as both the population and job market expand.  The retail vacancy rate ended last year at 4.7 percent and increased 20 basis points to a current level of 4.9 percent, while market rent increased from $1.70 to $1.83 on a monthly basis for the same period. South Virginia, Meadowood, South Reno and the North Valleys are all recipients of a thriving market. Tenants that have recently entered the region or are expanding in Northern Nevada include Petco, Panera Bread, Colombia Sportswear, Voodoo Brewing Company, the Human Bean, Starbucks, Cracker Barrel, Mountain Mike Pizza, Take 5 Oil Change, AutoZone and Five Below. Tenants with recent closures include Bed Bath & Beyond, Lucky Brand Jeans, Tuesday Morning, Steak ‘n Shake, Sizzler Steakhouse and Claim Jumper.   Unemployment in Nevada increased to 4.4 percent in July 2023 from 3.5 percent in December 2022. Even though there was an increase, this continued low unemployment rate has created a challenging labor market with employers lacking the necessary labor pool to grow. Unfortunately, this shortage has led to some prospective new businesses …

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— By Justin Basie President of Real Estate, Mark IV Capital — While the Reno-Sparks Metropolitan Statistical Area (MSA) is best known for its gaming-tourism industry, its location in Northern Nevada also appeals to fans of the outdoors.  In addition, Reno’s diversified economy readily attracts Fortune 500 companies that are targeting the area for their manufacturing and distribution efforts. This, in turn, drives the massive growth of Northern Nevada’s industrial sector, generating overwhelming demand for warehouse, logistics and manufacturing space in the region.  The following fundamentals have positioned Northern Nevada and the Reno-Sparks MSA as ideal destinations for logistics, manufacturing and other industrial activities: • Population Proximity The MSA is conveniently located within a one-day trip of major West Coast cities like Los Angeles, San Francisco and Portland, Ore. Thanks to an efficient infrastructure network that includes major highways, two railways and the Reno-Tahoe International Airport, companies can reach a vast 80 percent of the Western U.S. population in less than 24 hours.  • Business-Friendly Climate Nevada is consistently ranked as a top 10 state for conducting business because of its pro-business regulatory environment, low-cost start-up fees, and streamlined licensing and approval processes. Nevada also offers a favorable tax environment for …

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