REBusinessOnline

Harsch Breaks Ground on 185,000 SF Sunset Airport Center Industrial Complex in Las Vegas

LAS VEGAS — Harsch Investment Properties has broken ground on Sunset Airport Center II, a four-building industrial complex in Las Vegas’ airport submarket. Slated for completion in summer 2022, Sunset Airport Center II will be an addition to the 269,853-square-foot Sunset Airport Center property that Harsch purchased in 2016.Located on Sunset and Pecos roads, Buildings A and B combined will total 185,000 square feet and offer up to 19 tenant spaces that range from 6,000 square feet to …

Western Wealth Capital Enters Las Vegas Market, Buys 216-Unit San Michele Apartments

LAS VEGAS — Western Wealth Capital has purchased San Michele Apartment Homes in Las Vegas for an undisclosed price. The transaction marks the investor's entrance into the Las Vegas market.Originally constructed in 1997, San Michele Apartment Homes features 216 units. The community is situated approximately eight miles from the Las Vegas Strip and five miles from the city’s Summerlin neighborhood. The seller was not

Newmark Arranges $16.6M Sale of Cold Storage, Ice Production Facility in Las Vegas

LAS VEGAS — Newmark has brokered the sale of a cold storage and ice production plant in Las Vegas. ZNZ Enterprises sold the asset to an undisclosed buyer for $16.6 million.Located at 1201 Searles Ave., the 100,991-square-foot property is fully triple-net leased to Reddy Ice Corp. The facility has operated as an ice production and cold storage facility since 1983. Reddy Ice has operated at the facility since 1999.Michael Zobrist, Lauren Tabeek and Jeffrey Price of Newmark represented …

Harsch Investment Completes 150,000 SF Tropical Speedway Commerce Center in North Las Vegas

NORTH LAS VEGAS, NEV. — Harsch Investment has completed Tropical Speedway Commerce Center in North Las Vegas. Located at 6150 Tropical Parkway, the property offers 150,000 square feet of light industrial space.The facility features dock and grade loading, 28- to 32-foot clear heights, 130-foot truck court and a parking ratio of 1.46:1,000. Current tenants at the building include Foundation Building Materials, Moroccan Oil, Kemco West and Amsoil.This fall, Harsch is set to break ground …

Joint Venture Breaks Ground on 755-Bed High-Rise Student Housing Community in Reno, Nevada

RENO, NEV. —  A joint venture between Canyon Partners Real Estate, GMH Communities and CRG has broken ground on Academy at Reno, a 755-bed student housing development located within a Qualified Opportunity Zone near the University of Nevada, Reno campus. The property will be the first high-rise student housing development in the Reno area, according to the joint venture. The partnership has secured a $75.2 million senior construction loan from Citizens and Nevada State Bank, and Canyon …

Versity Investments Buys 429-Bed Student Housing Community Near the University of Nevada, Reno for $59M

RENO, NEV. — Versity Investments has acquired Wolf Run, a 429-bed student housing community serving students attending the University of Nevada, Reno, for $59 million. The property consists of 17 one-, two- and three-story residential buildings alongside a two-story clubhouse and leasing office. The seller in the transaction was undisclosed.“Wolf Run proved itself in this market over a very difficult last 12 months,” says Brian Nelson, president of the Aliso Viejo, California-based …

Ready Capital Closes $7M Loan for Multifamily Property in Las Vegas

LAS VEGAS — Ready Capital has closed a $7 million loan for the acquisition, renovation and stabilization of a 120-unit, Class B apartment community located in the Paradise Valley East submarket of Las Vegas.Upon acquisition, the undisclosed borrower will convert the seniors housing property into traditional market-rate multifamily units and upgrade exteriors to help drive the property to stabilization.Ready Capital closed the non-recourse, interest-only, floating-rate loan that …

Bascom Group Acquires 390-Unit Multifamily Portfolio in Las Vegas

LAS VEGAS — The Bascom Group has purchased a three-property apartment portfolio located in Las Vegas for $72 million, or $184,806 per unit. Totaling 390 units, the portfolio includes Spectra at 4000, Spectra East and Spectrum at Katie.Bridge Investment Group provided debt financing, which Charles Halladay, Jamie Kline and Annie Rice of JLL Capital Markets arranged. Bascom selected Cushman & Wakefield for property management services and Renu Multifamily Services for construction …

Avison Young Brokers $23.7M Sale of Crystal Court Apartments in Las Vegas

LAS VEGAS — Avison Young has arranged the sale of Crystal Court, a multifamily property located in Las Vegas. Crystal Court Apartments Inc. sold the asset to an undisclosed buyer for $23.7 million, or $203,233 per unit.Located at 900 E. Desert Inn Road, Crystal Court features 116 apartments. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Group at Avison Young represented the seller in the

SLIB Negotiates $20.2M Sale of 98-Unit Seniors Housing Community in Las Vegas

LAS VEGAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 98-unit assisted living and memory care community in Las Vegas.The 76,458-square-foot community sits on 3.2 acres. A local developer sold the property to a private equity fund for $20.2 million. The new owner plans to replace the operator.Vince Viverito, Brad Goodsell and Jason Punzel of SLIB handled the

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